23rd Dec 2015 09:03
LONDON (Alliance News) - Venture Life Group PLC said Wednesday said it expects to report 2015 revenue over 10% ahead of its previous year on a like-for-like constant currency basis, although some revenue it had budgeted for 2015 has now been delayed into the following year.
Due to lower than expected costs, Venture expects its post-tax earnings to remain in line with market expectations.
The company makes products related to health-concerns for ageing individuals in China, including food supplements, skin care and medical devices.
At the beginning of this year the company inked a deal with Gialen Group Co Ltd to launch a range of 15 skincare products across its stores in China; Wednesday it signed an addendum extending this agreement for a range of five new skincare products. These new products are ready to enter phase I registration with the China Food and Drug Administration, with a subsequent launch in China expected in late 2016.
Six products recently completed registration, and are now in production, ready to be shipped to China in the first quarter of 2016. Two products remain in the registration process, with approval expected shortly, which means that some revenue that was budgeted for 2015 will now be recognised in 2016.
Venture Life said its prospects in 2016 and beyond "remain good", with its first quarter 2016 order book already ahead of revenues for the same period in 2015.
Shares in Venture Life were untraded Wednesday morning. It last closed at 75.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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