Last checked at 19 Apr 2022 07:00
VENTURE LIFE GROUP PLC
("Venture Life" "VLG" or the "Group")
Reporting Update
Further to the announcement on 23 March 2022 Venture Life provides an update on the timing of the announcement of its results for the year ended 31 December 2021.
The Company's auditors continue to experience resourcing issues and as such have advised that additional time is required to finalise their procedures. Accordingly the Company now expects to be able to announce its audited results for the year ended 31 December in early May.
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.