(Alliance News) - Venture Life Group PLC on Thursday celebrated an "upward trend" across its brand products, as the company looks to further diversify its sales channels in 2024.
Shares in the Berkshire, England-based developer and manufacturer for the self-care market were up 9.7% at 37.30 pence each in London on Thursday morning.
Revenue is estimated at around GBP51 million for the year ended December 31, up 16% from GBP44 million in 2022. This is in line with the company's previous expectations, Venture said, and demonstrates the "robustness and variety" of its portfolio.
Revenue for Venture Life Brands was up 30% to roughly GBP30 million from GBP23 million a year prior, representing 59% of the company's total revenues in 2023.
Online sales grew to GBP3.8 million from GBP1.6 million, which Venture Life credits to its "ongoing focus on digital transformation". Revenue from Lift glucose products and Gelchair were up 20% and 52%, respectively.
Venture Life said that the "upward trend" across its brands highlights "a healthy revenue mix and the company's solid partnerships with these customers".
Net cash from operations was up 70% to around GBP9.5 million from GBP5.6 million, thanks to "cash conversion improvement and normalisation of inventory levels", the company said.
Looking ahead, Venture life said it will continue to "diversify sales channels" and enhance its market presence through targeted investments in sales and marketing.
Chief Executive Officer Jerry Randall said: "2023 marks the first year since 2019 that the company grew its revenue completely organically. The increase in revenue is primarily due to heightened sales volume, with some price increases passed on to the customers in the second half, reflecting the company's ability to navigate economic challenges. This [organic] revenue growth, combined with ongoing efforts to improve efficiency and strengthen partnerships, positions the company well for sustained future growth and profitability.
"Benefiting from our robust growth, clear strategic priorities aimed at refining our operation, substantial generation of free cashflow and a strong balance sheet, we are now in a prime position to deliver strong shareholder returns and I look forward to presenting the 2023 results to shareholders in April."
Venture life expects to publish its annual results in early April.
By Hugh Cameron, Alliance News reporter
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Venture Life (VLG)