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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.18% | 28.00 | 27.50 | 28.10 | 27.95 | 27.80 | 27.95 | 805,775 | 16:35:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Pharmaceutical Preparations | 48.48M | -776k | -0.0011 | -252.73 | 187.67M |
TIDMVENN
RNS Number : 4324Q
Venn Life Sciences Holdings PLC
12 September 2017
Venn Life Sciences Holdings Plc
("Venn" or the "Company" or the "Group")
Half-year Report
Interim Results for 6 months ended 30 June 2017
Venn Life Sciences (AIM: VENN), a growing Contract Research Organisation (CRO) providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces its unaudited interim results for the six months ended 30 June 2017.
Financial Highlights
-- Revenue of EUR9.15m (H1 2016: EUR9.06m) -- EBITDA of EUR0.414m (H1 2016: EUR0.402m) -- Operating profit EUR0.01m (H1 2016: loss of EUR0.03m) -- Cash and cash equivalents of EUR2.93m at 30 June 2017 (EUR1.75m at 30 June 2016)
Operational Highlights
-- Completion of key systems initiatives
-- Successful achievement of key project milestones leading to strong client endorsements and repeat business
-- Key new leadership hires in Information Technology and Quality Assurance -- Integumen successfully floated on AIM, London in April 2017
Post Period End
-- Strengthening of the board & management with the appointment of Christian Milla as COO -- Finalisation of Kinesis acquisition with no further consideration payable
Commenting today, Allan Wood, Non-Executive Chairman of Venn, said:
"The divestment of Innovenn, and subsequent flotation of Integumen, has facilitated a more singular focus on our core business, which now provides a unique range of drug development services for our customers. This coupled with key management additions and the conclusion of certain systems implementations leaves Venn well positioned to execute on new business opportunities. I would like to welcome Christian Milla to the team, Christian's deep sector knowledge will be of significant benefit to the Group as we grow in the future. I would also like to express my gratitude to Gracielle Schutjens for her significant contribution to the business thus far and welcome her future commitment to developing new business for the Group."
Enquiries:
Venn Life Sciences Holdings Plc Allan Wood, Non-Executive Chairman Tel: +44 (0)7185 325 898 Tony Richardson, Chief Executive Officer Tel: +353 (0)87 2535 982 Davy (NOMAD, Broker & ESM Advisor) Fergal Meegan / Matthew de Vere Tel: +353 (0)1 679 White (Corporate Finance) 6363 Hybridan LLP (Co-Broker) Tel: +44 (0)20 3764 2341 Claire Louise Noyce Walbrook PR Ltd Tel: +44(0)20 7933 8787 or venn@walbrookpr.com Paul McManus Mob: +44 (0)7980 541 893 Lianne Cawthorne Mob: +44 (0)7584 391 303
About Venn Life Sciences
www.vennlifesciences.com
Venn Life Sciences is a European Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology, academic and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation - Venn specialises in tailored end to end drug development consultancy and clinical trial management services.
Chairman's Statement
Dear Shareholder,
The first half of 2017 has seen the addition of new clients, good recurring revenue and a concerted effort to grow existing and new accounts as our operational capabilities have developed at Venn. The client base continues to develop both in number and profile with over one hundred clients and a healthy mix of mature and emerging biopharma companies. While there is currently a significant concentration of revenue among our top ten clients there is also clear opportunity to scale up our engagement with the remainder of the client base and this has been a key focus for the team in 2017. Infrastructure and systems initiatives are now largely complete so the business is well positioned to execute new business opportunities.
Financial Results
Fee income for the first six months of 2017 was EUR9.15m, up on the first six months of 2016 (H1 2016: EUR9.06m). EBITDA profit for the period was EUR0.41m compared to EBITDA profit of EUR0.40m for the first half of 2016. Operating profit for the six months was EUR0.01m compared with a loss for the first six months of 2016 of EUR0.03m. While H1 financial performance was positive, it was adversely impacted by the deferral of a late- phase project to Q1 2018 and some underperformance in the early-phase part of our business. We have concluded the acquisition of Kinesis with no further consideration payable. As we now fully integrate Kinesis, we are confident that an improved performance will validate the strategic and financial merit of the transaction for the Group. With current cash reserves at 30(th) June 2017 of EUR2.93m the business is well resourced to deliver on its growth plans.
