Preliminary Final Results for the year ended 31 December 2017

17 May 2018

Venn Life Sciences Holdings Plc

(“Venn”, “Venn Life Sciences” or the “Company”)

 Preliminary Final Results for the year ended 31 December 2017

Venn Life Sciences (AIM: 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 clients, announces its audited results for the year ended 31 December 2017.

Financial Highlights 

  • Total income was €17.8m (2016: €18.2m)
  • EBITDA (before exceptional items) of €1.0m (2016: €0.4m)
  • Operating profit of €0.1m (2016: Loss €0.6m)
  • Loss for the year after tax of €1.5m (2016: profit of €0.6m) after a charge of €1.7m (2016: €0.4m) being share of losses and investment write-down on Integumen PLC in 2017
  • Cash and cash equivalents of €1.2m as at 31 December 2017 (2016: €3.5m)

Operational Highlights

  • Continued progress on key systems infrastructure implementation and operational efficiency delivering improvements in operating margins
  • Strategic review concluded that following a period of investment and operational consolidation, the Company would look to identify both organic and in-organic growth opportunities
  • Key project milestones achieved leading to client endorsements and increased repeat business
  • Strengthening of the Board and operations with the appointment of Christian Milla as Chief Operating Officer as well as new leadership hires in Information Technology and Quality Assurance
  • Finalisation of Kinesis acquisition with no further consideration payable

Post period-end

  • Retirement of Jonathan Hartshorn as Chief Financial Officer
  • Acquisition of minority interest in VLS France
  • Dilution of stake in Integumen PLC to below associate threshold

Commenting on the Group’s outlook, Tony Richardson, CEO of Venn, said: “During 2017 our focus has been on the delivered improved underlying EBITDA in the business through improved operational efficiencies. Additional investment in systems means that we now have both the expertise and infrastructure to profitably execute new business in scale and our focus is now on the generation of new business opportunities. We have invested significantly in business development and engaged creatively with clients to develop deeper, longer lasting partnerships and our pipeline of opportunities is healthy. We continue to see an increasing number of opportunities that require the full range of services now on offer in Venn. Continued strong investment in the biotech sector and the clear emergence of virtual drug companies both represent a significant opportunity for Venn. Our size, flexibility, deep expertise and breadth of service capability leaves us well positioned to benefit from this shift in the drug development landscape.”

For the full report please click here – VENN RNS FY (17.05.18)

Enquiries: 

Venn Life Sciences Holdings PlcTel: +353 1 5499341
Allan Wood, Non-Executive Chairman
Tony Richardson, Chief Executive Officer
 
Cenkos (Nominated adviser and joint broker)Tel: +44 (0) 20 7397 8900
Mark Connolly/Steve Cox (Corporate Finance)
 
Davy (Nominated adviser and broker)Tel: +353 (1) 679 6363
Fergal Meegan/Matthew de Vere White (Corporate Finance)
Hybridan (Joint broker)Tel: +44 (0) 20 3764 2341
Claire Louise Noyce 
 
Walbrook PR 
Paul McManus/Anna DunphyTel: +44 (0) 20 7933 8780