Venn shares hit new low as sales slide 15%
Clinical trials group falls to a loss but is optimistic for the future
Venn Life Sciences chairman Allan Wood says that investment in business development should deliver an improved order book in future.
Shares in clinical trials group Venn Life Sciences fell to a new low after it reported a fall in sales and wider losses for the first six months of the year.
Revenue fell 15 per cent to €7.78 million as the group fell from a €10,000 profit at the same point last year to an operating loss of €265,000.
Pretax losses widened to €625,000 from €533,000.
Chairman Allan Wood said investment in business development should deliver an improved order book in the future.
“Unfortunately, delayed conversion of certain client contracts coupled with increased investment in sales, has impacted our profitability this period,” he said.
He added that the company was now less reliant on its largest customer and had a “better balanced book of business going forward”. Mr Wood was particularly optimistic about the prospects for the group’s biometry business following its acquisition of German group CRM Biometrics earlier this year.
Venn’s shares hit a low of 493 pence before rallying somewhat to close down 9.2 per cent at 513 pence.