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Venn Life Sciences posts full year revenue growth after integrating Kinesis Pharma

Venn Life Sciences is confident on its outlook, saying the strong momentum in 2016 has continued into this year

drugs
Venn Life Sciences says the integration of Kinesis has been well received by clients

Venn Life Sciences Holdings plc (LON:VENN) delivered strong revenue and order book growth in 2016 as it integrated Dutch drug consultancy Kinesis Pharma BV into the business.

Revenue rose to €17.9mln in the year to 31 December 2016, from €11.5mln the previous year. Total income edged up to €18.2mln from €11.6mln.

Results included a contribution from Kinesis in its first full year as part of the group since completing the acquisition in October 2015.

“The Venn Kinesis combination has been well received by clients and significantly differentiates us in our market place,” said chief executive Tony Richardson.

“With initial integration objectives achieved we now look forward to capitalising on our clear positioning.”

The company - which provides drug development, clinical trial management and resourcing solutions to pharma organisations - reported profit after tax of €0.55mln, compared to a loss of €0.20mln the previous year, including a €1.29mln profit on the disposal of skin science company Innovenn.

Reported underlying earnings (EBITDA) fell to €0.39mln from €0.83mln, reflecting a €236,00 write-off of bad debts.

During the period, the company said it achieved project milestones, which led to client endorsements and increased repeat business.

The strong momentum in 2016 has continued into this year to date with €5.7mln in contract wins in January and February.

“We will continue to expand our geographical coverage and further develop emerging areas of specialism during 2017,” Richardson said.

“Our industry sector continues to deliver good growth and clear opportunities exist for Venn to grow both organically and through acquisition."

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