Venn Life Sciences revenues edge higher

Contract research organisation Venn Life Sciences said its new financial year “started well” in a trading update on Thursday, with contract wins of €5.7m secured in January and February.

The AIM-traded firm said that overall, it achieved total revenues of €9.1m for the six months to 30 June, up from €8.84m in the first half of last year.

“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,” Venn’s board said in its statement.

“We have a strong proposals book which coupled with this solid first half performance provides confidence around full year revenue expectations.”

Venn Life Sciences finished the first half year with a cash position of €2.9m - up from €1.75m on 30 June 2016.