Interim Results for 6 months ended 30 June 2018

Venn Life Sciences Holdings Plc
(“Venn” or the “Company”)
Interim Results for 6 months ended 30 June 2018

Venn Life Sciences (“Venn”) an Integrated Drug Development Partner offering a combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device organisations announces its unaudited interim results for the six months ended 30 June 2018.

Financial Highlights

• Total Revenue of €7.8m (H1 2017: €9.1m)
• Service Fee Income of €7.4m (H1 2017: €8.2m)
• EBITDA of €0.21m (H1 2017 profit: €0.41m)
• Operating loss of €0.26m (H1 2017: Operating profit of €0.01m) after amortisation and depreciation charge of €0.47m (H1 2017: €0.39m)
• Cash and cash equivalents of €0.81m as at 30th June 2018 (€2.9m as at 30th June 2017)

Operational Highlights

• Performance impacted by delayed conversion of full service client contract
• Focus on strengthening the business development capabilities in the team with investment in new personnel, lead generation and increased marketing activities
• Further development of our expertise and reputation in the rare disease arena through successful program management and the generation of new clients

Post period end

• The buyout of minority interest in Venn France
• Share placing for GBP£650k at 6p per share completed in July
• Expansion of Venn’s Biometry capabilities through the purchase of the staff and contracts of CRM Biometrics, Germany

Commenting today, Allan Wood, non-Executive Chairman of Venn, said:

Any services business is dependent upon conversion of opportunity into billable work to maintain the occupancy of its employees and its margins. Although we have used the flexibility in our resource cost base to mitigate the impact of conversion delays, our profitability has been impacted this period. This period has seen a significant investment in business development which is delivering opportunities into our pipeline and our recent small acquisition has also strengthened our sales & delivery capabilities. Consistent with our strategy update earlier this year we continue to evaluate both organic and in-organic growth options as we move forward

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For the full release, please click here – Interim Results for 6 months ended 30 June 2018


Venn Life Sciences Holdings Plc – Tel: +353 1 5373269
Allan Wood, Non-Executive Chairman
Tony Richardson, Chief Executive Officer

Cenkos (Nominated adviser and Joint- Broker) – Tel: +44 (0) 20 7397 8900
Mark Connelly/Steve Cox (Corporate Finance)

Davy (ESM adviser and Joint-Broker) – Tel: +353 (1) 679 6363
Fergal Meegan/Matthew de Vere White (Corporate Finance)

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