18th Apr 2019 09:38
LONDON (Alliance News) - Venture Life Group PLC on Thursday said it registered double-digit revenue growth in 2018 following the acquisition of Dentyl last August.
Venture Life shares were up 13% in the morning trade at 43.96 pence in London.
The consumer self-care company reported a pretax profit of GBP710,000 for 2018 compared to just GBP63,000 a year prior, as revenue rose 17% to GBP18.8 million from GBP16.1 million.
The Brands segment, which includes the Dentyl mouthwash brand, increased revenue by 50% to GBP6.6 million from GBP4.5 million in 2017.
The Development & Manufacturing business, where the company manufactures products on behalf of third parties to be sold under their brands, reported revenue of GBP12.1 million, an increase of 5% over the prior year.
Venture Life explained underlying organic growth was driven by new product launches and partnership agreements. During the year, it signed 16 international agreements with the addition of 11 new partners, while also launching five new products.
"I am delighted to report on a transformational year for Venture Life, in which we achieved double digit growth in both revenue and profit," said Chief Executive Jerry Randall.
"Despite the challenging general market conditions, the board is confident of achieving another year of substantial growth in 2019 and looks forward to updating the market in due course," added Randall.
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