Venn Life Sciences expects full-year revenue to increase 100% on 2013

Clinical research group Venn Life Sciences expects full-year revenue to be double the 2013 figure, it said in a statement.

The AIM-listed Irish company provides clinical trial management to pharmaceutical, biotech and medical device companies.

It said billings in November had hit a record high of more than €900,000 and it expected the full-year figure to be at least double the 2013 figure of €2.04 million. The company will publish detailed figures next month.

Venn has won contracts with a value of more than €8 million since May and has already got work in place for 2015 worth more than €6 million. It said it also had “outstanding proposals for new contracts worth a total of €18 million”.

Chief executive Tony Richardson welcomed "the strong close to the year, driven by a number of new significant contracts" which he described as a "a major step change for Venn".

He expressed confidence that the business would deliver its first profit next year.