31st Jan 2022 11:40
(Alliance News) - Venture Life Group PLC on Monday said it expects annual earnings to hit the target as revenue growth gains momentum into 2022.
Venture Life shares shot up 29% to 48.51 pence each in London on Monday morning.
Venture Life is a Berkshire-based developer, manufacturer and distributor of self-care products such as Dentyl mouthwash and Rosa Calma rosacea products.
Venture Life's revenue in 2021 increased 8.3% to GBP32.6 million from GBP30.1 million a year before, driven by a stellar second half which saw revenue surge 35% year-on-year.
Zooming in further, revenue in the fourth quarter of the year ballooned 59% compared to the third quarter.
This comes after the firm saw revenue fall 18% to GBP13.9 million in the first half of 2021 from GBP16.9 in the prior year, while pretax profit halved to GBP1.3 million, driven by rising input prices along with supply shortages.
"The acquisitions we made in 2021 are now fully integrated and have performed extremely well, contributing significantly to our strong growth in revenue and profitability in the second half," Chief Executive Jerry Randall said.
Venture Life acquired women's health and diabetes management company BBI Healthcare Ltd for GBP36 million in June last year.
Adjusted earnings before interest, tax, depreciation and amortisation for 2021 are expected to be in line with market expectations.
"The board is pleased to report that the momentum seen in the second half of the 2021 has continued into 2022 and that the order book for the group is significantly ahead of the same time last year, underpinning our confidence in the year ahead," the company said.
Turning to product news, Venture Life said that an unnamed but "leading" UK health and beauty retailer has confirmed they will launch the company's in-house developed product for rosacea in the UK and Ireland later in the first half of 2022 with the product being marketed under their own brand.
Chief Executive Jerry Randall said: "2021 was a difficult year for the group given the significant headwinds experienced, and I am pleased with the revenues delivered. As with many businesses supply chain and logistics continue to be an issue but we are managing these challenges to meet the needs of our suppliers, our customers and ourselves."
Results for 2021 are expected on March 24.
By Greg Roxburgh; [email protected]
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