Business
AGM Statement
AGM Statement.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 7200C Venn Life Sciences Holdings PLC 30 June 2016 \n\n \nVenn Life Sciences Holdings Plc\n(\"Venn\" or the \"Company\")\n \nAGM Statement\n \nVenn Life Sciences (AIM: VENN), a growing Contract Research Organisation (CRO) providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, will hold its Annual General Meeting today at Finsgate, 5-7 Cranwood Street, London EC1 V9EE at 11am.\n \nAfter the formal proceedings of the meeting the Chief Executive Officer, Tony Richardson, will provide the following statement:\n \nI am delighted to report that the business continues to deliver to our expectations as we continue to improve our knowledge base, expand our geographical coverage and further develop emerging areas of specialism. This strategy underpins our performance to date and continues to drive growth. \n \nRevenues for the 6 months ended 30 June 2016 will exceed €8.0m, a considerable increase on the comparative period last year (H1 2015: €4.26m). With a strong first half and good visibility on second half revenues, the Board is confident that the Company is on track to deliver full year revenues in excess of €16m and to record the Company's first profits at the PBT level, in-line with market expectations, as well as continue to generate free cashflows.\n \nAs we mentioned in our Final Results announcement Innovenn made significant progress in 2015 moving from its development phase into commercialisation. We have stated our intention to reposition this business such that it has an independent footing, its own source of funding and a value that can be clearly established. I am please to say that we have made excellent progress in this undertaking and we are confident that the forthcoming proposals will provide a clear quantifiable benefit for Venn shareholders as well as provide a means to more clearly demonstrate the strong performance of Venn's core CRO business. It is our hope to be able to provide more details to shareholders on this repositioning during the following month.\n \nWe continue to seek a new Chair for the Company and we are in advanced discussions with suitable candidates. We hope to be in a position to make an announcement on a new appointment by the end of next month...