4th May 2016 09:35
LONDON (Alliance News) - Venture Life Group PLC Wednesday said it expects to see revenue grow "significantly" in 2016, helped by its recent acquisition of the UltraDex oral care products brand, as it reported a slightly widened loss for 2015.
The company reported a pretax loss of GBP1.6 million for 2015, widened slightly from a pretax loss of GBP1.5 million, as a rise in revenue to GBP9.1 million from GBP7.2 million was offset by higher administrative expenses.
Venture Life said revenue growth was helped by a boost from Biokosmes, which it acquired at the end of March 2014, as well as a jump in revenue from its Brands segment.
It proposed a dividend of 0.04 pence for 2015, maintained from the previous year.
Following the year end Venture Life agreed to buy Periproducts Ltd, including the UltraDex oral care products brand for an estimated GBP5.8 million.
"The recent acquisition of the UltraDEX brand, followed in short order by the signing of two new distribution agreements for UltraDEX, has created a step change in the business in 2016. Progress with our business in China and the signing of our first Benecol sachet distribution agreements in 2016 have given us a very positive start to the new financial year, as we continue to build momentum in the business," said Chief Executive Officer Jerry Randall in a statement.
"As a result, we expect group revenues in 2016 to increase significantly from 2015 levels, and the acquisition of UltraDEX in particular is expected to accelerate our move to profitability. Our key target of becoming sustainably earnings positive is now in sight," Randall added.
Shares in Venture Life were untraded Wednesday morning. They last traded at 59.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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