22nd May 2015 07:53
LONDON (Alliance News) - Clinical research group Venn Life Sciences PLC Friday said its pretax loss in 2014 was flat as higher costs offset better revenue.
Venn said its pretax loss for the year was EUR1.8 million, flat year-on-year, as a rise in revenue to EUR4.9 million from EUR2 million was offset by increased project and administrative costs, which increased to EUR6.8 million from EUR3.8 million.
The company attributed the higher costs to the lag between it building up sufficient personnel to win larger contracts and actually securing those deals. The group intends to focus on increasing its billable headcount in 2015 and expects this to result in improved profitability.
Venn said it has traded well since the turn of the year, securing a EUR4.1 million contract with an unnamed US biotechnology firm in March and booking EUR2 million in revenue in the first quarter of 2015.
"In 2014 we have seen key financial indicators moving in the right direction. A significant increase in revenues, reduced losses on the core business and a stronger balance sheet all point to real progress and sustainable business growth," said David Evans, Venn's chairman.
Venn's shares were up 2.5% to 21.136 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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