Venture Life Group PLC – Half-year Report – Amendment

Venture Life Group PLC – Half-year Report – Amendment

Venture Life Group plc (AIM: VLG), a leader in developing, manufacturing and commercialising products for the self-care market, presents its unaudited interim results for the six months ended 30 June 2019.

 

Financial highlights:

•      Revenues increased 14% to £9.4 million (H1 2018: £8.3 million)

•      Gross profit increased 18% to £3.5 million (H1 2018: £3.0 million)

•      Gross profit margin percentage increased to 37.3% (H1 2018: 36.0%)

•      Increased investment in Dentyl marketing and new medical devices

•      Adjusted EBITDA increased 5.5% to £0.7 million (H1 2018: £0.7 million)

•      Profit before tax, amortisation and exceptional items increased to £0.3 million (H1 2018: £0.1 million)

•      Adjusted profit per share[1] of 0.04p (H1 2018: adjusted loss of 0.3p)

•      Net cash generated from operating activities of £1.3 million (H1 2018: £0.2 million)

•      Cash at period end of £10.9 million (31 December 2018: £9.6 million)

 

Commercial highlights:

·      Lloyds Pharmacy to launch Dentyl in the UK

·      Increased distribution of Dentyl in Superdrug

·      BB Mints launch into Morrisons

·      Launch of UltraDEX in ASDA grocery chain and Well Pharmacy, the 3rd largest pharmacy chain in the UK, behind Boots and Lloyds

·      UltraDEX Whitening mouth rinse launched in Superdrug

·      UltraDEX and Dentyl marketing campaigns launched to UK consumers

·      4 long-term development and manufacturing agreements completed

·      7 new international partnering agreements signed, including Dentyl line extensions in China

·      VLG’s products launched with 11 international partners in H1 2019

 

Post-period end highlights:

·      Long-term international agreement signed on Dentyl in France

·      Venture Life Group plc was once again included in the ‘London Stock Exchange’s 1000 Companies to Inspire Britain 2019’ list, for the fourth consecutive year

 

[1]Adjusted profit per share is loss after tax excluding amortisation, exceptional items and share-based payments.

 

Jerry Randall, Chief Executive Officer of Venture Life, commented: ”In the first half of 2019 we saw revenue growth of 14% with strong cash generation from operating activities of £1.3 million. Despite a challenging trading environment, I am pleased with the Group’s continued commercial progress, particularly the seven new international partnering agreements signed, which further expand the Venture Life footprint and reach.  These agreements include increased distribution of the Dentyl range in China as well as the launch of UltraDEX in ASDA and Well Pharmacy, and the launch of Dentyl into Lloyds Pharmacy in the UK. Traditionally, we enjoy a stronger second half and, with a very healthy order book, we expect that to be the case this year.

Meanwhile, our development and manufacturing business has made positive headway in the first half of 2019. Revenues grew 10% to £6.6 million with four long-term agreements completed.

As the UK moves closer towards a possible Brexit at the end of October, we have undertaken significant mitigation planning against associated risk and remain well-prepared to manage possible disruptions to the business, including ensuring there is adequate UK stock and good short-term supply. Despite the challenges, Venture Life has a strong pipeline ahead and we approach the future with confidence.”

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