Venture Life Group PLC – Final Results

Venture Life (AIM: VLG), a leader in developing, manufacturing and commercialising products for the international self-care market, announces its audited results for the year ended 31 December 2018.

Financial Highlights 

• Revenues up 17% to £18.8 million (2017: £16.1 million)
• Brands segment increased revenues by 50% to £6.6 million (2017: £4.5 million)
• Gross profit increased 12% to £7.3 million (2017: £6.5 million)
• Gross margin 39% (2017: 40%)
• Adjusted EBITDA increased by 42% to £2.7* million (2017: £1.9 million)
• Profit after tax of £0.4 million* (2017: loss after tax £0.4 million)
• Adjusted earnings per share of 2.06 pence** (2017: 0.66 pence)
• Year-end cash balance of £9.6 million (2017: £1.4 million)
• Year-end net cash position of £5.8 million (2017: Net debt of £6.3 million)

* Before exceptional items
** Adjusted for share based payments, amortisation and exceptional items

Commercial Highlights  

• Strong underlying organic growth driven by new product launches and partnership agreements
• Oversubscribed Placing in July 2018, raising £18.75 million, before expenses, at 40p per share
• Acquisition of Dentyl oral care brand for £4.2 million, in line with strategy of leveraging Group operating capacity to generate enhanced revenue and profitability
• Signed 16 international agreements with the addition of 11 new partners
• Growing international footprint with 5 new product launches
• Manufacturing capacity now increased through plant reorganisation, 2018 production represents only 58% of this increased capacity 

Jerry Randall, CEO of Venture Life, commented: “I am delighted to report on a transformational year for Venture Life, in which we achieved double digit growth in both revenues and profits, as well as completing our largest equity raise to date. The equity raise in July last year allowed us to acquire the Dentyl brand, in line with our acquisition strategy, and moved us from a net debt to a net cash positon, providing additional cash for further brand acquisitions.  

“Our core focus remains on expanding the business organically and acquisitively. Despite the challenging general market conditions, the Board is confident of achieving another year of substantial growth in 2019 and looks forward to updating the market in due course.”