Venture Life (VLG) , a developer, manufacturer and distributor of products for the self-care markets, issued an update on trading for the six months ended 30 June 2023, noting a 24.4% growth in revenue led by VLG Brands and Customer Brands, alongside strong visibility over second-half revenue and strong cash generation in the period.
Group revenues stood at £23.5m, comprising growth from both the VLG Brands (growth of 27%) and Customer Brands (growth of 20.3%). The Customer Brands division revenue increase was driven largely by sales of newly developed products to existing customers.
H1 saw an order book increase of 30% since the end of 2022, giving strong visibility over H2 revenue and in line with management expectations.
The period also saw 17 new listings secured with major retailers for Balance Activ, Lift and Earol, and further progress on Venture Life’s digital transformation. Online sales were 69% ahead of the previous year at £1.6m and accounted for 12.3% of VLG brands revenue.
Venture Life is in a strong position moving into H2, with cash generated from operating activities in the period of £4.6m, an increase of 158% over last year. In light of today's results, Venture Life is trading on-course to deliver full year results in line with market expectations.
Jerry Randall, CEO of Venture Life, commented: "I am delighted with performance of the business over this first half, with strong growth contributions in particular from Balance Activ, Lift and Gelclair, in the VLG Brands portfolio, and from the Customer Brands. The acquisitions we made in 2021 & 2022 are now fully integrated and delivering good organic growth, and we will be launching some great newly developed products in the second half of the year and increasing our distribution points in the UK, which will both contribute to the expected stronger revenues in H2.”
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A strong set of results from Venture Life, demonstrating continued momentum across core areas of its business in H1 2023.
As the global population continues to expand and life expectancy rises, there is an escalating demand for self-care and preventative wellness practices. As such, Venture Life is well-placed in the current landscape, providing non-drug products that consumers buy without a prescription, such as oral healthcare and dermatology products.
The demand for self-care products is further compounded by the strain on global healthcare budgets, prompting governments to incentivise consumers towards focusing on self-care and self-medication approaches. Consequently, the self-care market is poised for sustained growth, carving out an ever-expanding niche in the healthcare landscape.
With regards to today's update, broker Cenkos forecasts FY23 turnover to increase to £50.7m, with EBITDA expected to increase to £11.6m and year-end net debt projected to reach £10.5m.
Venture Life will release its interim results on 25 September 2023, so make sure to to not miss this update.