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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hvivo Plc | LSE:HVO | London | Ordinary Share | GB00B9275X97 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.35 | 1.28% | 27.60 | 27.20 | 28.00 | 27.60 | 27.25 | 27.25 | 646,016 | 10:22:59 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 56.04M | 16.12M | 0.0237 | 11.65 | 185.4M |
From Jul 2019 to Jul 2024
TIDMVENN
RNS Number : 7490B
Venn Life Sciences Holdings PLC
11 June 2019
11 June 2019
Venn Life Sciences Holdings Plc
("Venn", "Venn Life Sciences" or the "Company")
Audited Final Results for the year ended 31 December 2018
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 audited results for the year ended 31 December 2018.
Financial Highlights
-- Total revenue was EUR14.3m (2017: EUR17.8m) -- EBITDA Loss (before exceptional items) of EUR1.43m (2017: profit EUR0.83m) -- Write down of EUR2.2m on the impairment of Intangible Assets
-- Loss for the year after tax of EUR4.8m (2017: EUR1.7m) after a charge of EUR2.6m (2017: EUR1.7m) being investment write-down on Integumen PLC (EUR0.4m) and impairment of intangible assets (EUR2.2m)
-- Arrangement of GBP1.0 million loan note in December to support working capital and collaboration with Open Orphan
-- Cash and cash equivalents of EUR1.1m as at 31 December 2018 (2017: EUR1.2m)
Operational Highlights
-- Improved revenue mix with lower key client dependency
-- Maintenance 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 in the coming months. However, the Company continues to require careful management of available cash resources and the Directors expect additional financial resources to be required in order for the Company to successfully execute its growth strategy.
Commenting on the Group's results, Cathal Friel, CEO of Venn, said:
"The year to 31 December 2018 has been challenging for the Company with a need to closely monitor cash resources; a trend that continued into 2019, notwithstanding the cash realised from the recent disposals of investment assets. The new Board has taken a very prudent approach to all matters associated with the past performance of Venn and is comfortable that the Company now has a solid platform from which to move forward. We are optimistic that with the commencement of deferred projects and a new business focus on Rare and Orphan indications, as demonstrated by the proposed acquisition of Open Orphan DAC, that the business can return to revenue growth in the near term."
Enquiries:
Venn Life Sciences Holdings Plc Tel: +353 (0)1 5499 341
Cathal Friel / Tony Richardson
Arden Partners (Nominated Advisor 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
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2018
Hot Features
Premium
2017
2018 Restated
EUR'000 EUR'000
------------------------------------------------ --------- ----------
Continuing operations
Revenue 13,920 17,405
Direct Project and Administrative Costs (16,658) (17,897)
Other operating income 371 410
Operating (loss) (2,367) (82)
--------- ----------
Depreciation (95) (99)
Amortisation (840) (792)
Exceptional items (-) (25)
EBITDA before exceptional items (1,432) 834
---------
Finance income 10 -
Share of loss of investments accounted
for using the equity method (-) (874)
Impairment of fixed asset investments (421) (843)
Impairment of Intangible Assets (2,232) -
------------------------------------------------ --------- ----------
(Loss) before income tax (5,010) (1,799)
Income tax credit 235 127
------------------------------------------------- --------- ----------
(Loss) for the year from continuing operations (4,775) (1,672)
------------------------------------------------- --------- ----------
Loss for the year is attributable to:
Owners of the parent (4,775) (1,672)
(4,775) (1,672)
------------------------------------------------ --------- ----------
Other comprehensive income
------------------------------------------------ --------- ----------
Currency translation differences 85 (139)
------------------------------------------------- --------- ----------
Total comprehensive (loss) for the year (4,690) (1,811)
------------------------------------------------- --------- ----------
Total comprehensive (loss) for the year
is attributable to:
Owners of the parent (4,690) (1,811)
(4,690) (1,811)
------------------------------------------------ --------- ----------
Total comprehensive (loss) for the year
attributable to owners of the parent arises
from:
Continuing operations (4,690) (1,811)
(4,690) (1,811)
------------------------------------------------ --------- ----------
Earnings per share from continuing operations
attributable to owners of the parent during
the year
Basic and diluted (loss) per ordinary
share
From continuing operations (7.31c) (2.77c)
From (loss) for the year (7.31c) (2.77c)
------------------------------------------------- --------- ----------
Consolidated Statement of Financial Position
As at 31 December 2018
Group Group
2018 2017 Restated
EUR'000 EUR'000
------------------------------- -------- --------------
Assets
Non-current assets
Property, plant and equipment 263 312
Intangible assets 996 4,034
Investments 31 31
Total non-current assets 1,290 4,377
---------------------------------- -------- --------------
Current assets
Trade and other receivables 6,004 5,514
Income tax recoverable 7 107
Cash and cash equivalents 1,098 1,175
Assets held for sale 259 680
---------------------------------- -------- --------------
Total current assets 7,368 7,476
---------------------------------- -------- --------------
Total assets 8,658 11,853
---------------------------------- -------- --------------
Equity attributable to owners
Share capital 168 155
Share premium account 14,701 14,026
Group re-organisation reserve (541) (541)
Reverse acquisition reserve 45 45
Other Reserve (34) -
Foreign currency reserves (41) (126)
Retained earnings (9,939) (5,164)
---------------------------------- -------- --------------
Total equity 4,359 8,395
---------------------------------- -------- --------------
Liabilities
Non-current liabilities
Borrowings 1,093 -
Total non-current liabilities 1,093 -
------------------------------- -------- --------------
Current liabilities
Trade and other payables 2,538 2,999
