25th Mar 2020 14:31
(Alliance News) - Venture Life Group PLC on Wednesday said its business units in the UK, Italy, and the Netherlands are all still in operation despite the Covid-19 pandemic.
Shares in Venture Life were up 35% at 35.00 pence in London in afternoon trading.
The company, which develops, manufactures, and commercialises self-care products, said its Italian business is still permitted to operate despite the country's strict lockdown as it is considered essential.
Orders for its Dentyl mouthwash product from its Chinese partner have resumed with marketing having "reinvigorated demand for the product". Venture Life has received more than EUR7 million of orders from this Chinese partner in 2020 so far versus just EUR500,000 of total sales in 2019.
"Whilst the Covid-19 outbreak has brought uncertainty at this time, the board is very pleased with the strong resumption of its business into China, and the resilience and strength of its business and employees that continue to operate in these difficult circumstances," said Venture Life.
Venture Life said it is also manufacturing hand sanitiser gel at its North Lombardy facility in Italy, supplying it "free of charge on a compassionate basis to local hospitals and pharmacies to help in the fight against Covid-19".
"Whilst before the outbreak this was not a significant product for the group, there are now very high levels of demand for this product from retail customers, which the group is endeavouring to satisfy," Venture Life said.
The company said it has run tests on possible trading scenarios for 2020 and is confident in its "financial strength and resilience" going forward.
By Anna Farley; [email protected]
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