29th Sep 2014 11:53
LONDON (Alliance News) - Venture Life Group PLC said Monday it expects to see significantly stronger underlying revenue in its second half as it has signed new distribution agreements and has a strong order book.
In the half year to end-June, the company posted a pretax loss of GBP482,000, slightly widened from GBP417,000 a year before, despite revenue rising to GBP3.1 million from GBP274,000, as this was offset by higher cost of sales and administrative expenses.
Venture said it signed 15 new distribution agreements during the period, and added five new medical devices and two new food supplements to its brands portfolio.
Revenue growth was bolstered by the company's acquisition of Biokosmes Srl for GBP12.8 million in cash, shares and loan notes in March as part of its initial public offering on AIM. The company said that revenue at Biokosmes was slower than expected in the first quarter, although it picked up in the second quarter.
Venture expects results at Biokosmes to be a little less weighted towards the first half this year, compared to the 60/40 split in 2013.
"We are building momentum in each part of the business and are seeing encouraging evidence of growth for 2015 and beyond," said Chief Executive Jerry Randall in a statement.
Shares in Venture Life are untraded Monday at 87.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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