Venture Life Group PLC Trading update (3942D)
January 31 2018 - 2:00AM
UK Regulatory
TIDMVLG
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 +44 (0) 20 3861
(Nominated Adviser and Joint Broker) 6625
Matthew Johnson/Edward Hutton (Corporate
Finance)
Bob Pountney (Corporate Broking)
Turner Pope Investments (TPI) Ltd +44 (0) 20 3621
(Joint Broker) 4120
Andy Thacker
Walbrook PR venturelife@walbrookpr.com
or +44 (0) 20 7933 8780
Paul McManus/Anna Dunphy +44 (0) 7980 541 994 / +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
END
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