Operational Review
Our operational focus continues to be on improving margins and project profitability. The team has delivered successfully on key project milestones resulting in repeat business and valuable case studies that can be leveraged for business development. We continue initiatives to migrate from the use of contractors and sub-contractors to Venn resources as part of a margin improvement plan, aiming to maintain the right degree of flexibility in our resource base. Our operations team has been strengthened with key personnel appointments in Information Technology and Quality Assurance.
Board Changes
I am pleased to welcome Christian Milla to the board and look forward to working with him in his new role as COO. Christian has extensive sector experience and will be a strong addition to the management team as the business continues to scale. I would like to thank Gracielle Schutjens for her valuable contribution to the board and development of the business to its current stage. I am pleased that Gracielle will continue as a business generator for Venn and I am confident that she will continue to make a significant contribution to our future development.
New Developments & Outlook
Overall I am pleased with the progress achieved in this half year. The business now has a stable and secure platform on which we can deliver the next phase of growth. Strengthening of the management team, completion of key technology initiatives, and additional business development resources will drive future growth.
Allan Wood
Chairman
12 September 2017
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2017
Unaudited Unaudited Audited 6 months 6 months ended ended Year ended 30 June 30 June 31 December 2017 2016 2016 EUR'000 EUR'000 EUR'000 -------------------------------- ---------- ---------- ------------ Continuing operations Revenue 9,146 9,064 18,244 Administrative expenses (9,136) (9,097) (18,805) Operating profit/(loss) 10 (33) (561) ---------- ---------- ------------ Depreciation and amortisation (392) (435) (822) Exceptional items (12) - (125) EBITDA before exceptional items 414 402 386 ---------- ---------- ------------ Finance income - - 12 Finance costs - (33) - Share of loss of investments accounted for using the equity method (543) (364) (Loss) before income tax (533) (66) (913) Income tax credit/(charge) 48 - 169 --------------------------------- ---------- ---------- ------------ Loss for the period from continuing operations (485) (66) (744) Discontinued Operations Loss after tax of discontinued operations - (652) (1,002) Gain on sale of the subsidiary after tax - - 2,297 Profit/(loss) for the period (485) (718) 551 Profit/(loss) attributable Owners of the parent (477) (411) 532 Non-controlling interest (8) (307) 19 --------------------------------- ---------- ---------- ------------ Loss for the year (485) (718) 551 Currency translation differences 16 (15) (36) Share of currency translation differences in associates accounted for using the equity method (65) --------------------------------- ---------- ---------- ------------ Total comprehensive loss for the period (534) (733) 515 --------------------------------- ---------- ---------- ------------ Earnings/(loss) per share from continuing and discontinued operations attributable to the owners of the parent during the period Basic earnings/(loss) per share EUR Cent EUR Cent EUR Cent From continuing operations (0.79) (0.11) (1.26) From discontinued operations - (0.63) 2.14 From profit/(loss) for the year (0.79) (0.74) 0.88
Diluted earnings/(loss) per share EUR Cent EUR Cent EUR Cent From continuing operations (0.71) (0.10) (1.14) From discontinued operations - (0.57) 1.93 --------------------------------- ---------- ---------- ------------ From profit/(loss) for the year (0.71) (0.67) 0.79 --------------------------------- ---------- ---------- ------------
Consolidated Statement of Financial Position
As at 30 June 2017
Unaudited Unaudited Audited As at As at As at 30 June 30 June 31 December 2017 2016 2016 EUR'000 EUR'000 EUR'000 ------------------------------- ---------- ---------- ------------ Assets Non-current assets Property, plant and equipment 492 196 191 Intangible assets 4,110 4,374 4,499 Available-for-sale Intangible - 743 - assets Investments 1,903 31 2,038 Total non-current assets 6,505 5,344 6,728 -------------------------------- ---------- ---------- ------------ Current assets Trade and other receivables 4,990 7,042 4,402 Income tax recoverable 104 100 43 Available-for-sale current - 400 - assets Cash and cash equivalents 2,933 1,748 3,541 -------------------------------- ---------- ---------- ------------ Total current assets 8,027 9,290 7,986 -------------------------------- ---------- ---------- ------------ Total assets 14,532 14,634 14,714 -------------------------------- ---------- ---------- ------------ Equity attributable