Business
Final Results for year ended 31 December 2022
Final Results for year ended 31 December 2022.
About this update from Venture Life Group Plc
[{"type":"text","content":"\n \n \n 4 April 2023\n \n \n \n \n \n \n \n \n VENTURE LIFE GROUP PLC\n \n \n \n \n \n \n \n \n (\"Venture Life\", \"VLG\" or the \"Group\")\n \n \n \n \n \n \n \n \n Final Results for year ended 31 December 2022\n \n \n \n \n \n \n \n \n Venture Life (AIM: VLG), a leader in developing, manufacturing and commercialising products for the international self-care market, announces its audited results for the year ended 31 December 2022.\n \n \n \n \n \n \n Financial Headlines\n \n \n \n \n \n \n \n \n ·\n Revenues increased 34.2% to £44.0m (2021: £32.8m), +17.1% on a proforma1 basis (2021 proforma £37.6m).\n \n \n ·\n Gross profit increased 36.3% to £17.7m (2021: £13.0m).\n \n \n ·\n Adjusted EBITDA2 increased 35.8% to £9.0m (2021: £6.6m).\n \n \n ·\n Operating profit before exceptional items increased 29.7% to £3.5m (2021: £2.7m).\n \n \n ·\n Adjusted profit before tax6 increased to £5.5m (2021: £4.6m) and Profit before tax decreased to £0.7m (2021: £0.9m)\n \n \n ·\n Cash generated from operations increased to £6.2m (2021: £2.0m).\n \n \n ·\n Group net leverage3 at period end was 1.4x net debt5 to Adjusted EBITDA2 (2021: 0.4x).\n \n \n \n \n \n \n \n \n Commercial Headlines\n \n \n \n \n \n \n \n \n Group:\n \n \n ·\n 12 new long-term international distribution agreements signed.\n \n \n ·\n 16 new in-market product launches through our international partners.\n \n \n ·\n 3 new approved product registrations.\n \n \n ·\n Order book at period end was +114% ahead of the same point in previous year.\n \n \n ·\n VLG Brands accounted for 57.4% of overall Group revenue on a proforma basis, including the new HL Healthcare Limited acquisition (2021: 54.8%).\n \n \n \n \n \n Acquisition of HL Healthcare Limited on 30 November 2022:\n \n \n ·\n Three new products in a new therapy area for VLG: Ear, Nose and Throat management.\n \n \n ·\n Acquisition of the highly cash generative Earol brand.\n \n \n \n \n \n Post period end:\n \n \n ·\n 15 partner product launches across seven countries.\n \n \n ·\n Registration for Gelclair obtained in Brazil.\n \n \n ·\n Current trading tracking ahead of previous year and in line with management's expectation.\n \n \n ·\n Group net leverage reduction to 1.3x as at 28 February (31 Dec 2022: 1.4x).\n \n \n ·\n Strong order book providing good vis...