Year End Update

RNS Number : 1152T

Venn Life Sciences Holdings PLC

24 March 2016

 

Venn Life Sciences Holdings Plc

("Venn" or the "Company")

Year End Update

Venn Life Sciences (AIM: VENN), a growing Contract Research Organisation (CRO) providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces that further to the trading update provided on 8 January 2016 the Company now expects revenues for full year to 31 December 2015 to be significantly more than double the previous year (2014: €4.9m) and to exceed market expectations by at least 15%.

As previously stated, the business is now generating free cashflows and ended the financial year with a cash position of €3.4m. In-line with market expectations the Company will report a positive EBITDA position having recorded a Group EBITDA loss, before exceptionals of €1.53m for the previous year.

Commenting, Venn CEO, Tony Richardson said: "I am delighted that the business has shown such a strong performance in 2015 and we have done this by building upon our reputation for delivering excellence to our clients and the expansion of our geographical reach and service capabilities which have enabled Venn to  secure larger enterprise level contracts. This trading performance has continued into 2016 as demonstrated by the recently announced contracts worth €3.4m with a leading US Biotech client."

The Company expects to announce preliminary results for the year ended 31 December 2015 on 10 May 2016.

Enquiries:

Venn Life Sciences Holdings Plc		www.vennlifesciences.com
Tony Richardson, Chief Executive Officer		Tel: [phone]
Jonathan Hartshorn, Chief Financial Officer		Tel: [phone]
Orla McGuinness, Marketing Manager		Tel: [phone]
Davy (Nominated Adviser, ESM Adviser and Joint Broker)		Tel: [phone]
Fergal Meegan / Matthew DeVere White (Corporate Finance)
Paul Burke (Corporate Broking)
Hybridan LLP (Joint-Broker)
Claire Louise Noyce		Tel: [phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus		Mob: [phone]
Lianne Cawthorne		Mob: [phone]

About Venn Life Sciences Limited: Venn Life Sciences is a Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation - Venn Life Sciences specialises in rapid deployment and management of multisite projects, across all phases. Venn Life Sciences also has an innovation division - Innovenn - focused primarily on breakthrough development opportunities in Skin Science.

For more information about the Company, please visit: www.vennlifesciences.com

 

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