Venture Life Group PLC Half Year Trading Update (4082T)

TIDMVLG

RNS Number : 4082T

Venture Life Group PLC

20 July 2020

20 July 2020

Venture Life Group plc

("Venture Life" the "Company" or the "Group")

Half Year trading update

Venture Life Group plc (AIM: VLG), a leader in developing, manufacturing and commercialising products for the international self-care market, provides an update on its performance for the six months to 30 June 2020, after a period of strong trading.

Financial Highlights:

   --    Revenues increased 80% to GBP16.9 million (H1 2019: GBP9.4 million) 
   --    65% from organic growth and 15% from acquired growth 
   --    Venture Life brands revenue represented 53% of revenues (H1 2019: 30%) 
   --    PharmaSource revenues increased +43% compared to H1 2019 

Commercial Highlights:

   --    8 new partnering agreements completed 

-- 15-year exclusive agreement signed with Chinese partner - total agreement worth a minimum of EUR168 million

   --    11 long term development and manufacturing agreements completed 

-- 8 new products developed for newly created DISINPLUS Ô hand sanitiser brand, with ASDA ordering 1 million units in H1

   --    Appointment as second manufacturer of Alliance Pharmaceuticals Kelo-Cote products 

Post-Period End:

   --      New long term exclusive distribution agreement signed in Spain for Procto-eze Plus 

-- New long term exclusive distribution agreement signed in Israel on the Nail Fungal Pen, Wart Pen and Shoe Spray

Jerry Randall, CEO of Venture Life said , "There has been step change in the business in this first half of the year, with revenues increasing by 80% to GBP16.9 million, of which 65% is from organic growth alone. This is a remarkable achievement, amidst an extremely challenging backdrop of the COVID-19 pandemic; we have demonstrated agility both of our team and our business model, and this agility will provide us with a strong platform for future growth. Our newly created hand-sanitising brand DISINPLUS Ô has started well and generated meaningful revenues in H1 and, given the organic growth within the business, our Venture Life brands now represent 53% of revenues. Furthermore, we have seen strong sales in the UK and The Netherlands from the PharmaSource acquired products, as well as strong orders from our Chinese partner.

With our strong balance sheet we continue to explore additive M&A opportunities using our existing cash resources and available debt finance alone.

The first half has demonstrated the resilience and opportunity within our business, along with the strength and ingenuity of our team, in very difficult economic circumstances, and we remain confident that this will continue to be the case as we move into the second half of the year."

For further information, please contact:

 
 Venture Life Group PLC                                [phone] 
 Jerry Randall, Chief Executive Officer 
  Andrew Waters, Chief Financial Officer 
 
  Cenkos Securities plc (Nomad and Joint Broker)         [phone] 
 Stephen Keys / Mark Connelly / Cameron MacRitchie (Corporate Finance) 
 Russell Kerr / Michael Johnson (Sales) 
                                                     [phone] 
    N+1 Singer (Joint Broker)                        3000 
   Shaun Dobson / Carlo Spingardi 
 
 

About Venture Life ( www.venture-life.com )

Venture Life is an international consumer self-care company focused on developing, manufacturing and commercialising products for the global self-care market. With operations in the UK, The Netherlands and Italy, the Group's product portfolio includes some key products such as the UltraDEX and Dentyl oral care product ranges, food supplements for maintaining brain function, medical devices for women's intimate healthcare, fungal infections and proctology, and dermo-cosmetics for addressing the signs of ageing.

The products, which are typically recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies and grocery multiples. In the UK and The Netherlands, these are supplied direct by the company to retailers, elsewhere they are supplied by the Group's international distribution partners.

Through its Development & Manufacturing business in Italy, Biokosmes, the Group also provides development and manufacturing services to companies for consumer healthcare products, primarily medical devices.

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 [e-mail] or visit www.rns.com.

END

TSTKKOBDOBKDCOD

(END) Dow Jones Newswires

July 20, 2020 02:00 ET (06:00 GMT)