(Alliance News) - Venture Life Group PLC on Monday noted a sharp rise in its revenue for the first half of 2020, as it continues to explore merger and acquisition opportunities.
The Bracknell-based company, which develops, manufactures and commercialises self-care products, said revenue for the six months ended June was GBP16.9 million, up 80% from GBP9.4 million posted in the comparative period the year prior.
Venture Life said its own brands represented 53% of revenue, up from 30% in the first half of 2019. Some 65% of growth was organic, with the rest coming from acquisition and growth within acquisitions. Revenue from development & distribution company PharmaSource BV - an acquisition completed in January - increased 43% year-on-year.
During the six-month period, Venture Life completed eight new partnering agreements, signed a 15-year exclusive agreement with its Chinese partner worth a minimum of EUR168 million, and completed 11 long-term development and manufacturing agreements. It also developed eight new products for the newly created Disinpluso hand sanitiser brand, with Walmart Inc-owned UK supermarket Asda ordering 1 million units.
Turning to its second half, Venture Life said it has already signed a new long-term exclusive distribution agreement in Spain for Procto-eze Plus and another long-term exclusive distribution agreement in Israel for the Nail Fungal Pen, Wart Pen and Shoe Spray.
"There has been step change in the business in this first half of the year, with revenues increasing by 80% to GBP16.9 million, of which 65% is from organic growth alone. This is a remarkable achievement, amidst an extremely challenging backdrop of the Covid-19 pandemic, said Chief Executive Jerry Randall.
"The first half has demonstrated the resilience and opportunity within our business, along with the strength and ingenuity of our team, in very difficult economic circumstances, and we remain confident that this will continue to be the case as we move into the second half of the year. With our strong balance sheet we continue to explore additive M&A opportunities using our existing cash resources and available debt finance alone," he added.
Venture Life shares were trading 18% higher at 85.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Venture Life (VLG)