Venn Life Sciences Holdings Plc (LON:VENN), a growing Contract Research Organisation (CRO) providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announced today its unaudited interim results for the six months ended 30 June 2017.
Financial Highlights
· Revenue of €9.15m (H1 2016: €9.06m)
· EBITDA of €0.414m (H1 2016: €0.402m)
· Operating profit €0.01m (H1 2016: loss of €0.03m)
· Cash and cash equivalents of €2.93m at 30 June 2017 (€1.75m at 30 June 2016)
Operational Highlights
· Completion of key systems initiatives
· Successful achievement of key project milestones leading to strong client endorsements and repeat business
· Key new leadership hires in Information Technology and Quality Assurance
· Integumen successfully floated on AIM, London in April 2017
Post Period End
· Strengthening of the board & management with the appointment of Christian Milla as COO
· Finalisation of Kinesis acquisition with no further consideration payable
Commenting today, Allan Wood, Non-Executive Chairman of Venn Life Sciences Holdings Plc, said: “The divestment of Innovenn, and subsequent flotation of Integumen, has facilitated a more singular focus on our core business, which now provides a unique range of drug development services for our customers. This coupled with key management additions and the conclusion of certain systems implementations leaves Venn well positioned to execute on new business opportunities. I would like to welcome Christian Milla to the team, Christian’s deep sector knowledge will be of significant benefit to the Group as we grow in the future. I would also like to express my gratitude to Gracielle Schutjens for her significant contribution to the business thus far and welcome her future commitment to developing new business for the Group.”
