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Venn Life Sciences enjoyed “another year of strong growth” in 2016

Sales grew by more than 60% to €18mln, while the company also finished the year with a healthy cash position of €3mln

scientist in lab with test tube in hand
Importantly, the momentum has carried over into 2017, Venn said

It’s been a few months since Venn Life Sciences Holdings plc (LON:VENN) last updated the markets, but the Contract Research Organisation (CRO) was back with a bang after telling investors it enjoyed “another year of strong growth” in 2016.

The company – which provides drug development, clinical trial management and resourcing solutions to pharma organisations – saw sales for the 12 months to 31 December 2016 grow by 63% to €18mln (2015: €11mln).

Venn also ended the year with a healthy cash position of €3mln; 71% higher than €1.75mln it reported at the end of June last year.

Importantly for investors, the momentum built up over the course of the past year or so has continued into 2017, with the company having signed new business contracts worth €5.7mln in the first two months of the year.

Shares closed at 17.2p on Thursday.  

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