Deferred taxation 199 434
Borrowings 469 25
Total current liabilities 3,206 3,458
---------------------------------- -------- --------------
Total liabilities 4,299 3,458
---------------------------------- -------- --------------
Total equity and liabilities 8,658 11,853
---------------------------------- -------- --------------
Consolidated Statement of Cash Flows
For the year ended 31 December 2018
Group Group
2018 2017
EUR'000 EUR'000
Cash Flow from operating activities
Continuing operations
Cash used in operations (1,105) (1,282)
Income tax (paid) (-) (64)
--------------------------------------------------- -------- --------
Net cash used in operating activities (1,105) (1,346)
--------------------------------------------------- -------- --------
Cash flow from investing activities
Investment in associate (35) (465)
Purchase of intellectual property (33) (327)
Purchase of property, plant and equipment (46) (193)
Interest received 10 -
------------------------------------------------ -------- --------
Net cash used in investing activities (104) (985)
--------------------------------------------------- -------- --------
Cash flow from financing activities
Proceeds from issuance of ordinary shares 688 -
Proceeds from invoice discounting 469 -
Repayments on borrowings (25) (35)
Net cash generated by financing activities 1,132 (35)
--------------------------------------------------- -------- --------
Net (decrease) in cash and cash equivalents (77) (2,366)
Cash and cash equivalents at beginning of year 1,175 3,541
Cash and cash equivalents at end of year 1,098 1,175
--------------------------------------------------- -------- --------
Consolidated Statement of Changes in Shareholders' Equity
Foreign Restated
Share Share Option currency Retained
Share capital premium Other Reserves reserve reserve earnings Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At 1 January
2017
as previously
stated 155 14,026 (496) 28 13 (3,294) 10,432
Prior Year
Adjustment - - - - - (226) (226)
At 1 January
2017
after prior
year
adjustment 155 14,026 (496) 28 13 (3,520) 10,206
Changes in
equity for the
year
ended 31
December 2017
(Loss) for the
year as
previously
stated - - - - - (1,538) (1,538)
Prior Year
adjustment (134) (134)
Currency
translation
differences - - - - (139) - (139)
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
Total
comprehensive
(loss) for the
year - - - - (139) (1,672) (1,811)
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
Transactions
with the owners
Shares issued - - - - - - -
Share option
provision
reversed - - - (28) - 28 -
Total
contributions
by and
distributions
to owners - - - (28) - 28 -
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
At 31 December
2017
after prior
year
adjustment 155 14,026 (496) - (126) (5,164) 8,395
Changes in
equity for the
year
ended 31
December 2018
(Loss) for the
year - - - - - (4,775) (4,775)
Currency
translation
differences - - - - 85 - 85
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
Total
comprehensive
(loss) for the
year - - - - 85 (4,775) (4,690)
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
Transactions
with the owners
Shares issued 13 675 - - - - 688
Purchase of
minority
Interest - - (34) - - - (34)
Total
contributions
by and
distributions
to owners 13 675 (34) - - - 654
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
At 31 December
2018 168 14,701 (530) - (41) (9,939) 4,359
---------------- --------------- ---------- --------------- --------------- --------------- ---------- --------
Note: 'Other reserves' above includes Group re-organisation reserve, Reverse acquisition reserve and Other reserve relating to non-controlling interest buy-back.
1. General information
Venn Life Sciences Holdings Plc is a company incorporated in England and Wales. The Company is a public limited company listed on the AIM market of the London Stock Exchange. On 18 January 2016, the company also listed on the ESM market of the Irish Stock Exchange. The address of the registered office is 2nd Floor, Berkeley Square House, Mayfair London, W1J 6BD.
The principal activity of the Group is that of a Clinical Research Organisation providing a suite of consulting and clinical trial services to pharmaceutical, biotechnology and medical device organisations. The Group has a presence in the UK, Ireland, France, Netherlands, Germany and Singapore.
The financial statements are presented in Euros, the currency of the primary economic environment in which the Group's trading companies operate. The Group comprises Venn Life Sciences Holdings Plc and its subsidiary companies.
The registered number of the Company is 07514939.
2. Earnings per share
(a) Basic
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Restated
Year ended Year ended
31 December 31 December
2018 2017
EUR'000 EUR'000
Loss from continuing operations
attributable to equity holders
of the Company (EUR'000) (4,775) (1,672)
Total (4,775) (1,672)
------------------------------------------ ---- ------------ ------------
Weighted average number of Ordinary
Shares in issue 65,293,943 60,284,263
b) Diluted
Due to the losses in the periods the effect of the share options and warrants noted below were considered to be anti-dilutive.
Restated
Year ended Year ended
31 December 31 December
2018 2017
Potential dilutive ordinary shares
Options 6,544,167 4,985,288
Warrants 418,749 166,666
------------------------------------- ------------ ------------
Total 6,962,916 5,151,954
------------------------------------- ------------ ------------
3. Prior Year adjustments
1. As a result of the adoption of IFRS15 a full review of accrued income on all active and completed contracts was undertaken in 2018 and the result was a EUR226,000 correction was required to the year end 2016 retained earnings balance carried forward for accrued income.
2. There was a release of EUR134,000 held in an escrow account in 2017 relating to the completion of a purchase of a subsidiary. A 2016 accrual should have been reversed in 2017 when the escrow account was released this has corrected as a prior year adjustment in 2017.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR EAAKEFANNEAF
(END) Dow Jones Newswires
June 11, 2019 02:01 ET (06:01 GMT)
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