Half Year 2024 Venture Life Group PLC Earnings Call Transcript
Key Points
- Venture Life Group PLC (LSE:VLG) reported an 8% growth in revenue from its brands, with a notable 15% increase in the UK market.
- The company achieved a 90 basis point improvement in gross margin, contributing to increased profitability.
- Cash generation from operations increased by 58%, allowing the company to reduce its net leverage from 1.3 times to just under 1.1 times.
- The company's 'power brands' such as Lift, Balance Activ, and Earol showed significant growth, with Lift growing by 35% in the UK.
- Venture Life Group PLC (LSE:VLG) has successfully expanded its distribution network, securing 29 new listings in the first half of the year, contributing to an annualized GBP1 million in additional revenue.
- The company's EBITDA margins were temporarily suppressed in the first half of the year due to increased marketing investments.
- Customer brands revenue declined by 9% in the first half of the year, attributed to a strong comparative period in H1 2023.
- The dental brand experienced a 22% decline, impacted by delistings at the end of 2023.
- There was a temporary slowdown in orders for the Gelclair product due to customer stockpiling in 2023, affecting first-half performance.
- The company faces challenges in maintaining consistent growth across all product categories, with some areas like oral care showing minimal growth.
Good afternoon and welcome to the Venture Life Group plc interim results and investor presentation. (Operator Instructions)
I'd now like to hand you up to CEO, Jerry Randall. Good afternoon to you, sir.
Good afternoon. Thanks, Alessandro. Thanks for the introduction. Welcome, everyone. I'm Jerry Randall, CEO of Venture Life; by my side, Danny Wells, CFO. Welcome to our interim results presentation. We'll take you through the slides and, as already mentioned, happy to look at any questions towards the end.
So on the first slide here, we're just drawing out some of the key highlights from our first half 2024 results. We saw the Venture Life brand's revenue grow by 8%. The Venture Life brands constitute approximately 60% of our overall revenues. And within that, we've got just over 50% of that is in the UK, where we support it with marketing, advertising, promotion. And the balance outside of the UK in a number of different countries where we use distribution
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