Venn Life Sciences Holdings PLC Year End Update (1152T)

TIDMVENN

RNS Number : 1152T

Venn Life Sciences Holdings PLC

24 March 2016

Venn Life Sciences Holdings Plc

("Venn" or the "Company")

Year End Update

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 that further to the trading update provided on 8 January 2016 the Company now expects revenues for full year to 31 December 2015 to be significantly more than double the previous year (2014: EUR4.9m) and to exceed market expectations by at least 15%.

As previously stated, the business is now generating free cashflows and ended the financial year with a cash position of EUR3.4m. In-line with market expectations the Company will report a positive EBITDA position having recorded a Group EBITDA loss, before exceptionals of EUR1.53m for the previous year.

Commenting, Venn CEO, Tony Richardson said: "I am delighted that the business has shown such a strong performance in 2015 and we have done this by building upon our reputation for delivering excellence to our clients and the expansion of our geographical reach and service capabilities which have enabled Venn to secure larger enterprise level contracts. This trading performance has continued into 2016 as demonstrated by the recently announced contracts worth EUR3.4m with a leading US Biotech client."

The Company expects to announce preliminary results for the year ended 31 December 2015 on 10 May 2016.

Enquiries:

 
 Venn Life Sciences Holdings                              www.vennlifesciences.com 
  Plc 
 Tony Richardson, Chief Executive                             Tel: [phone] 
  Officer 
 Jonathan Hartshorn, Chief Financial                          Tel: [phone] 
  Officer 
 Orla McGuinness, Marketing                                   Tel: [phone] 
  Manager 
 
 Davy (Nominated Adviser, ESM                                 Tel: [phone] 
  Adviser and Joint Broker) 
 Fergal Meegan / Matthew DeVere 
  White (Corporate Finance) 
 Paul Burke (Corporate Broking) 
 
 Hybridan LLP (Joint-Broker) 
 Claire Louise Noyce                                            Tel: [phone] 
 
 Walbrook PR Ltd                         Tel: [phone] or [e-mail] 
 Paul McManus                                                   Mob: [phone] 
 Lianne Cawthorne                                               Mob: [phone] 
 
 

About Venn Life Sciences Limited: Venn Life Sciences is a Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation - Venn Life Sciences specialises in rapid deployment and management of multisite projects, across all phases. Venn Life Sciences also has an innovation division - Innovenn - focused primarily on breakthrough development opportunities in Skin Science.

For more information about the Company, please visit: www.vennlifesciences.com

This information is provided by RNS

The company news service from the London Stock Exchange

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March 24, 2016 03:00 ET (07:00 GMT)