Final results for the year ended 31 December 2012

Venn Life Sciences Holdings Plc

(“Venn” or the “Company” or the “Group”)

 Final results for the year ended 31 December 2012

Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces its audited final results for the year ended 31 December 2012.

Information on the accounts

Prior to completion of the reverse acquisition of Venn Life Sciences by Armscote Investment Company Plc (“Armscote”) on 14 December 2012, the board of Venn undertook a group re-organisation, which resulted in the cessation or streamlining of a number of operating entities. As a result the reported financial results below only include within them the entities acquired by Armscote.

The results for 2012 are further complicated by the reverse accounting requirements associated with the acquisition. The Balance Sheet as at 31 December 2012 reflects the combined Armscote and Venn entities and the Comprehensive Income Statement for the year to 31 December 2012 includes full year results for the acquired Venn entities plus Armscote financials from 14 December 2012 to 31 December 2012.

Highlights

  • Reverse takeover of Armscote, Admission to trading on AIM and Placing which raised £2.5m at 30p
  • Revenue from continuing operations: €2.68m
  • EBITDA before exceptional items: €0.53m loss
  • Loss before tax: €1.15m
  • Loss per ordinary shares: €0.12
  • Cash and cash equivalents: €2.90m

Post period end operational highlights

  • Investment in operations team and expansion into Russia & UK, in preparation for growth
  • Acquisition opportunities identified and currently under consideration
  • Launch of new innovation division, InnoVenn, to focus on significant co-development opportunities

Tony Richardson, Chief Executive Officer, commenting on Outlook, said:

There are three key areas on which we must deliver during 2013 and beyond.  The first is investing in the existing business base and delivering significant organic growth. The second is through the active pursuit of an acquisition strategy to help accelerate the growth of the business; and the third is through the establishment of a new co-development division, called InnoVenn, an initiative through which I believe we can deliver some exponential value for shareholders.”

Venn Life Sciences Holdings Plc
David Evans, Chairman Tel: +44 (0)7980 541 893
Tony Richardson, Chief Executive Officer Tel: +353 154 99 341
Paul Foulger, Finance Director Tel: +44 (0)20 7245 1100
Zeus Capital (Nominated Adviser and Broker)
Ross Andrews/Andrew Jones(Corporate Finance) Tel: +44 (0)161 831 1512
John Goold (Institutional Sales) Tel: +44 (0)20 7533 7716
Walbrook PR Ltd Tel: +44 (0)20 7933 8780 or venn@walbrookpr.com
Paul Cornelius Mob: +44 (0)7866 384 707
Lianne Cawthorne Mob: +44 (0)7584 391 303