Business
Interim Results
Interim Results.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 0605P Venn Life Sciences Holdings PLC 27 September 2013 \n \n\nVenn Life Sciences Holdings Plc\n(\"Venn\" or the \"Company\")\n \nInterim Results for 6 months ended 30 June 2013\n \nVenn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces its unaudited interim results for the six months ended 30 June 2013.\n \nFinancial Highlights\n· Revenue of €1.142m (H1 2012: €1.140m)\n· EBITDA of €0.691m loss (H1 2012: €0.360m loss)\n- investment in business development, acquisition screening and co-development opportunities\n- costs of €457,000 expensed to the Income Statement\n· Loss before tax of €0.716m (H1 2012: €0.390m)\n· Cash and cash equivalents of €1.307m (as at 30 June 2012: €0.068m)\n \nOperational Highlights\n· Step change in number of acquisitions identified and evaluated\n· Investment in operations in Russia, UK and Europe, in preparation for growth\n· In-licensing of new technologies through innovative division InnoVenn\n· Key appointments in the areas of business development and clinical operations\n \nPost period end\n· Advanced negotiations with German based CRO underpinning growth in key European markets\n· Significant increase in proposals pipeline to €9.3m - with focus on converting proposals to wins\n· Master service agreement signed with a leading global biopharmaceutical company\n \nCommenting on the Group's outlook, David Evans, Non-Executive Chairman of Venn, said: \n\"Venn is on course to deliver on its strategy of becoming a leading mid-sized European CRO. Recognising the need to invest in business development, acquisitions and innovation, Venn has focused in the first six months of 2013 on nurturing a formula that has shown a significant increase in their pipeline across all their offices. The results of this will be reflected over the latter half of 2013, as the pace of business incr...