to owners Share capital 155 155 155 Share premium account 14,026 14,011 14,026 Group re-organisation reserve (541) (541) (541) Reverse acquisition reserve 45 45 45 Foreign currency reserves (36) 34 13 Share option reserve 30 45 28 Retained earnings (3,771) (4,237) (3,294) -------------------------------- ---------- ---------- ------------ 9,908 9,512 10,432 Non-controlling interest (8) 20 - -------------------------------- ---------- ---------- ------------ Total equity 9,900 9,532 10,432 -------------------------------- ---------- ---------- ------------ Liabilities Non-current liabilities Borrowings 8 34 25 Total non-current liabilities 8 34 25 -------------------------------- ---------- ---------- ------------ Current liabilities Trade and other payables 4,069 4,130 3,661 Available-for-sale current - 202 - liabilities Deferred taxation 529 692 561 Deferred consideration - - - Borrowings 26 44 35 Total current liabilities 4,624 5,068 4,257 -------------------------------- ---------- ---------- ------------ Total liabilities 4,632 5,102 4,282 -------------------------------- ---------- ---------- ------------ Total equity and liabilities 14,532 14,634 14,714 -------------------------------- ---------- ---------- ------------
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2017
Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 June 30 June 31 December 2017 2016 2016 EUR'000 EUR'000 EUR'000 ------------------------------------------------------- --------------- --------------- ------------ Cash Flow from operations Loss before income tax - continuing operations (533) (718) (913) - discontinued operations - - 1,295 Adjustments: - Depreciation & Amortisation 392 489 822 - Foreign currency movement (28) 89 134 - Exceptional Item 12 33 79 - Net finance costs - 37 (12) - Share options charge 2 15 - Share in associated undertakings 543 (364) Changes in working capital - Increase in financial asset fair value - - (2,007) - Increase in intangible assets 45 - - - Trade and other receivables (588) (1,859) 1,289 - Trade and other payables 360 145 (557) -------------------------------------------------------- --------------- --------------- ------------ Cash used in operations 205 (1,785) (219) Interest paid - (37) - Income tax received/(paid) - (77) 38 -------------------------------------------------------- --------------- --------------- ------------ Net cash generated/(used) in operating activities 205 (1,898) (181) -------------------------------------------------------- --------------- --------------- ------------ Cash flow from investing activities Investment in associate (473) - - Exceptional costs (12) (79) Purchase of property, plant and equipment (PPE) (301) 16 - Interest received - - 12 Net cash used in investing activities (786) 16 (67) -------------------------------------------------------- --------------- --------------- ------------ Cash flow from financing activities Proceeds from issuance of ordinary shares - - 15 Repayments on borrowings (26) (9) (27) Net cash flow from financing activities (26) (9) (12) -------------------------------------------------------- --------------- --------------- ------------ Net increase /(decrease) in cash and cash equivalents (607) (1,891) (260) Cash and cash equivalents at beginning of year 3,541 3,798 3,798 Exchange gain on cash and cash equivalents (1) (104) 3 -------------------------------------------------------- --------------- --------------- ------------ Cash and cash equivalents at end of period 2,933 1,803 3,541 -------------------------------------------------------- --------------- --------------- ------------
Cash and cash equivalents include the following for the purposes of the statement of cash flows:
Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 June 30 June 31 December 2017 2016 2016 EUR'000 EUR'000 EUR'000 --------------------------------------------------- --------------- --------------- ------------ Cash and cash equivalents 2,933 1,748 3,541 Discontinued Operations cash and cash equivalents - 55 - --------------------------------------------------- --------------- --------------- ------------ Cash and cash equivalents 2,933 1,803 3,541
---------------------------------------------------- --------------- --------------- ------------
Consolidated Statement of Changes in Shareholders' Equity
