Full Year Trading Update
30 June 2026
VENTURE LIFE GROUP PLC
("Venture Life", "VLG" or the "Group")
Full Year Trading Update
Revenue and Adjusted EBITDA in line with management expectations
Power Brands benefiting from new marketing initiatives
Venture Life (AIM: VLG), a leader in product innovation, development and commercialisation within the global consumer healthcare sector, announces a trading update for the seventeen-month period ended 31 May 2026 (the "Period"). As previously announced, the Company has changed its accounting reference date from 31 December to 31 May, and will publish audited accounts for the Period on 29 September 2026.
Trading Overview
The Group delivered revenues1 of £50.0 million during the Period, representing a 30.9% increase versus the previous comparative period, being the seventeen-month period to 31 May 2025 (the "Prior Period") of £38.2 million). On a proforma2 basis, which assumes acquisitions were in place for the entirety of the prior period, revenues were up 16.0% over the Prior Period, comprising 1.2% from price increases and 14.8% from volume. The Group expects to report Adjusted EBITDA7 for the Period in line with market guidance.
Trading for the five months to 31 May 2026 (the "Five Months") has seen continued momentum:
· Overall Group revenues grew by 28.9% over the equivalent five months to 31 May 2025 to £14.7 million.
· The Power Brands3 which accounted for 91.2% of Group revenues in the Five Months, grew 20.7% to £13.4 million.
· Revenues from VLG Products4 grew by 20.7% to £10.5 million.
· Revenues from International Partners5 grew by 55.6% to £4.2 million.
A summary of the revenue performance of each brand during the Period is as follows:
Revenue £'m
12mths ended
31 Dec 2025
Change vs comparative prior period (%)
5mths ended
31 May 2026
Change vs comparative prior period (%)
17mths ended
31 May 2026
Change vs comparative prior period (%)
Balance Activ
8.8
17.3%
3.3
6.5%
12.2
15.1%
Lift
7.5
7.1%
3.5
59.1%
11.0
19.6%
Glucogel
2.5
4.2%
1.0
11.1%
3.5
6.1%
Earol
5.8
(2.1)%
2.4
49.8%
8.2
7.9%
Health & Her
7.8
36.4%
2.8
(9.7)%
10.7
21.6%
Health & Him
0.7
349.5%
0.4
102.4%
1.1
273.6%
Sub-Total Power Brands
33.1
14.9%
13.4
20.7%
46.7
17.0%
Pomi-T
1.0
(12.0)%
0.2
98.2%
1.2
1.2%
Gelclair
1.0
(40.7)%
1.0
496.4%
2.0
5.3%
Other
0.1
(31.5%
0.1
100.0%
0.1
0.4%
Total
35.2
11.4%
14.7
28.9%
50.0
16.0%
The Power Brands' revenue growth of 17.0% in the Period (Five Months: 20.7%) was primarily driven by the performance of VLG Products which grew by 19.0% in this Period (Five Months: 20.7%), although sales from International Partners also grew by 10.6% for the Period (Five Months: 25.1%). The growth in the revenue of the Power Brands is attributable to the Group's continued investment in advertising and promotion ("A&P") activities and the successful reset of relationships with International Partners.
· Balance Activ revenues grew 15.1% for the Period (Five Months: 6.5%), supported by market share gains in BV/Thrush and the annualisation of women's intimate health launches with Cooper Consumer Health. Growth was further supported by the Dual Action BV/Thrush product and Test Kit launches.
· Lift and Glucogel grew 19.6% and 6.1% respectively for the Period (Five Months: 59.1% and 11.1%), with the brands continuing to gain strong traction through Irish pharmacy channels.
· Health & Her/Him delivered combined growth of 28.2% for the Period (Five Months: (3.1)%). The latest five months compared against a strong prior period, which included sell-in to CVS pharmacy in the US. With the Perimenopause market growing rapidly and competition increasing, further A&P investment is needed to realise the opportunity.
· Earol grew 7.9% for the Period (Five Months: 49.8%), with recent trading benefiting from strong International Partner revenues, new UK product launches, improved Amazon multi-pack sales and consumer migration from drops to spray formats.
· Gelclair and Pomi-T grew 5.3% and 1.2% respectively for the Period (Five Months: 496.4% and 98.2%), with recent trading including the anticipated fulfilment of a significant Gelclair order from a key distribution partner.
The change in reporting date to 31 May supported particularly strong trading in the final two months of the Period by improving logistics and resource availability, most notably for International Partners.
Progress on Marketing Initiatives
The Power Brands continue to respond positively to increased A&P, with ROI being closely reviewed, including promo effectiveness and price elasticity across in-store and online channels.
Early analysis indicates VLG's brands are more price elastic online, where consumers respond faster and unit contribution benefits from lower in-store display costs. This supports shifting A&P spend online to drive volume and profit, with Amazon and the subscribe-and-save ("SnS") model expected to be important long-term drivers of sales and lifetime value.
Post-Period TV campaigns for Health & Her and Balance Activ show many consumers purchasing online immediately after broadcast. Early data suggests TV is supporting reassurance, legitimacy and discovery, with Health & Her showing stronger incremental uplift during TV periods than promo-only periods, alongside increased branded search, adjacent-category engagement and cross-category halo effects.
Business Improvement
VLG is pursuing a digital-first, AI-enabled transformation to improve how it operates, prioritises and executes its commercial strategy. This supports its ambition to become "the partner of choice for proactive healthy longevity", underpinned by integrated digital capabilities, advanced AI and robust data.
