Last checked at 23 Mar 2022 15:00
23rd March 2022
VENTURE LIFE GROUP PLC
("Venture Life" "VLG" or the "Group")
Announcement re: Full year results for the year ended 31st December 2021
Venture Life (AIM: VLG), a leader in developing, manufacturing and commercialising products for the self-care market, announces that the Company's auditors have been unable to meet the pre-agreed timetable for the approval of the results on 24th March 2022, citing resource issues. As a result of this delay, the Company expects to announce its results for the year ended 31st December 2021 in early April.
The Company reiterates its guidance stated in its trading update on 31st January 2022:
· Revenue of £32.6 million for the FY21(2020: £30.1 million), up 8% on the prior year;
· Revenue in the second half of the year was £18.7 million, an increase of 35% over the revenues in the first half of the year (£13.9 million);
· Adjusted EBITDA in line with market expectations;
· Momentum building in the business post acquisitions demonstrated by Q4 revenue 59% above that in Q3; and
· Net debt of £3.2m pre-IFRS16 (£7.3m IFRS16) reflecting a phasing effect on working capital as a result of higher receivables following strong Q4 revenue.
For further information, please contact:
Venture Life Group PLC | +44 (0) 1344 578004 | ||
Jerry Randall, Chief Executive Officer Daniel Wells, Chief Financial Officer |
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Cenkos Securities plc (Nomad and Joint Broker) |
+44 (0) 20 7397 8900 | ||
Michael Johnson/Russell Kerr (Sales) Stephen Keys/Camilla Hume (Corporate Finance) |
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Singer Capital markets (Joint Broker) |
+44 (0) 20 7496 3000 | ||
Jonathan Dighe (Sales) Shaun Dobson/Alaina Wong (Corporate Finance) |
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About Venture Life (www.venture-life.com)
Venture Life is an international consumer self-care company focused on developing, manufacturing and commercialising products for the global self-care market. With operations in the UK, Italy, The Netherlands and Sweden, the Group's product portfolio includes some key products such as the UltraDEX and Dentyl oral care product ranges, the Balance Activ range in the area of women's intimate healthcare, the Lift and Glucogel product ranges for hypoglycaemia, products for fungal infections and proctology, and dermo-cosmetics for addressing the signs of ageing. Its products are sold in over 90 countries worldwide.
The products, which are typically recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies and grocery multiples. In the UK and The Netherlands these are supplied direct by the company to retailers, elsewhere they are supplied by the Group's international distribution partners.
Through its two Development & Manufacturing operations in Italy and Sweden, the Group also provides development and manufacturing services to companies in the medical devices and cosmetic sectors.