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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 : 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:
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 (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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