Following implementation of Microsoft Dynamics 365 ERP system across the organisation, the Group is developing integrated demand forecasting and promotional activity management tools to create a single, cross-functional source of truth. It is also treating data as a trusted, reusable product to support better decisions, experiences and automation. These initiatives are expected to enhance customer service, improve demand responsiveness, optimise inventory, increase SKU-level forecast accuracy and strengthen operating discipline, supporting the Group's long-term ambitions.
The AI strategy is expected to deliver measurable financial benefits through smarter revenue growth management, cost savings and productivity gains, with payback anticipated within twelve months.
Cash Performance
As at 31 May 2026, the Company had net cash of c.£12.0 million (31 December 2025: £34.2 million). The movement during the five months to 31 May 2026 principally reflected the advance transfer of c.£17.5 million for the FemiClear and CUROXEN acquisition, completed on 2 June 2026, with funds released before the Period end to allow sufficient clearing time.
Adjusted Free cash flow6 for the Period was c.£5.9 million (12 months to 31 December 2025: £5.1 million; 12 months to 31 December 2024: £4.3 million). By Period end, Trade Payables had normalised following the ERP implementation, while Trade Receivables remained elevated due to strong April and May trading, partly offset by improved inventory management.
Outlook
The Board is encouraged by the Group's growth momentum and the early impact of increased A&P investment. To support its ambitions, the Group will continue investing behind the Power Brands, with further marketing, data and organisational resources focused on delivering its innovation pipeline.
These investments will be balanced against portfolio rebalancing and further operational streamlining, particularly following the 2 June 2026 acquisition of FemiClear and CUROXEN, which are performing in line with expectations.
With a strong balance sheet, the Group is well positioned to deliver significant organic growth over the coming years and the Board is continuing to explore immediately earning enhancing M&A opportunities for complimentary products within its key markets of UK and US.
1 Revenue from continuing operations excluding the divested CDMO business, non-core products and oral care brands.
2 Proforma basis i.e. if the acquisitions had been in place for the whole of the prior year.
3 Power Brands comprise revenues from Balance Activ, Lift, Gluocgel, Earol, Health & Her and Health & Him.
4 VLG Products comprise revenues from the Power Brands and the Oncology Support Portfolio (Pomi-T, Gelclair).
5 International Partners comprise revenues from strategic partners for products using VLG's underlying IP which are sold under customers' own brands using a distributor model.
6 Adjusted Free cash flow comprises net cash from operations, plus interest received, less payments for CAPEX and lease obligations, adjusted for cash exceptionals.
7 Adjusted EBITDA is EBITDA before deduction of share based payments and exceptional items (i.e. M&A, restructure and integration costs.
Jerry Randall, CEO, commented:
"In delivering these excellent results, the Group has achieved robust double-digit growth and increased market penetration for its Power Brands. While some growth reflects customer price increases to offset supply-side inflation, it is substantially volume driven. The team has worked tirelessly to increase distribution and rate of sale, while delivering best-in-class innovation through new product launches, supported by our enhanced innovation function. Our strategy to increase investment behind existing brands is clearly gaining traction, which is essential in a challenging consumer environment. Through this investment we are building strong underlying growth, enhancing our market position and increasing brand awareness, which is key to the long-term, sustainable business the Board aspires to deliver.
This validation of our strategy leads us to further increase investment in the growth and development of our Power Brands, including the newly acquired FemiClear and CUROXEN brands. I am delighted with this acquisition and the first-class sales, marketing and operational team, which gives us our first footprint in the US. FemiClear is the clear no.2 in the US Femcare market, delivering strong revenue growth in 2026 and into 2027. The US team has built excellent relationships with key retailers, with Femiclear present and growing in Walmart, Walgreens, CVS and Target, among others. This brand and team will be a bridgehead into the US for other VLG brands, both present and future, in a significant and well-priced consumer healthcare market.
It is important to bed in and invest behind newly acquired brands to maximise value creation, and we intend to do this in the US. We see significant headroom in the total addressable markets for our Power Brands, even as consumer spend remains under pressure and competition for each consumer pound intensifies. VLG is well positioned in exciting growth categories, with true omnichannel reach in its main UK and US markets. Our Power Brands have strong market positions that support pricing power, alongside a clear roadmap for integrated digital capabilities that are powering the business towards an exciting future."
For further information, please contact:
Venture Life Group PLC +44 (0) 1344 578004
Jerry Randall, Chief Executive Officer
Daniel Wells, Chief Financial Officer
Cavendish Capital Markets Limited (Nomad and Broker) +44 (0) 20 7720 0500
Stephen Keys/George Lawson/Joe Smith (Corporate Finance)
Michael Johnson (Sales)
About Venture Life (www.venture-life.com)
Venture Life is an international consumer self-care company focused on commercialising products for the global self-care market. Headquartered in the UK, the Group's product portfolio includes Balance Activ in the area of women's intimate healthcare, Earol® supporting ENT care, Lift and Glucogel product ranges for energy and glucose management and hypoglycaemia, the Health & Her/Him product ranges supporting the hormonal lifecycle, FemiClear products addressing a range of common gynaecological conditions, plus the Curoxen brand providing infection prevention solutions for wounds and mouth sores.
The products, which are typically recommended by pharmacists or healthcare practitioners, are available primarily through health & beauty stores, pharmacies, grocery multiples and e-commerce channels and are sold globally. In the UK, Ireland and the USA these are supplied direct by the company to retailers, elsewhere they are supplied by the Group's international distribution partners.
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