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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Venn Life Sciences Holdings Plc | LSE:VENN | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.85 | 6.70 | 7.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVENN
RNS Number : 0101L
Venn Life Sciences Holdings PLC
28 September 2016
28 September 2016
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
Interim Results for 6 months ended 30 June 2016
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 2016.
Financial Highlights
-- Revenue of EUR9.06m (H1 2015: EUR4.25m) -- EBITDA profit of EUR0.40m (H1 2015: profit of EUR0.09m) -- Operating Loss EUR0.033m (H1 2015: loss of EUR0.079m) -- Cash and cash equivalents of EUR1.75m at 30(th) June 2016 (EUR1.10m at 30th June 2015) -- Cash and cash equivalents of EUR2.10m at 23(rd) September 2016
Operational Highlights
-- Progress on Kinesis integration and initial cross sales achieved
-- Continued progress on systems infrastructure with resultant improvements in operating margins
-- Successful achievement of key project milestones leading to strong client endorsements and repeat business
Post period-end
-- Strengthening of the board with the appointment of Allan Wood as non-Executive Chairman and Mary Sheahan as non-Executive Director
-- Continued positive progress on new business with EUR2.8m contract and preferred vendorship with big Pharma announced in August
-- The Company has entered into a process to sell its innovation division, Innovenn. This sale will represent the culmination of several months of effort to re-position Innovenn in such a way that will bring better clarity to the performance of the core business, and realise value from our investment in Innovenn.
Commenting on the Group's outlook, Allan Wood, non-Executive Chairman of Venn, said:
"The future divestment of Innovenn will have a positive impact on the Company's financial performance in the second half of this year. Importantly the disposal of this business, once achieved, will enable management to singularly focus on the growth of our core business. The addition of Kinesis into the Company has been well received by the market and we expect the second half of the year to see the benefits of this acquisition. Overall we continue to see opportunities for further growth, both organically and through M&A."
Enquiries:
Hot Features
Premium
Venn Life Sciences Holdings Plc
Allan Wood, Non-Executive Chairman Tel: +44(0)7185 325 898
Tony Richardson, Chief Executive Officer Tel: +353 87 2535 982
Davy (Nominated Adviser and Broker)
Fergal Meegan / Matthew de Vere Tel: +353 1 679 6363
White (Corporate Finance)
Orla Bolger (Corporate Broking)
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
Chairman's Statement
Dear Shareholder,
The first half of 2016 has seen continued strong growth in sales and improved EBITDA. Management has focussed on two key areas in the six months: initiatives to improve operating margins and integration of the Kinesis business. These initiatives will continue throughout the full year. The future divestment of Innovenn represents a key development for the Company, offering potential future value for investors, whilst simplifying the current business and allowing greater focus on core areas of activity.
Financial Results
Fee income for the first six months of 2016 was EUR9.06m, up 113% on the first six months of 2015 (H1 2015: EUR4.25m). EBITDA profit for the period was EUR0.40m compared to EBITDA profit of EUR0.09m for the first half of 2015. With current cash reserves of EUR2.1m the business is well resourced to deliver on its growth plans.
As a group, we have continued to report strong growth in revenues and improved profitability. Having achieved reasonable business scale there is now a strong focus on operating efficiency and improved margins.
Operational Review
In October 2015 we acquired Kinesis Pharma b.v. Our focus in the first half of this year has been on business stability post-acquisition, cross selling initiatives and integration of certain support functions. The acquisition of Kinesis has been well received by the market and with a stable and talented team we can now move into the second phase of business integration and deliver sustainable business growth.
In our late phase business we have focussed our energies on operating profitability and the implementation of systems and processes to deliver higher operating margins. We continue to execute projects to a high standard and this has been reflected in the rate of referrals and repeat business.
We have extended our operating capabilities into the USA with the establishment of Venn Inc and the appointment of a VP of Operations USA. We currently have 13 people on the ground in the US and we will continue to cautiously build that base in line with client requirements.
Board Changes
I am pleased to join the board of Venn at this exciting point in its development. I would like to thank Tony Richardson for managing both the Chair and CEO roles for the past nine months and look forward to working with Tony and the team. I would also like to welcome Mary Sheahan to the board. Mary's strong financial credentials and deep life science experience will be a valuable addition to the board.
