The company recently released its unaudited interim results for the six months ended June 30, 2016, in which the company posted revenues of €9.06m ($10.18) against H1 2015: €4.25m ($4.77) – an increase Tony Richardson, CEO of Venn Life Sciences, described as “an impressive hike.”
Additionally, in October 2015 the company acquired Kinesis Pharma b.v.
“The focus in the first half of this year has been on business stability post-acquisition, cross selling initiatives and integration of certain support functions,” Richardson told Outsourcing-Pharma.com.
Richard explained the acquisition has been well received by the market, “and with a stable and talented team they can now move into the second phase of business integration and deliver sustainable business growth.” Initial cross sales have already been achieved as progress continues on the Kinesis integration.
Repositioning for growth
Richardson explained that the main operational challenges are around significant systems and process improvement initiatives currently underway. However, he said the initiatives should result in improved margins and profitability.
Currently, the company is in the process of selling its innovation division, Innovenn.
“This sale will represent the culmination of several months of effort to re-position Innovenn in such a way that will bring better clarity to the performance of the core business, and realize value from the investment in Innovenn,” said Richardson.
“With this, the story will become simpler and the business will be easier to grow,” he added, explaining that there is a strong pipeline of new opportunities going into the second half of the year and the company continues to see an increase in the average size of project wins.
The company is also continuing to look for “earnings enhancing acquisition opportunities,” particularly in Central and Eastern Europe.
Moving forward, Richardson said the company will be driven by “good organic growth coupled with further geographic expansion.”