VENN23 Dec 2014 13:41
LONDON (Alliance News) - Venn Life Sciences Holdings PLC Tuesday said it expects to report full-year revenue of at least double the EUR2.0 million last year, citing a strong close to 2014 with November seeing a billing month in excess of EUR900,000.
In a statement, the clinical research organisation said the performance was driven by a number of contract wins since May, exceeding EUR8 million in value. The company said it already has contracted revenue for next year in excess of EUR6 million, "as well outstanding proposals for new contracts worth a total of EUR18 million".
Venn Life Sciences said it is confident of achieving profitability and "significant" revenue growth next year, citing revenue already secured for 2015 and the "expectation" that it will secure further contracts.
The company made a EUR1.8 million pretax loss in 2013.
"The strong close to the year driven by a number of new significant contracts has seen a major step change for Venn. We would like to reiterate that Venn has a solid book of profitable contracts and a healthy pipeline of opportunities giving us confidence for further growth and maiden profits next year," Tony Richardson, chief executive, said in a statement.