27th Sep 2013 12:14
LONDON (Alliance News) - Venn Life Sciences Holdings PLC Friday reported flat first-half revenues, and a widened loss, for the first six months of its financial year, as the company increased investment in business developments, acquisitions screening and innovation.
The clinical research and development company, which began trading on AIM at the end of December last year, said that in the six months to June 30, it invested heavily in the development of a merger and acquisition pipeline, new management, and improved facilities in Russia, the UK and Europe, in preparation for organic growth.
Venn Life Sciences said that during the period it invested a total of EUR457,000 in a new facility in the UK, on M&A identification and screening, and on a co-development technology assessment.
It said that since the start of trading in the second half of the year, it has significantly increased its proposals pipeline to EUR9.3 million, and has signed a master service agreement with a global pharmaceutical company.
"Venn has focused in the first six months of 2013 on nurturing a formula that has shown a significant increase in their pipeline across all their offices. The results of this will be reflected over the latter half of 2013, as the pace of business increases in line with geographic coverage and innovative technologies," said Non-Executive Chairman, David Evans, in a statement.
It reported a widened pretax loss of EUR716,000, including a income tax charge of EUR16,000, compared with EUR390,00 a year earlier.
It said that its net loss for the first-half was EUR732,000, compared with a net loss of GBP380,00 a year earlier.
It said first-half revenues remained broadly flat, at GBP1.1 million.
Venn Life Sciences shares were trading at 27.50 pence per share, up 1.9% or 0.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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