New Developments and Outlook
Overall I am pleased with the strong progress achieved in this half year. There is a strong pipeline of new opportunities going into the second half of the year and we continue to see an increase in the average size of project wins. We continue to look for earnings enhancing acquisition opportunities, particularly in Central and Eastern Europe. Completing the sale of Innovenn will facilitate a singular focus on the further development of the core business.
Allan Wood
Chairman
28 September 2016
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2016
Unaudited Unaudited Audited
6 months 6 months
ended ended Year ended
30 June 30 June 31 December
2016 2015 - restated 2015 -
restated
EUR'000 EUR'000 EUR'000
----------------------------------- ---------- ---------------- ------------
Continuing operations
Revenue 9,064 4,253 11,468
Administrative expenses (9,097) (4,174) (11,229)
Operating profit/(loss) (33) (79) 239
---------- ---------------- ------------
Depreciation and amortisation (435) (173) (386)
Exceptional items - - (209)
EBITDA before exceptional
items 402 94 834
---------- ---------------- ------------
Finance income - - 2
Finance costs (33) (41) (41)
------------------------------------ ---------- ---------------- ------------
Profit/(loss) before
income tax (66) (120) 200
Income tax credit/(charge) - - 118
------------------------------------ ---------- ---------------- ------------
Loss for the period
from continuing operations (66) (120) 318
Discontinued Operations
Loss for the period
from discontinued operations (652) (139) (520)
Loss for the period (718) (259) (202)
Profit/(loss attributable
Owners of the parent (411) (187) 15
Non-controlling interest (307) (72) (217)
------------------------------------ ---------- ---------------- ------------
Loss for the year (718) (259) (202)
Currency translation
differences (15) 39 49
------------------------------------ ---------- ---------------- ------------
Total comprehensive
loss for the period (733) (220) (153)
------------------------------------ ---------- ---------------- ------------
Earnings/(loss) per share from
continuing and discontinued operations
attributable to the owners of the
parent during the period
Basic and diluted earnings/(loss)
per share EUR Cent EUR Cent EUR Cent
From continuing operations (0.1) (0.4) 0.8
From discontinued operations (0.6) (0.2) (0.7)
Consolidated Statement of Financial Position
As at 30 June 2016
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2016 2015 2015
EUR'000 EUR'000 EUR'000
------------------------------- ---------- ---------- ------------
Assets
Non-current assets
Property, plant and
equipment 196 196 381
Intangible assets 4,374 3,170 5,437
Available-for-sale Intangible
assets 743
Investments 31 31 31
Total non-current assets 5,344 3,397 5,849
-------------------------------- ---------- ---------- ------------
Current assets
Trade and other receivables 7,042 2,627 5,560
Income tax recoverable 100 - 23
Available-for-sale current 400 - -
assets
Cash and cash equivalents 1,748 1,096 3,798
-------------------------------- ---------- ---------- ------------
Total current assets 9,290 3,723 9,381
-------------------------------- ---------- ---------- ------------
Total assets 14,634 7,120 15,230
-------------------------------- ---------- ---------- ------------
Equity attributable
to owners
Share capital 155 127 155
Share premium account 14,011 8,073 14,011
Group re-organisation
reserve (541) (541) (541)
Reverse acquisition
reserve 45 45 45
Foreign currency reserves 34 39 49
Share option reserve 45 - 13
Retained earnings (4,237) (4,030) (3,826)
-------------------------------- ---------- ---------- ------------
9,512 3,713 9,906
Non-controlling interest 20 472 327
-------------------------------- ---------- ---------- ------------
Total equity 9,532 4,185 10,233
-------------------------------- ---------- ---------- ------------
Liabilities
Non-current liabilities
Borrowings 34 - 52
Total non-current liabilities 34 - 52
-------------------------------- ---------- ---------- ------------
Current liabilities
Trade and other payables 4,130 2,456 4,218
Available-for-sale current 202 - -
liabilities
Deferred taxation 692 271 692
Deferred consideration - 71 -
Borrowings 44 137 35
Total current liabilities 5,068 2,935 4,945
-------------------------------- ---------- ---------- ------------
Total liabilities 5,102 2,935 4,997
-------------------------------- ---------- ---------- ------------
Total equity and liabilities 14,634 7,120 15,230
-------------------------------- ---------- ---------- ------------
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2016
Unaudited Unaudited Audited
6 months ended 6 months ended Year
ended
30 June 30 June 31 December
2016 2015 2015
EUR'000 EUR'000 EUR'000
---------------------------------------------------------- --------------- --------------- ------------
Cash Flow from operations
Loss before income tax including discontinued operations (718) (259) (327)
Adjustments:
- Depreciation & Amortisation 489 176 464
- Foreign currency movement 89 (13) (204)
- Exceptional Item 33 - 209
- Net finance costs 37 41 42
Changes in working capital
- Trade and other receivables (1,859) (530) (3,463)
- Trade and other payables 145 (845) 1,004
