Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces Its audited final results for the year ended 31 December 2014.
Financial Highlights
· Revenue of €4.9m increase of 140% over 2013 (€2.04m)
· Group EBITDA Loss (before exceptional items) of €1.53m (2013 €1.65m)
· Group Loss for the year €1.8m (2013 €1.8m)
· EBITDA Losses attributable to CRO Business down by 36% to €0.95m (2013 €1.56m)
· EBITDA Losses attributable to investment in Innovenn €0.58m (2013 €0.09m)
· Cash and cash equivalents of €0.8m (2013 €0.54m)
Operational Highlights
· Acquisition of Cardinal Systems France bringing IRT, Data Management and additional clinical capabilities to Venn
· Resource base increased from 43 to 100 personnel
· Successful integration of German, Paris and Northern Ireland acquisitions
· Successful deployment of resources in Mexico, Brazil, Israel and USA
Post Period End
· Strong rate of business wins and new proposals continues
· €4.1m contract secured in March
· Revenues of €2.0m booked for Q1 2015
· First Innovenn revenues with sales of Labskin to global pharmaceutical company
· Board strengthened with two new appointments, Gracielle Schutjens as COO and Jonathan Hartshorn as CFO (effective 15th June 2015)
· Completion of GBP£2m fundraise underpinning growing book of business and providing funds for systems investment and expansion of business development coverage
Commenting on the Group's outlook, David Evans, Non-Executive Chairman of Venn:
"In 2014 we have seen key financial indicators moving in the right direction. A significant increase in revenues, reduced losses on the core business and a stronger balance sheet all point to real progress and sustainable business growth. The addition of IRT and data management services through the acquisition of Cardinal Systems has been instrumental in Venn winning larger full service contracts as evidenced by the announcement of a €4m contract in March of this year. With a healthy pipeline of project opportunities the business is poised for further growth. This can be strongly underpinned by solid execution of existing contracts, which in turn will result in repeat business.
Although we are still in a period of investment with Innovenn I am particularly pleased to see the first sales of Labskin and greatly encouraged by the calibre of initial customers. I look forward to progress at Innovenn in 2015 through the addition of microbiology services, the launch of Clarogel and further sales of Labskin."
Enquiries:
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Venn Life Sciences Holdings Plc |
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Tony Richardson, Chief Executive Officer |
Tel: +353 154 99 341 |
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Orla Mc Guinness, Marketing Manager |
Tel: +353 153 73 269 |
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Zeus Capital (Nominated Adviser and Broker) |
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Andrew Jones / Ross Andrews |
Tel: +44 (0)161 831 1512 |
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Dominic Wilson |
Tel: +44 (0)20 7533 7727 |
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Walbrook PR Ltd |
Tel: +44 (0)20 7933 8780 or [email protected] |
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Paul McManus |
Mob: +44 (0)7980 541 893 |
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Lianne Cawthorne |
Mob: +44 (0)7584 391 303 |
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Lianne Cawthorne |
Direct: |
020 7933 8788 |
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Associate |
Mobile: |
07584 391 303 |
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Walbrook PR Limited |
Reception: |
020 7933 8780 |
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4 Lombard Street |
Fax: |
020 7933 8781 |
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London EC3V 9HD |
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