Venture Life Group PLC Trading Update & Notice of Results (4520N)
01 February 2021 - 6:00PM
UK Regulatory
TIDMVLG
RNS Number : 4520N
Venture Life Group PLC
01 February 2021
1 February 2021
VENTURE LIFE GROUP PLC
("Venture Life" "VLG" or the "Company")
Full Year Trading Update
Full year profit ahead of market expectations
Venture Life (AIM: VLG), a leader in developing, manufacturing
and commercialising products for the self-care market, announces
its unaudited trading update for the year ended 31(st) December
2020, ahead of the announcement of the Group's audited results on
25(th) March 2021.
The Company expects to report revenues for the year ended 31(st)
December 2020 of GBP30.1 million, 49% higher than for 2019, and
adjusted* EBITDA is expected to be not less than GBP6 million, more
than double the 2019 adjusted EBITDA. There were no further
shipments of product to our Chinese oral care partner in H2, but
shipments are due to resume in H1 2021.
Despite the challenges presented by the COVID-19 pandemic,
revenues across the business grew significantly in 2020, notably in
sales of the VLG Brands, which now represent 50% of revenues,
compared to 33% in 2019. The significantly increased revenues and
higher prevalence of revenues from the VLG Brands in the year have
contributed to improving gross margin, as expected. Revenues from
the newly acquired PharmaSource business were ahead of 2019, and a
number of planned synergies have already been achieved.
The clinical study at Cardiff University on our mouthwashes is
still on-going and we will update the market when the results have
been published in due course.
Jerry Randall, CEO of Venture Life, commented: "I am delighted
to update the market on the delivery of strong growth during 2020.
It has been a particularly challenging year for everyone, but the
team at Venture Life performed exceptionally well to ensure that
the business continued to operate and meet customer requirements.
The placing and open offer completed in December 2020 has given us
substantial funds, leaving us with net cash (excluding finance
lease liabilities) of GBP35.5m as at the year end, with which we
can now pursue our ambitious acquisition growth and, with an order
book ahead of the same time last year, I look forward to updating
the market further as we go through the year. "
*Adjusted EBITDA is EBITDA before deduction of exceptional items
and share based payments
This announcement contains price sensitive information.
For further information, please contact:
Venture Life Group PLC +44 (0) 1344 578004
Jerry Randall, Chief Executive Officer
+44 (0) 20 7397
Cenkos Securities plc (Nomad and Joint Broker) 8900
Michael Johnson / Russell Kerr (Sales)
Stephen Keys / Camilla Hume (Corporate Finance)
+44 (0) 20 7496
N+1 Singer (Joint Broker) 3000
Jonathan Dighe (Sales)
Shaun Dobson / Carlo Spingardi (Corporate Finance)
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 in the medical devices and cosmetic
sectors.
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