29th Sep 2015 10:09
LONDON (Alliance News) - Venture Life Group PLC on Tuesday said it remains optimistic about its prospects as it works to achieve near-term profitability, and posted a narrowed pretax loss for the first half of 2015.
For the half year to end-June the healthcare products company reported a pretax loss of GBP755,000, narrowed from a pretax loss of GBP886,000 a year before, as revenue rose 39% to GBP4.4 million from GBP3.1 million, although this was partly offset by a rise in administrative costs.
At constant currencies revenue growth would have been 55%. The company attributed its revenue growth to the consolidation of its acquisition Biokosmes for a full six-month period, as opposed to three months in 2014.
During the period the company signed several contracts, including a 30-year distribution deal with Gialen Group Co Ltd to sell a range of skin-care products in China under Venture Life's Lubatti brand, amongst others. Following the half-year end it signed four long term distribution deals across four brands, it said.
"We remain optimistic about the group's prospects as we work towards utilising the capacity at our Italian facility, growing revenues and gross margins, and achieving near-term profitability," the company said in a statement.
Shares in Venture Life were down 1.3% at 78.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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