Loss recorded but earnings grow at Venn Life Sciences
AIM-listed contract research firm Venn Life Sciences has reported a loss of €1.5m in respect of 2017.
The loss includes a charge of €1.7m, part of which relates to an investment write-down on personal health company Integumen last year, according to the company’s preliminary final results for 2017.
Total income for the period was €17.8m, down from €18.2m in 2016, while the group recorded earnings before interest, taxation, depreciation and amortisation of €1m (EBITDA).
"During 2017 our focus has been on the delivered improved underlying EBITDA in the business through improved operational efficiencies," Tony Richardson, CEO of Venn, said.
"Additional investment in systems means that we now have both the expertise and infrastructure to profitably execute new business in scale and our focus is now on the generation of new business opportunities."
The company said that it had invested significantly in business development and engaged creatively with clients to develop deeper, longer lasting partnerships.
"Continued strong investment in the biotech sector and the clear emergence of virtual drug companies both represent a significant opportunity for Venn. Our size, flexibility, deep expertise and breadth of service capability leaves us well positioned to benefit from this shift in the drug development landscape."
Venn had cash and cash equivalents of €1.2m as at 31 December 2017, down from €3.5m at 31 December 2016.