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RNS Number : 6906M Venture Life Group PLC 23 September 2021 23 September 2021 VENTURE LIFE GROUP PLC ( " Venture Life " , " VLG " or the " Group " ) Unaudited interim results for the six months ended 30 June 2021 Venture Life Group plc ( AIM : VLG ) , a leader in developing , manufacturing and commercialising products for the self - care market , presents its unaudited interim results for the six months ended 30 June 2021 . Financial Highlights Revenues £ 13.9 million ( 2020 : £ 16.9 million ) Gross margin £ 4.9 million ( 2020 : £ 6.9 million ) , gross margin percentage 35.6 % ( 2020 : 40.9 % ) Adjusted EBITDA [ 1 ] £ 1.9 million ( 2020 : £ 3.5 million ) Profit before tax , amortisation and exceptional items £ 1.3 million ( 2020 : £ 2.7 million ) Adjusted profit per share [ 2 ] 0.83p ( 2020 : 2.85p ) Cash at 30 June 2021 £ 7.9 million ( 31 December 2020 : £ 42.1 million ) Commercial Highlights Group Two immediately earnings enhancing acquisitions ( one post period - end ) , expected to bring significant growth in revenues and profitability and fully deploying funds raised in late 2020 Revolving Credit Facility ( RCF ) in place for up to £ 50 million giving significant firepower for further earnings accretive M & A Core business revenues ( excluding China and Hand Sanitiser Gel ) up 10 % in first half of 2021 Continue to sign new deals and launch products Acquisition of BBI Healthcare Limited , 4 June 2021 : Three new brands and therapy areas : women's health , hypoglycaemia and energy management Two significant acquired partners - Bayer Consumer Care AG , for women's health and Swiss Precision Diagnostics GmbH ( ' SPD ' ) Immediate cost synergies realised Significant free manufacturing capacity in Sweden Profitable with good growth opportunities Acquisition of Helsinn Integrative Care Portfolio - post period end , 6 August 2021 3 new brands and new therapy area of oncology support Profitable portfolio 33 new partners in 56 countries Geographic extension opportunities plus New Product Development opportunities , particularly for Pomi - T Jerry Randall , CEO of Venture Life Group plc commented : " I am very pleased to have completed two fantastic earnings enhancing acquisitions , utilising the money shareholders gave us at the end of 2020 for exactly the reason it was intended . It was particularly satisfying to close the BBI acquisition within 6 months of receiving the cash from shareholders given the challenges presented by the significant cross border aspects during COVID times when we were unable to travel . The fact that we managed to complete such a transaction in the timeframe is testament to the fantastic effort of all our team at Venture Life and their ability to assess and transact this deal in a smooth , effective and quick manner , whilst continuing to manage the existing business . The strategy of raising cash in advance has been vindicated as it enabled us to access this acquisition and I thank each and every one of our shareholders who supported us in that fund raise . Integration is well underway for both acquisitions and we have already achieved a number of immediate cost synergies . The second half of the year will see the benefit of the impact of these two earnings enhancing acquisitions , with 2022 seeing the benefit of the full year effect and more synergies , as both of these exciting acquisitions are expected to add meaningfully to the revenues and profitability of the Group going forward . The addition of the RCF is another excellent result for our team , giving us up to £ 50 million of non - dilutive firepower available to us for more earnings enhancing acquisitions and we continue to assess potential opportunities in this regard . COVID has continued to impact our business , and to impact some customers more than others . We are , however , seeing an improving situation going forward . The disappointing performance by our Chinese partner is a demonstration of how COVID has impacted some of our customers , and this is something every business is affected by in some way at this time . As with all our customers we continue to support them through difficult times , to resolve the situation one way or another . The supply price increases that have impacted our first half gross margin are now beginning to be mitigated as we pass these costs on to customers . However , to still see continued growth in our core business ( excluding China and HSG ) , and our current order book ahead of the same time last year on both an actual and like for like basis , underlines the resilience of our business in difficult times . 2021 has been another transformational year for the Group , operating in a difficult environment but still driving the business Page 1 of 16