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Venn Life Sciences on track to record first profits

Ahead of the AGM Thursday, chief executive Tony Richardson said he was confident the group was on track to meet market expectations.

Scientists in lab coats looking at a screen
Revenues for the period are expected to exceed €8mln

Venn Life Sciences Holdings plc (LON:VENN) said it was on track to record its first pre-tax profits and would hit market expectations for the 6 months ended June 2016.

Ahead of the AGM Thursday, chief executive Tony Richardson said he was confident the group was on track to deliver full year revenues of €16mln (£13.2mln) and continue to generate free cash flows, in-line with market expectations.

Revenues for the period are expected to exceed €8mln (£6.6mln), almost double the €4.26mln (£3.5mln) reported last year.

In its final results, the group announced that its skin sciences arm, Innovenn, had made significant progress moving from its development phase into commercialisation.

Richardson said the group will provide an update on the repositioning of the Innovenn arm by July, but it had made excellent progress.

 The group hopes to announce a new chair by the end of next month and is still in advanced discussions with suitable candidates.

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