Venture Life Group PLC Trading update (3942D)

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RNS Number : 3942D

Venture Life Group PLC

31 January 2018

Venture Life Group plc

("Venture Life" or the "Group")

Trading Update

Expected Revenues of over GBP16m, EBITDA of over GBP1.7m

Venture Life (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising self-care products, provides the following trading update for the year ended 31 December 2017.

Venture Life has delivered another year of double digit revenue growth, resulting in accelerating profitability by virtue of the Group's operating leverage. The Group expects to achieve revenue for the year ended 31 December 2017 of over GBP16 million, a 12% increase over the reported Group revenue of GBP14.3 million for the prior year. As a result, the Group expects to report an EBITDA of more than GBP1.7 million.

The reported EBITDA reflects IFRS 16, a new accounting standard related to long term rental agreements, which the Group adopted in 2017. This has had the effect of increasing EBITDA by approximately GBP0.4 million, however, due to a related amortisation charge, it will have minimal effect on the reported profit before tax.

Cash at 31 December 2017 was GBP1.3 million.

Venture Life will announce its preliminary results for the year ended 31 December 2017 on Thursday 22 March 2018.

Jerry Randall, CEO of Venture Life, commented: "2017 was another year of good growth for Venture Life, with the Group increasing both revenues and EBITDA profit. Further, the commercial activities during the year have built on the consolidated business we have, and will yield more growth with new product launches in 2018. I am delighted with these 2017 results, which demonstrate not only the scalability of the business, but that we are on track to become sustainably profitable."

For further information please contact:

 
                                                            +44 (0) 1344 
 Venture Life Group PLC                                           742870 
 Jerry Randall, Chief Executive Officer 
 
 Northland Capital Partners Limited                      [phone] 
  (Nominated Adviser and Joint Broker)                              6625 
 Matthew Johnson/Edward Hutton (Corporate 
  Finance) 
 Bob Pountney (Corporate Broking) 
 
 Turner Pope Investments (TPI) Ltd                       [phone] 
  (Joint Broker)                                                    4120 
 Andy Thacker 
 
 Walbrook PR                                  [e-mail] 
                                                 or [phone] 
 Paul McManus/Anna Dunphy                     [phone] / +44 
                                                        (0) 7876 741 001 
 
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

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

Venture Life is an international consumer self-care company focused on developing, manufacturing and commercialising self-care products globally. The Group's product range and pipeline currently includes the UltraDEX oral care products range, food supplements for lowering cholesterol and maintaining brain function, dermo-cosmetics for addressing the signs of ageing, and medical devices for improving minor aches and pains, dry eyes and itchy skin.

The products, which typically are recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies supplied by the Group's international distribution partners.

Through its Development & Manufacturing business, Biokosmes, the Group also provides development and manufacturing services to companies in the medical devices and cosmetic sectors.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 31, 2018 02:00 ET (07:00 GMT)