Venn Life Sciences Holdings PLC (AIM: VENN) forecast better-than-expected annual results after winning bigger contracts.
Venn, which provides drug development, clinical trial management and resourcing services to drug, biotech and medical device clients, now expects revenues for the year to the end of December to be significantly more than double the previous year's €4.9mln and to top market expectations by at least 15%.
The business is generating free cashflows and ended the financial year with a cash position of €3.4mln.
It expects to report positive pre-tax earnings before interest, depreciation and amortisation (EBITDA), having made a group EBITDA loss before exceptionals of €1.53mln a year earlier.
Chief executive Tony Richardson said: "I am delighted the business has shown such a strong performance in 2015 and we have done this by building upon our reputation for delivering excellence to our clients and the expansion of our geographical reach and service capabilities, which have enabled Venn to secure larger enterprise-level contracts.
"This trading performance has continued into 2016 as demonstrated by the recently announced contracts worth €3.4mln with a leading US biotech client."
Venn expects to announce 2015 annual results on May 10.