Notice of Results Update and Trading Update

RNS Number : 4536H

Venture Life Group PLC

25 March 2020

 

25 March 2020

Venture Life Group plc

("Venture Life" or the "Company")

Notice of Results Update and Trading Update

As previously announced, Venture Life Group plc (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising products for the self-care market, intended to announce its preliminary results for the year ended 31 December 2019 on Thursday 26 March 2020.

Whilst the Company is in a position to announce the preliminary results, the Company has agreed with its auditor, Grant Thornton LLP, to abide by the announcement from the UK Financial Conduct Authority on 22 March 2020, and subsequent statement by the Financial Reporting Council, that all listed companies that were preparing to announce should delay releasing their preliminary financial statements, in order to ease the practical challenges faced by the audit profession during the Coronavirus crisis.

The Board will update the market with a new date for the release of its audited preliminary results as soon as practicable.

Trading update

2020 has started well for the Group, despite the issues surrounding the COVID-19 outbreak. The Group's business units in the UK, Italy and the Netherlands are still operational at this time.  The Italian Government has closed all but essential businesses in Italy from the start of this week, but our Italian business is still allowed to operate as it is considered an essential business. The Group has put in place stringent precautions in all its business units both to protect its employees and to comply with Government rulings, and also to ensure continued supply to our customers. The Board extends its thanks to all employees who have continued to work tirelessly under these difficult circumstances, in particular in Italy, one of the hardest affected regions.

Since the start of the year, orders of Dentyl (received both before and after the COVID-19 outbreak in China and the rest of the world) have resumed from our Chinese partner, as their marketing efforts have reinvigorated demand for the product. So far this year, the Group has received orders of over €7 million from this particular partner (compared to only €0.5 million total sales in 2019) for Dentyl and other products, for delivery in 2020; at least €2 million of which is scheduled for delivery in H1 2020. Some orders have already been shipped. Along with the rest of the business starting well in 2020, these orders have contributed to an order book which currently stands at more than double the size of the order book at the same time last year, even excluding the newly acquired business PharmaSource.

Whilst the COVID-19 outbreak has brought uncertainty at this time, the Board is very pleased with the strong resumption of its business into China, and the resilience and strength of its business and employees that continue to operate in these difficult circumstances.

Finally, as part of the effort to combat COVID-19, the Group is manufacturing hand sanitiser gel at its facility in North Lombardy, which it is supplying free of charge on a compassionate basis to local hospitals and pharmacies to help in the fight against COVID-19. Whilst before the outbreak this was not a significant product for the Group, there are now very high levels of demand for this product from retail customers, which the Group is endeavouring to satisfy.

We have conducted a number of stress tests on potential trading scenarios in the year ahead and remain confident in the financial strength and resilience of the Group.

For further information please contact: 

Venture Life Group PLC		[phone]
Jerry Randall, Chief Executive Officer
Andrew Waters, Chief Financial Officer
Cenkos (Nominated Adviser and Joint Broker)		[phone]
Stephen Keys / Cameron MacRitchie (Corporate Finance) Russell Kerr / Michael Johnson (Sales)
Alma PR	[e-mail] or [phone]
Helena Bogle/Hilary Buchanan/Kieran Breheny

About Venture Life ( www.venture-life.com )

Venture Life is an international consumer self-care company focused on acquiring, developing, manufacturing and commercialising products for the global self-care market. With operations in the UK, Italy and the Netherlands, the Group's product portfolio includes some key products such as the UltraDEX and Dentyl oral care product ranges, , medical devices for dermatology, oral care, women's intimate healthcare and proctology, and dermo-cosmetics for addressing the signs of ageing.

The products, which are typically recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies and grocery multiples. In the UK and the Netherlands these are supplied direct by the company, elsewhere they are supplied by the Group's international distribution partners. 

Through its Development & Manufacturing business in Italy, Biokosmes, the Group also provides development and manufacturing services to companies in the OTC consumer products sector, primarily in respect of medical devices.

 

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