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Shares in AIM-listed care products firm Venture Life Group (LON:VLG) climbed 1.92% to 38.22p (as of 15:45 BST) after revenues for the six months to 30th June climbed by 14%. Profits before tax for the period tripled but remained at a low level.
CEO Jerry Randall commented: “In the first half of 2019 we saw revenue growth of 14% with strong cash generation from operating activities of £1.3 million. Despite a challenging trading environment, I am pleased with the Group’s continued commercial progress, particularly the seven new international partnering agreements signed, which further expand the Venture Life footprint and reach. These agreements include increased distribution of the Dentyl range in China as well as the launch of UltraDEX in ASDA and Well Pharmacy, and the launch of Dentyl into Lloyds Pharmacy in the UK. Traditionally, we enjoy a stronger second half and, with a very healthy order book, we expect that to be the case this year.
“Meanwhile, our development and manufacturing business has made positive headway in the first half of 2019. Revenues grew 10% to £6.6 million with four long-term agreements completed.
“As the UK moves closer towards a possible Brexit at the end of October, we have undertaken significant mitigation planning against associated risk and remain well-prepared to manage possible disruptions to the business, including ensuring there is adequate UK stock and good short-term supply. Despite the challenges, Venture Life has a strong pipeline ahead and we approach the future with confidence“.
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