(Alliance News) - Venture Life Group PLC on Tuesday said its annual profit fell amid administrative costs, but maintains hopeful outlook as revenue increased.

The Berkshire, England-based self-care product manufacturer and distributor said its 2022 pretax profit fell by 25% to GBP706,000 from GBP946,000 the year before. This was attributed to an increase in finance costs to GBP1.5 million from GBP400,000 in 2021, Venture said.

Total administrative expenses also rose to GBP14.3 million from GBP10.6 million following its GBP13.0 million acquisition of HL Healthcare Ltd back in November.

Meanwhile, revenue rose to GBP44.0 million, up 34% from GBP32.8 million in 2021.

The company did not propose a final dividend, unchanged from last year.

Looking ahead, Venture said it expects organic growth in 2023, noting that less pressure on supply chains and the full year impact of its recent acquisition will improve the company's gross margin.

Chief Executive Officer Jerry Randall said: "With the momentum from a strong 2022 also continuing into 2023, we remain cautiously optimistic about the outlook for the year."

Shares in Venture Life were up 0.4% to 39.15 pence each in London on Tuesday morning.

By Sabrina Penty; Alliance News reporter

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