Final Results Year Ended 2016

Venn Life Sciences Holdings Plc
(“Venn” or the “Company”)

Final Results for Year ended 31 December 2016

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, announces its audited final results for the year ended 31 December 2016.

Financial Highlights
  • 57% growth in Total Income to €18.2m (2015: €11.6m)
  • EBITDA profit (before exceptionals and discontinued operations) of €0.39m (2015 as restated: €0.83m)
  • Profit for the year after tax of €0.55m (2015: loss of €0.20m)
  • Cash and cash equivalents of €3.5m at 31 December 2016 (31 December 2015: €3.8m)
  • Profit on divestment of Innovenn of €1.29m
Operational Highlights
  • Kinesis integration progressing well with cross-selling opportunities being delivered
  • Key project milestones achieved leading to client endorsements and increased repeat business
  • Continued progress on systems infrastructure implementation delivering improvements in operating margins
  • Simplification of business with spin out of Innovenn
Board renewal
  • Appointment of Allan Wood as Non-executive Chairman
  • Appointment of Mary Sheahan as Non-executive Director
  • Retirement of Kees Groen as Non-executive Director
Post period-end
  • Strong momentum experienced in 2016 has continued into 2017 to date
  • Contract wins of €5.7m in January and February

Commenting on the Group’s outlook, Tony Richardson, CEO of Venn, said: “2016 has been another strong year for Venn with significantly increased revenue and improved profits after tax. We have started 2017 with a simplified business, purely focused on service delivery with a strong backlog and pipeline of new opportunities. The Venn Kinesis combination has been well received by clients and significantly differentiates us in our market place. With initial integration objectives achieved we now look forward to capitalising on our clear positioning. I would like to express my thanks to Kees Groen for his support and contribution during what was a critical transition year. The strong momentum enjoyed by the business in 2016 has continued into 2017 to date. In the first two months of 2017, we have secured new contracts valued at €5.7m and our pipeline of opportunities is healthy. We will continue to expand our geographical coverage and further develop emerging areas of specialism during 2017. Our industry sector continues to deliver good growth and clear opportunities exist for Venn to grow both organically and through acquisition.”

Enquiries:

Venn Life Sciences Holdings Plc   www.vennlifesciences.com
Allan Wood, Non-Executive Chairman
Tony Richardson, Chief Executive Officer   Tel: +353 153 73 269

Davy (Nominated Adviser, ESM Adviser and Joint Broker)   Tel :+353 1 679 6363
Fergal Meegan / Matthew deVere White (Corporate Finance)
Orla Bolger (Corporate Broking)   Tel: +353 1 679 6363

Hybridan LLP (Joint-Broker)   Tel: +44 (0) 20 3764 2341
Claire Louise Noyce

Walbrook PR Ltd   Tel: +44 (0) 20 7933 8787

For the full report please click here or click here for a pdf download