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30 Jun 2016 07:00
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
AGM Statement
Venn Life Sciences (AIM: VENN), a growing Contract Research Organisation (CRO) providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, will hold its Annual General Meeting today at Finsgate, 5-7 Cranwood Street, London EC1 V9EE at 11am.
After the formal proceedings of the meeting the Chief Executive Officer, Tony Richardson, will provide the following statement:
I am delighted to report that the business continues to deliver to our expectations as we continue to improve our knowledge base, expand our geographical coverage and further develop emerging areas of specialism. This strategy underpins our performance to date and continues to drive growth.
Revenues for the 6 months ended 30 June 2016 will exceed €8.0m, a considerable increase on the comparative period last year (H1 2015: €4.26m). With a strong first half and good visibility on second half revenues, the Board is confident that the Company is on track to deliver full year revenues in excess of €16m and to record the Company's first profits at the PBT level, in-line with market expectations, as well as continue to generate free cashflows.
As we mentioned in our Final Results announcement Innovenn made significant progress in 2015 moving from its development phase into commercialisation. We have stated our intention to reposition this business such that it has an independent footing, its own source of funding and a value that can be clearly established. I am please to say that we have made excellent progress in this undertaking and we are confident that the forthcoming proposals will provide a clear quantifiable benefit for Venn shareholders as well as provide a means to more clearly demonstrate the strong performance of Venn's core CRO business. It is our hope to be able to provide more details to shareholders on this repositioning during the following month.
We continue to seek a new Chair for the Company and we are in advanced discussions with suitable candidates. We hope to be in a position to make an announcement on a new appointment by the end of next month.
Finally, I would like to thank shareholders for their continued support and we look forward to a successful 2016, and beyond.
Enquiries:
Venn Life Sciences Holdings Plc | www.vennlifesciences.com | |
Tony Richardson, Chief Executive Officer | Tel: +353 153 73 269 | |
Jonathan Hartshorn, Chief Financial Officer |
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Aoife O Farrell, Marketing Manager |
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Davy (Nominated Adviser, ESM Adviser and Joint Broker) | Tel: +353 1 679 6363 | |
Fergal Meegan / Matthew DeVere White (Corporate Finance) |
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Paul Burke (Corporate Broking) |
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Hybridan LLP (Joint-Broker) | Tel: 020 3764 2341 | |
Claire Louise Noyce |
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Walbrook PR Ltd | Tel: 020 7933 8787 or venn@walbrookpr.com | |
Paul McManus | Mob: 07980 541 893 | |
Lianne Cawthorne | Mob: 07584 391 303 | |
About Venn Life Sciences Limited: Venn Life Sciences is a Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation - Venn Life Sciences specialises in rapid deployment and management of multisite projects, across all phases. Venn Life Sciences also has an innovation division - Innovenn - focused primarily on breakthrough development opportunities in Skin Science.
For more information about the Company, please visit: www.vennlifesciences.com
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