Last checked at 31 Jan 2018 07:00
Venture Life Group plc
("Venture Life" or the "Group")
Trading Update
Expected Revenues of over £16m, EBITDA of over £1.7m
Venture Life (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising self-care products, provides the following trading update for the year ended 31 December 2017.
Venture Life has delivered another year of double digit revenue growth, resulting in accelerating profitability by virtue of the Group's operating leverage. The Group expects to achieve revenue for the year ended 31 December 2017 of over £16 million, a 12% increase over the reported Group revenue of £14.3 million for the prior year. As a result, the Group expects to report an EBITDA of more than £1.7 million.
The reported EBITDA reflects IFRS 16, a new accounting standard related to long term rental agreements, which the Group adopted in 2017. This has had the effect of increasing EBITDA by approximately £0.4 million, however, due to a related amortisation charge, it will have minimal effect on the reported profit before tax.
Cash at 31 December 2017 was £1.3 million.
Venture Life will announce its preliminary results for the year ended 31 December 2017 on Thursday 22 March 2018.
Jerry Randall, CEO of Venture Life, commented: "2017 was another year of good growth for Venture Life, with the Group increasing both revenues and EBITDA profit. Further, the commercial activities during the year have built on the consolidated business we have, and will yield more growth with new product launches in 2018. I am delighted with these 2017 results, which demonstrate not only the scalability of the business, but that we are on track to become sustainably profitable."
For further information please contact:
Venture Life Group PLC | +44 (0) 1344 742870 | |
Jerry Randall, Chief Executive Officer |
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Northland Capital Partners Limited (Nominated Adviser and Joint Broker) | +44 (0) 20 3861 6625 | |
Matthew Johnson/Edward Hutton (Corporate Finance) |
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Bob Pountney (Corporate Broking) |
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Turner Pope Investments (TPI) Ltd (Joint Broker) | +44 (0) 20 3621 4120 | |
Andy Thacker |
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Walbrook PR | venturelife@walbrookpr.com or +44 (0) 20 7933 8780 | |
Paul McManus/Anna Dunphy | +44 (0) 7980 541 994 / +44 (0) 7876 741 001 | |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).
About Venture Life (www.venture-life.com)
Venture Life is an international consumer self-care company focused on developing, manufacturing and commercialising self-care products globally. The Group's product range and pipeline currently includes the UltraDEX oral care products range, food supplements for lowering cholesterol and maintaining brain function, dermo-cosmetics for addressing the signs of ageing, and medical devices for improving minor aches and pains, dry eyes and itchy skin.
The products, which typically are recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies supplied by the Group's international distribution partners.
Through its Development & Manufacturing business, Biokosmes, the Group also provides development and manufacturing services to companies in the medical devices and cosmetic sectors.