4th Feb 2025 12:40
(Alliance News) - Venture Life Group PLC on Tuesday said it is "extremely positive" for the outlook for the new year as it said revenue grew in 2024, and announced the departure of its chair.
The Berkshire, England-based developer and manufacturer for the self-care market said 2024 revenue grew 0.8% to GBP51.8 million from GBP51.4 million in the previous year. It said revenue was up 3% at constant exchange rates.
The company said revenue from Customer Brands was down 15% to GBP17.8 million from GBP20.9 million due to orders being re-balanced into the beginning of 2025.
Venture Life said it expects to report adjusted earnings before interest, tax, depreciation and amortisation of GBP11.3 million, down 2.6% from GBP11.6 million in the previous year.
It expects the gross margin to be around 42%, up from 39% in 2023.
The company said its acquisition, Health and Her Ltd, is performing well and "beginning to deliver the identified revenue and operating synergies".
The firm said it expects the acquisition to contribute at least GBP1.0 million to Ebitda in 2025.
Venture Life said it is positive about the year ahead given recent initiatives to bring in revenue from new customers, uplift from the acquisition and continued focus in sales and marketing activities.
Chief Executive Officer Jerry Randall said: "I am pleased to see the group finish 2024 with adjusted Ebitda broadly in line with our expectations, with the increased spending on the marketing of our VLG Brands delivering good growth in challenging market conditions and compensating for weaker Customer Brands.
"The acquisition of Health & Her has been an excellent addition to the VLG Brands portfolio, broadening our ever increasing presence in the fast growing Women's Health space, and also being accretive to gross margin. Despite the current economic environment putting pressure on the consumer space, with the embedding of the recent acquisition and continued investment in our VLG Brands we are extremely positive for the outlook for growth in both our revenues and profitability in 2025."
Venture Life said Chair and Non-Executive Director Paul McGreevy will step down from the board at the time of the announcement of the company's annual results, around late April.
Non-Executive Director Mark Adams will take over as chair of the board. McGreevy is stepping down as Venture Life's growing presence in the vitamins and minerals market presents a potential conflict of interest with his position as chief executive officer of Revive Active Ltd.
Venture Life shares were down 4.6% to 32.92 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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