Venture Life Group PLC Notice of Results Update and Trading Update (4536H)
25 Marzo 2020 - 08:00AM
UK Regulatory
TIDMVLG
RNS Number : 4536H
Venture Life Group PLC
25 March 2020
25 March 2020
Venture Life Group plc
("Venture Life" or the "Company")
Notice of Results Update and Trading Update
As previously announced, Venture Life Group plc (AIM: VLG), the
international consumer self-care group focused on developing,
manufacturing and commercialising products for the self-care
market, intended to announce its preliminary results for the year
ended 31 December 2019 on Thursday 26 March 2020.
Whilst the Company is in a position to announce the preliminary
results, the Company has agreed with its auditor, Grant Thornton
LLP, to abide by the announcement from the UK Financial Conduct
Authority on 22 March 2020, and subsequent statement by the
Financial Reporting Council, that all listed companies that were
preparing to announce should delay releasing their preliminary
financial statements, in order to ease the practical challenges
faced by the audit profession during the Coronavirus crisis.
The Board will update the market with a new date for the release
of its audited preliminary results as soon as practicable.
Trading update
2020 has started well for the Group, despite the issues
surrounding the COVID-19 outbreak. The Group's business units in
the UK, Italy and the Netherlands are still operational at this
time. The Italian Government has closed all but essential
businesses in Italy from the start of this week, but our Italian
business is still allowed to operate as it is considered an
essential business. The Group has put in place stringent
precautions in all its business units both to protect its employees
and to comply with Government rulings, and also to ensure continued
supply to our customers. The Board extends its thanks to all
employees who have continued to work tirelessly under these
difficult circumstances, in particular in Italy, one of the hardest
affected regions.
Since the start of the year, orders of Dentyl (received both
before and after the COVID-19 outbreak in China and the rest of the
world) have resumed from our Chinese partner, as their marketing
efforts have reinvigorated demand for the product. So far this
year, the Group has received orders of over EUR7 million from this
particular partner (compared to only EUR0.5 million total sales in
2019) for Dentyl and other products, for delivery in 2020; at least
EUR2 million of which is scheduled for delivery in H1 2020. Some
orders have already been shipped. Along with the rest of the
business starting well in 2020, these orders have contributed to an
order book which currently stands at more than double the size of
the order book at the same time last year, even excluding the newly
acquired business PharmaSource.
Whilst the COVID-19 outbreak has brought uncertainty at this
time, the Board is very pleased with the strong resumption of its
business into China, and the resilience and strength of its
business and employees that continue to operate in these difficult
circumstances.
Finally, as part of the effort to combat COVID-19, the Group is
manufacturing hand sanitiser gel at its facility in North Lombardy,
which it is supplying free of charge on a compassionate basis to
local hospitals and pharmacies to help in the fight against
COVID-19. Whilst before the outbreak this was not a significant
product for the Group, there are now very high levels of demand for
this product from retail customers, which the Group is endeavouring
to satisfy.
We have conducted a number of stress tests on potential trading
scenarios in the year ahead and remain confident in the financial
strength and resilience of the Group.
For further information please contact:
+44 (0) 1344 578
Venture Life Group PLC 004
Jerry Randall, Chief Executive Officer
Andrew Waters, Chief Financial Officer
Cenkos (Nominated Adviser and Joint Broker) +44 (0) 207 397 8900
Stephen Keys / Cameron MacRitchie (Corporate Finance)
Russell Kerr / Michael Johnson (Sales)
Alma PR venturelife@almapr.com or +44 (0)
203 405 0208
Helena Bogle/Hilary Buchanan/Kieran
Breheny
About Venture Life ( www.venture-life.com )
Venture Life is an international consumer self-care company
focused on acquiring, developing, manufacturing and commercialising
products for the global self-care market. With operations in the
UK, Italy and the Netherlands, the Group's product portfolio
includes some key products such as the UltraDEX and Dentyl oral
care product ranges, , medical devices for dermatology, oral care,
women's intimate healthcare and proctology, and dermo-cosmetics for
addressing the signs of ageing.
The products, which are typically recommended by pharmacists or
healthcare practitioners, are available primarily through
pharmacies and grocery multiples. In the UK and the Netherlands
these are supplied direct by the company, elsewhere they are
supplied by the Group's international distribution partners.
Through its Development & Manufacturing business in Italy,
Biokosmes, the Group also provides development and manufacturing
services to companies in the OTC consumer products sector,
primarily in respect of medical devices.
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END
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