Revenue continues to rise at Venn Life Sciences

Revenue has continued to rise at Dublin-headquartered clinical trials group Venn Life Sciences with total income for the six months of the year up to €9.1 million.

The company, which provides drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, provided an update on Thursday for the six months ended June 30th, 2017.

The new financial year “started well” with contract wins of €5.7 million secured in January and February, as previously announced.

Overall, the company achieved total revenues of €9.1 million for the first six months of the year, which was up slightly on the €8.84 million achieved in the previous six months.

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“Our client and revenue mix remains well balanced with strong rates of repeat business and we have successfully delivered initial cross sales between the early and late phase client bases,” it said.

“We have a strong proposals book which, coupled with this solid first half performance, provides confidence around full-year revenue expectations. We finished the first half year with a cash position of €2.9 million.”

Last year, total income jumped 57 per cent to €18.2 million. The surge in sales came after the Dublin and London-listed firm reported a 135 per cent rise in income a year earlier, from just under €4.9 million in 2014 to €11.6 million in 2015.

However, the company, which saw revenue climb to €17.9 million from €11.5 million last year, reported a pretax loss of €913,000 for 2016, having declared a pretax profit of €200,000 in 2015.

Revenue was boosted by the contribution of Kinesis, which the group acquired in a €6.5 million deal in October 2015.