LONDON (Alliance News) - Venture Life Group PLC Thursday posted a widened pretax loss for 2013, as it brought new products to market and continued to invest in its product portfolio and staff.
However, the healthcare technology company maintained its annual dividend at 0.04 pence per share.
Venture posted a pretax loss of GBP1.1 million, widened from a loss of GBP788,000 in the previous year, as revenue rose to GBP486,000 from GBP292,000 but was offset by higher administrative expenses as it took on new senior staff.
The company said that 2013 had been a "landmark" year, as it brought five products to market in four countries during the year and signed fourteen distribution partner agreements.
Revenue growth was driven by the launch of new products, however, gross margin declined to 38% from 41% due to one off costs needed to fulfil a customer order.
The strengthening of sterling against the euro hit gross profit by around 4.8%, the company said.
Since the year end Venture Life has raised GBP5.4 million in its initial public offering on AIM in March, and it used the funds to acquire Biokosmes Srl. Venture Life said Thursday it will issue an additional 5.6 million new shares to the former owners of Biokosmes as part of an earn out agreement, as Biokosmes reached its earnings target for 2013.
Venture Life also said Thursday it signed a long term deal with Raisio Group to develop and market Benecol as a food supplement.
Venture Life said it was "very optimistic" about its future as it entered 2014, and noted that it had a clear strategy for growth which had been underpinned by its fundraising, AIM admission and acquisition of Biokosmes.
Shares in Venture Life were trading down 1.8% at 107.55 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Venture Life (VLG)