20th Sep 2018 12:22
LONDON (Alliance News) - Venture Life Group PLC on Thursday said that first half loss narrowed due to higher product sales in China.
The healthcare company's pretax loss narrowed in the six months ended June 30 to GBP277,000 from GBP385,000 loss reported for the same period in 2017, as revenue rose 6% to GBP8.3 million from GBP7.8 million.
The growth was led by higher sales in the brands business, Venture Life said. On a like-for-like basis, revenue increased by 3% in the period.
Higher orders in China for the international brands business led to the improved sales in Brands segment in the first half of 2018, which totalled GBP2.3 million versus GBP1.8 million a year ago.
Meanwhile, the Development & Manufacturing unit generated a revenue of GBP6.1 million, marginally lower compared to GBP6.1 million delivered a year earlier, reflecting a different revenue phasing.
"I believe the second half of 2018 will evidence the continued development of the group and the board looks forward to the rest of 2018 and beyond with confidence," said Chief Executive Jerry Randall.
In a separate statement, Venture Life said Carl Dempsey will replace John Sylvester as non-executive director. Sylvester has stepped down to focus on his other executive commitments.
Dempsey has previously served as worldwide vice president global customer management at Johnson & Johnson, which he joined 29 years ago.
"We are delighted to welcome Carl to the board," said Non-Executive Chairman Lynn Drummond. "On behalf of the board, I would like to thank John for his contribution to the company."
Shares in Venture Life were down 5.3% on Thursday at 45.00 pence each.
Related Shares:
Venture Life