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Venn Life Sciences revenues at least doubled in 2015

Venn expects revenues for 2015 to be at least double the prior year, in which it had €4.9mln.
Venn Life Sciences revenues at least doubled in 2015
It ended December with €3.4mln of cash

Venn Life Sciences (LON:VENN), the biotech services company, said it had a strong performance in 2015.

It told investors that it expects revenues for 2015 to be at least double the prior year, in which it had €4.9mln.

Venn highlighted that it has won enterprise level contracts and has grown its reputation for excellence.

"We have now more than doubled our book of business in successive years and built a strong foundation on which we can deliver further growth,” said Tony Richardson, Venn chief executive.

“The addition of drug development and early phase capabilities into our service offering will enable us to capture greater market share in 2016 and truly differentiate our position in the market."

The company said it ended December with €3.4mln of cash. The business was now generating free cashflows, and is well funded for future growth.

In a separate statement, Venn announced non-executive chairman David Evans has resigned his position as he follows his personal commitment to reduce the number of non-executive chairman roles he holds.

Evans said: "I am pleased to have contributed to Venn's growth through its admission to the AIM market in 2012 and successful execution of a pan-European acquisition strategy.

“Shareholders in Venn, and I include myself in this, will be delighted to see a business with a growing client base, a strong forward order book and the opportunity to secure high quality repeat business.

“I believe now is a good time to seek a successor who can take on the chairman's role as Venn enters a new phase of growth."

The company expects to have appointed a new chairman by April, and in the interim period Richardson will be acting chairman as well as chief executive.

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