(Alliance News) - Venture Life Group PLC on Tuesday said it was set for continued profit and revenue growth as it reported a jump in annual profit.
The Berkshire, England-based developer and manufacturer for the self-care market said pretax profit jumped 59% to GBP1.1 million in 2023 from GBP706,000 a year prior.
Venture Life shares fell 8.3% to 36.00 pence each on Tuesday afternoon in London.
Revenue climbed 17% to GBP51.4 million from GBP44.0 million. The company highlighted that pricing alignment which it achieved during the fourth quarter of 2023 is expected to enhance margins in 2024.
Looking ahead, Chief Executive Officer Jerry Randall said: "Going into 2024, we are committed to a trajectory of continuous improvement in both revenue and profitability. This includes contributions from higher prices that we have negotiated with customers during late 2023. Our new product development pipeline is geared towards a much more sizeable total addressable market, emphasising robust organic growth that aligns with evolving consumer needs and market trends."
By Tom Budszus, Alliance News slot editor
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Venture Life (VLG)