LONDON (ShareCast) - (ShareCast News) - Drug development services and clinical trial management provider Venn Life Sciences announced its unaudited interim results for the six months to 30 June on Wednesday, with revenue of €9.06m, up from €4.25m in the first half of last year.
The AIM-traded firm had EBITDA profit of €0.40m, up from €0.09m, with its operating loss narrowing to €0.033m from €0.079m.

Cash and cash equivalents totalled €1.75m at period end, compared to €1.10m at 30 June 2015.

Since the period ended, cash and cash equivalents reached €2.10m as at 23 September.

Also, Venn has begun the process of demerging its Innovenn innovation division, which was a cash drain on the business and is felt by management to mask the true cash generation of the core contract research business.

Venn shareholders still have access to the upside of Innovenn as the company will still be a shareholder.

"The future divestment of Innovenn will have a positive impact on the company's financial performance in the second half of this year," said non-executive chairman Allan Wood.

"Importantly the disposal of this business, once achieved, will enable management to singularly focus on the growth of our core business."

Wood said the addition of Kinesis into the company had been well received by the market, and the board expected the second half of the year to see the benefits of the acquisition.

"Overall we continue to see opportunities for further growth, both organically and through M&A."

At 1113 BST, shares in Venn Life Sciences were down 11.58% at 25.2p.

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