Preliminary Final Results for the year ended 31 December 2018

Venn Life Sciences Holdings Plc
(“Venn”, “Venn Life Sciences” or the “Company”)
Preliminary Final Results for the year ended 31 December 2018
10 May 2019

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 organisations, announces its unaudited results for the year ended 31 December 2018.

Financial Highlights

  • Total revenue was €14.6m (2017: €17.8m)
  • EBITDA Loss (before exceptional items) of €1.06m (2017: profit €0.96m)
  • Write down of €2.2m on the impairment of Intangible Assets
  • Loss for the year after tax of €4.5m (2017: €1.5m) after a charge of €2.6m (2017: €1.7m) being investment write-down on Integumen PLC (€0.4m) and impairment of intangible assets (€2.2m)
  • Arrangement of €1.0 milion loan note in December to support working capital and collaboration with Open Orphan
  • Cash and cash equivalents of €1.1m as at 31 December 2018 (2017: €1.2m)

Operational Highlights

  • Improved revenue mix with lower key client dependency
  • Maintanence of billable resource base despite project deferrals, enabling quicker business recovery
  • Strategic collaboration with Open Orphan and focus on Rare and Orphan indications
  • Successful management of ground breaking, life saving technology development program providing invaluable reference point for future business generation

Outlook

Post the year end the Company has experienced a continuation of prior year trends with low utilisation resulting in revenue and EBITDA being behind management forecasts for the year to date. Based on the current proposals book the Directors expect there should be an increase in revenues and profitability in the coming months. However, the Company continues to require careful management of available cash resources and the Directors expect additional financial resource to be required in order for the Company to successfully execute its growth strategy.

Commenting on the Group’s results, Tony Richardson, CEO of Venn, said: “While the confidential nature of our business prevents us from fully disclosing client and technology details, I am pleased to communicate that we have played a pivotal role in the development of a successful drug for the treatment of a rare medical condition. This is the culmination of three years work and provides a critical proof point regarding Venn’s drug development capabilities. We have significantly advanced our credentials as a drug development partner and begin this year with greater credibility in the eyes of current and prospective clients. We are committed to further service and geographical expansion of our business in 2019 and further to our collaboration announcement in December 2018 have made significant strides in developing our platform offering for Rare and Orphan drug developers”

For the full report please click here – VENN RNS FY (10.05.18)

Enquiries:

Venn Life Sciences Holdings Plc – Tel: +353 (0)1 5499 341
Cathal Friel / Tony Richardson
Arden Partners (Nominated Adviser and Joint Broker) – Tel: +44 (0)20 7614 5900
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer
Davy (Euronext Growth Adviser and Joint Broker) – Tel: +353 (0)1 679 6363
Anthony Farrell (Corporate Finance) / Ivan Murphy
Camarco (Financial PR) – Tel: +44 (0)20 3757 4980
Tom Huddart / Billy Clegg / Daniel Sherwen