Business
Half-year Report
Half-year Report.
About this update from Venture Life Group Plc
[{"type":"text","content":"\n\n25 September 2023\n \n\n \nVENTURE LIFE GROUP PLC\n(\"Venture Life\", \"VLG\" or the \"Group\")\n \nUnaudited interim results for the six months ended 30 June 2023\n \nVenture Life (AIM: VLG), a leader in developing, manufacturing and commercialising products for the international self-care market, is pleased to announce its interim results for the six months ended 30 June 2023 (the \"Period\"). The Group has delivered another half year of growth and development across the whole business, along with the integration of the HL Healthcare business acquired in late 2022. Strong cash generation has been a theme of the first half, reducing Group net leverage1 to 1.47x, from 1.65x at 31 December 2022, with the contingent consideration of £3.0m for the acquisition of HL Healthcare (\"HLH\") paid in full during the period.\n \n \nFinancial Highlights\n \n· Group revenue increased 24.5% to £23.5m (H1 22: £18.9m)\n· Adjusted EBITDA3* up 33.4% to £4.4m (H1 22: £3.3m) and adjusted EBITDA3* margin up 1.3% to 18.9% (H1 22: 17.6%)\n· Operating profit before amortisation and exceptional items* up 40.9% to £3.3m (H1 22: 2.4m)\n· Loss before tax increased to £1.3m (H1 22: £0.2m) as anticipated, reflecting higher amortisation and finance costs versus the comparative period\n· Cash from operations up 131% to £4.1m (H1 22: £1.8m) and free cashflow of £2.6m (H1 22: £0.5m)\n· Underlying cash from operations* up 159% to £4.8m (H1 22: £1.8m) and improved cash conversion* of 108% (H1 22: 56%)\n· Net debt reduced to £15.3m with Group net leverage1 commensurately reduced to 1.47x (31 Dec 2022: 1.65x)\n \n \nOperating Highlights\n· H1 revenues comprised growth from both the VLG Brands and Customer Brands with revenue growth in customer brands being particularly strong. On a proforma2 basis revenue was 10.4% ahead of the previous year\n· Continued strong performance of Balance Activ and Lift Brands, achieving revenue growth of 24% and 16% respectively\n· 17 new listings secured with major retailers for Ba...