Venture Life (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising self-care products, provides the following trading update for the year ended 31 December 2017.
Venture Life has delivered another year of double digit revenue growth, resulting in accelerating profitability by virtue of the Group’s operating leverage. The Group expects to achieve revenue for the year ended 31 December 2017 of over £16 million, a 12% increase over the reported Group revenue of £14.3 million for the prior year. As a result, the Group expects to report an EBITDA of more than £1.7 million.
The reported EBITDA reflects IFRS 16, a new accounting standard related to long term rental agreements, which the Group adopted in 2017. This has had the effect of increasing EBITDA by approximately £0.4 million, however, due to a related amortisation charge, it will have minimal effect on the reported profit before tax.
Cash at 31 December 2017 was £1.3 million.
Venture Life will announce its preliminary results for the year ended 31 December 2017 on Thursday 22 March 2018.
Jerry Randall commented:
“2017 was another year of good growth for Venture Life, with the Group increasing both revenues and EBITDA profit. Further, the commercial activities during the year have built on the consolidated business we have, and will yield more growth with new product launches in 2018. I am delighted with these 2017 results, which demonstrate not only the scalability of the business, but that we are on track to become sustainably profitable.”