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Venn Life Sciences swings to loss

By BFN News | 07:51 AM | Thursday 17 May, 2018

Venn Life Sciences, an integrated drug development partner, swung to a loss after tax of €1.5m in 2017, from a profit of €0.6m the year before, following the losses and investment write-down on Integumen. Operating profit was €0.1m, compared with a loss of €0.6m in 2016, but total income declined to €17.8m from €18.2m. The revenue mix remained similar year on year across the two principal service lines in the business. Early Development Services (EDS) delivered revenues of €6m and Clinical Research Services (CRS) delivered revenues of €11.8m. EBITDA before exceptional charges was €1.0m (2016: €0.4m), driven principally by greater operational efficiency resulting in improved project margins. Venn expects increased billable resources and continued improvements in operational efficiency will drive further growth in EBITDA during 2018. Tony Richardson, CEO of Venn, said: "During 2017 our focus has been on the delivered improved underlying EBITDA in the business through improved operational efficiencies. Additional investment in systems means that we now have both the expertise and infrastructure to profitably execute new business in scale and our focus is now on the generation of new business opportunities." Story provided by

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