10th May 2016 07:56
LONDON (Alliance News) - Venn Life Sciences Holdings PLC on Tuesday said its pretax loss narrowed significantly in 2015 as revenue more than doubled.
The clinical research organisation said its pretax loss for the year to the end of December was EUR327,000, compared to EUR1.8 million the year earlier.
The narrowed loss was driven by revenue growing to EUR11.9 million from EUR4.9 million, more than doubling thanks to the business development push by the company, which delivered larger international projects.
Venn said it has continued to grow revenue so far in 2016 and sales for the first quarter to the end of March hit EUR4.4 million, including a EUR3.4 million contract signed with a biotechnology client in January. This compares to EUR2.0 million in revenue booked in the first quarter of 2015.
The group intends to continue expanding this year and is seeking acquisition opportunities in Central and Eastern Europe.
Venn Chief Executive Tony Richardson said it had been a "breakthrough" year for the business and said the strong start to 2016 positions it well for further growth.
Venn shares were down 6.6% to 26.16 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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