Venn Life Sciences Holdings PLC AGM Statement (7200C)
June 30 2016 - 1:00AM
UK Regulatory
TIDMVENN
RNS Number : 7200C
Venn Life Sciences Holdings PLC
30 June 2016
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
AGM Statement
Venn Life Sciences (AIM: VENN), a growing Contract Research
Organisation (CRO) providing drug development, clinical trial
management and resourcing solutions to pharmaceutical,
biotechnology and medical device clients, will hold its Annual
General Meeting today at Finsgate, 5-7 Cranwood Street, London EC1
V9EE at 11am.
After the formal proceedings of the meeting the Chief Executive
Officer, Tony Richardson, will provide the following statement:
I am delighted to report that the business continues to deliver
to our expectations as we continue to improve our knowledge base,
expand our geographical coverage and further develop emerging areas
of specialism. This strategy underpins our performance to date and
continues to drive growth.
Revenues for the 6 months ended 30 June 2016 will exceed
EUR8.0m, a considerable increase on the comparative period last
year (H1 2015: EUR4.26m). With a strong first half and good
visibility on second half revenues, the Board is confident that the
Company is on track to deliver full year revenues in excess of
EUR16m and to record the Company's first profits at the PBT level,
in-line with market expectations, as well as continue to generate
free cashflows.
As we mentioned in our Final Results announcement Innovenn made
significant progress in 2015 moving from its development phase into
commercialisation. We have stated our intention to reposition this
business such that it has an independent footing, its own source of
funding and a value that can be clearly established. I am please to
say that we have made excellent progress in this undertaking and we
are confident that the forthcoming proposals will provide a clear
quantifiable benefit for Venn shareholders as well as provide a
means to more clearly demonstrate the strong performance of Venn's
core CRO business. It is our hope to be able to provide more
details to shareholders on this repositioning during the following
month.
We continue to seek a new Chair for the Company and we are in
advanced discussions with suitable candidates. We hope to be in a
position to make an announcement on a new appointment by the end of
next month.
Finally, I would like to thank shareholders for their continued
support and we look forward to a successful 2016, and beyond.
Enquiries:
Venn Life Sciences Holdings Plc www.vennlifesciences.com
Tony Richardson, Chief Executive Officer Tel: +353 153 73 269
Jonathan Hartshorn, Chief Financial Officer
Aoife O Farrell, Marketing Manager
Davy (Nominated Adviser, ESM Adviser Tel: +353 1 679 6363
and Joint Broker)
Fergal Meegan / Matthew DeVere White
(Corporate Finance)
Paul Burke (Corporate Broking)
Hybridan LLP (Joint-Broker) Tel: 020 3764 2341
Claire Louise Noyce
Walbrook PR Ltd Tel: 020 7933 8787 or venn@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
About Venn Life Sciences Limited: Venn Life Sciences is a
Contract Research Organisation providing drug development, clinical
trial management and resourcing solutions to pharmaceutical,
biotechnology and medical device organisations. With dedicated
operations in France, Germany, the Netherlands, the UK, Ireland and
Europe wide representation - Venn Life Sciences specialises in
rapid deployment and management of multisite projects, across all
phases. Venn Life Sciences also has an innovation division -
Innovenn - focused primarily on breakthrough development
opportunities in Skin Science.
For more information about the Company, please visit:
www.vennlifesciences.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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