----------------------------------------------------------- --------------- --------------- ------------
Cash used in operations (1,785) (1,430) (2,275)
Interest paid (37) (41) -
Income tax received/(paid) (77) 32 125
----------------------------------------------------------- --------------- --------------- ------------
Net cash used in operating activities (1,898) (1,439) (2,150)
----------------------------------------------------------- --------------- --------------- ------------
Cash flow from investing activities
Acquisition of subsidiaries, net of cash acquired - - (1,893)
Exceptional costs - (209)
Purchase of property, plant and equipment (PPE) 16 (506) (713)
Net cash used in investing activities 16 (506) (2,815)
----------------------------------------------------------- --------------- --------------- ------------
Cash flow from financing activities
Proceeds from issuance of ordinary shares - 2,605 8,571
Payment of deferred consideration - (142) (310)
Repayments on borrowings (9) (46) (94)
Net cash generated by financing activities (9) 2,417 8,167
----------------------------------------------------------- --------------- --------------- ------------
Net increase /(decrease) in cash and cash equivalents (1,891) 472 3,202
Cash and cash equivalents at beginning of year 3,798 596 596
Exchange gain on cash and cash equivalents (104) 28 -
----------------------------------------------------------- --------------- --------------- ------------
Cash and cash equivalents at end of period 1,803 1,096 3,798
----------------------------------------------------------- --------------- --------------- ------------
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
2016 2015 2015
EUR'000 EUR'000 EUR'000
--------------------------------------------------- --------------- --------------- ------------
Cash and cash equivalents 1,748 1,096 3,798
Discontinued Operations cash and cash equivalents 55 - -
--------------------------------------------------- --------------- --------------- ------------
Cash and cash equivalents 1,803 1,096 3,798
---------------------------------------------------- --------------- --------------- ------------
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
2015 112 5,483 (496) - - (3,841) 1,258 544 1,802
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Changes in
equity for 6
months ended
30 June 2015
Total loss for
the period - - - - - (187) (187) (72) (259)
Currency
translation
differences - - - - 39 - (39) - (39)
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Total
comprehensive
loss
For the
period - - - - 39 (187) (148) (72) (220)
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Transactions
with the
owners
Shares issued 15 2,590 - - - - 2,605 - 2,605
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Total
contributions
by and
distributions
to owners 15 2,590 - - - - 2,605 - 2,605
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
At 30 June
2015 127 8,073 (496) - 39 (4,030) 3,713 472 4,185
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Changes in
equity for 6
months
ended 31
December 2015
Total gain for
the period - - - - - 204 204 (145) 59
Currency
translation
differences - - - - 10 - 10 - 10
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Total
comprehensive
gain for
the period - - - - 10 204 214 (145) 69
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Transactions
with the
owners
Shares issued 28 5,938 - - - - 5,966 - 5,966
Options issued - - - 13 - - 13 - 13
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
Total
contributions
by and
distributions
to owners 28 5,938 - 13 - - 5,979 - 5,979
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
At 31 December
2015 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
--------------- --------- --------- ---------------- -------- --------- ---------- -------- ----------------- --------
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. It has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards as adopted for use in the EU (IFRSs). 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 2015 and which will form the basis of the 2016 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 2015 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 2016 and 30 June 2015 is unaudited and the twelve months to 31 December 2015 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
2016 2015 2015
Profit/(loss) from continuing
operations attributable
to equity holders of the
Company (EUR'000) (66) (120) 318
Loss from discontinued
operations attributable
to owners of the parent (380) (81) (303)
--------------------------------- ----------- ----------- ------------
Total (446) (201) 15
--------------------------------- ----------- ----------- ------------
Weighted average number
of Ordinary Shares in
issue 60,246,433 33,733,046 41,261,849
(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. No share options or warrants outstanding at period end were dilutive and all such potential ordinary shares are therefore excluded from the weighted average number of ordinary shares for the purposes of calculating diluted earnings per share.
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 LFFSIATIDFIR
(END) Dow Jones Newswires
September 28, 2016 02:01 ET (06:01 GMT)
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