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(Alliance News) - Venture Life Group PLC shares dropped on Monday, after it reported a widened interim loss amid higher amortisation and finance costs.
Share in the Berkshire, England-based developer and manufacturer for self-care market were down 5.7% to 30.17 pence each in London on Monday afternoon.
In the six months ended June 30, Venture Life reported that its pretax loss widened to GBP1.3 million from GBP241,000. It said that was as anticipated.
Venture Life explained that the widened loss reflects higher amortisation and finance costs versus the comparative period. Amortisation costs rose by 44% to GBP2.3 million, whilst finance costs more than doubled to GBP1.7 million.
However, revenue rose by 25% to GBP23.5 million from GBP18.9 million a year earlier.
Venture Life said revenue growth was due to growth from both the VLG Brands and Customer Brands, including the recent acquisition of HL Healthcare Ltd.
Chief EDxecutive Jerry Randall commented: "I am delighted with performance of the business over this first half, with strong growth contributions, in particular from our Customer Brands, as well as from Balance Activ and Lift, in the VLG Brands portfolio.
"The acquisitions we made in 2021 and 2022 are now fully integrated and delivering good organic growth, and as expected, we will be launching newly developed products in the second half of the year and increasing our distribution points in the UK, which will both contribute to the expected stronger revenues in H2."
By Sophie Rose, Alliance News reporter
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