Re-organisation & reverse Share Foreign Share Share acquisition Option Currency Retained Non-controlling capital premium reserve reserve reserve earnings Total Interests Total EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- At 1 January 2016 155 14,011 (496) 13 49 (3,826) 9,906 327 10,233 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Changes in equity for 6 months ended 30 June 2016 Total loss for the period - - - - - (411) (411) (307) (718) Currency translation differences - - - - (15) - (15) - (15) -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Total comprehensive loss for the period - - - - (15) (411) (426) (307) (733) -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Transactions with the owners Options issued - - - 32 - - 32 - 32 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- At 30 June 2016 155 14,011 (496) 45 34 (4,237) 9,512 20 9,532 Changes in equity for 6 months ended 31 December 2016 Total gain for the period - - - - - 943 943 (20) 923 Currency translation differences - - - - (21) - (21) - (21) -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Total comprehensive gain for the period - - - - (21) 943 922 (20) 902 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Transactions with the owners Options issued - - - (17) - - (17) - (17) Shares issued - 15 - - - - 15 - 15 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- At 31 December 2016 155 14,026 (496) 28 13 (3,294) 10,432 - 10,432 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Changes in equity for 6 months ended 30 June 2017 Total loss for the period - - - - - (477) (477) (8) (485) Currency translation differences - - - - (49) - (49) - (49) -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Total comprehensive loss for the period - - - - (49) (477) (526) (8) (534) -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- ------- Transactions with the owners Options issued - - - 2 - - 2 - 2 At 30 June 2017 155 14,026 (496) 30 (36) (3,771) 9,908 (8) 9,900 -------------- -------- -------- --------------- -------- -------- --------- ------- ---------------- -------
NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. General information and basis of presentation
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. The address of the registered office is 4 Lombard Street, London, EC3V 9HD.
The Group's principal activity continues to be that of a Clinical Research Organisation (CRO) providing a suite of consulting and clinical trial services to pharmaceutical, biotechnology and medical device organisations.
The financial information in these interim results is that of the holding company and all of its subsidiaries. They have been prepared in accordance with IAS 34. The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 December 2016 and which will form the basis of the 2017 financial statements except for a number of new and amended standards which have become effective since the beginning of the previous financial year. These new and amended standards are not expected to materially affect the Group.
The financial information presented herein does not constitute full statutory accounts under Section 434 of the Companies Act 2006 and was not subject to a formal review by the auditors. The financial information in respect of the year ended 31 December 2016 has been extracted from the statutory accounts which have been delivered to the Registrar of Companies. The Group's Independent Auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial information for the half years ended 30 June 2017 and 30 June 2016 is unaudited and the twelve months to 31 December 2016 is audited.
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.
Unaudited Unaudited Audited 6 months 6 months ended ended Year ended 30 June 30 June 31 December 2017 2016 2016 Profit/(loss) from continuing operations attributable to equity holders of the Company (EUR'000) (477) (66) (763) Profit/(loss) from discontinued operations attributable to owners of the parent - (380) 1,295 --------------------------------- ----------- ----------- ------------ Total (477) (446) 532 --------------------------------- ----------- ----------- ------------ Weighted average number of Ordinary Shares in issue 60,284,263 60,246,433 60,264,907
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
Weighted average number of shares used as the denominator
Unaudited Unaudited Audited 6 months 6 months ended ended Year ended 30 June 30 June 31 December 2017 2016 2016 (restated) (restated) Weighted average number of Ordinary Shares in issue 60,284,263 60,246,433 60,264,907 Adjustments for calculation of diluted earnings per share: Options 6,510,000 6,510,000 6,510,000 Warrants 166,666 166,666 166,666 ----------------------------- ----------- ------------ ------------ Total 66,960,929 66,923,099 66,941,573 ----------------------------- ----------- ------------ ------------ 3. Dividends
There were no dividends provided or paid during the six months.
4. Press
A copy of this announcement is available from the Company's website, being www.vennlifesciences.com. If you would like to receive a hard copy of the interim report please contact the Venn Life Sciences Holdings Plc offices on +31 (0) 524 712 456 to request a copy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVAALILLID
(END) Dow Jones Newswires
September 12, 2017 02:00 ET (06:00 GMT)
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