THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

31 March 2026

 

VENTURE LIFE GROUP PLC

 

("Venture Life", "VLG" or the "Group")

 

 Unaudited Interim Results for the 12-month period ended 31 December 2025

 

Venture Life (AIM: VLG), a recognised leader in proactive healthy longevity, product innovation, development, and commercialisation within the global consumer healthcare sector, announces its unaudited interim results for the 12-month period ended 31 December 2025 (the "Period"). As announced on 24 September 2025, the Company has changed its accounting reference date from 31 December to 31 May, and therefore, the Company's audited results will be for the 17-month period to 31 May 2026.

 

In July 2025, the Company sold its contract development and manufacturing operations ("CDMO") and certain non-core products (the "Non-Core Products") to BioDue S.p.A for an enterprise value ("EV") of €62 million. In December 2025, the Group sold the Ultradex and Dentyl brands (the "Oral Care Brands") including 100% of the issued share capital of Periproducts Limited for an enterprise value of up to £4.5 million (collectively the "Discontinued Operations"). Discontinued operations are reported separately in the Consolidated income statement as post-tax profit or loss, including gains or losses from disposal. Assets and liabilities held for sale at 31 December 2024 have been derecognised upon disposal during the year.

 

In undertaking the above sales, the Group has simplified its business model and transitioned to become a pure play consumer healthcare company. The Group operates a capital light structure, brand focus and omnichannel approach, using digitally integrated capabilities and data driven insight to deliver future growth. This is accompanied by the strategic reinvestment to enhance capabilities across the organisation including the appointment of new senior management and Board positions. Significant cash resources exist for deployment into immediately earning enhancing M&A into the Group's newly strengthened 'acquisition-ready' infrastructure which will leverage the existing operating cost base.

 

 

Financial Headlines

·      Group revenue increased 32.2% to £35.2 million (2024: £26.6 million) and 11.4% on a proforma¹ basis.

·      Gross profit increased 30.0% to £15.8 million (2024: £12.2 million) at gross margin of 45.0% (2024: 45.8%) (2024 proforma: 45.2%).

·      Marketing costs as a percentage of revenue increased to 9.7% (2024 proforma: 7.0%).

·      Adjusted EBITDA² decreased 3.6% to £6.0 million (2024: £6.2 million) and Adjusted EBITDA margin declined to 16.9% (2024: 23.2%) (2024 proforma: 19.6%), reflecting the temporary disproportionate position of the operating cost base to the level of revenue following the divestments.

·      Operating loss increased to £1.3 million (2024: operating profit of £1.5 million) and Adjusted profit before tax³ increased to £4.9 million (2024: £4.3 million).

·      Adjusted EPS⁴ increased 15.4% to 3.89p (2024: 3.37p) and Basic EPS decreased to a loss of 1.49p (2024: loss of 0.02p).

·      During the period, the Group received £56.1 million (net of cash divested) in cash proceeds for the divestments and repaid the RCF in full, resulting in a cash position of £34.2 million at 31 December 2025 (31 December 2024: Net debt⁵ £20.1 million).

·      Free cash flow ("FCF") decreased to £3.3 million (2024: £3.7 million) and FCF excluding cash exceptional costs increased to £5.1 million (2024: £4.3 million) at an FCF conversion of 85.8% (2024: 69.5%)

·      Profit after tax from the Discontinued Operations of £8.0 million (2024: loss £0.3 million), with an aggregate £11.4 million gain recognised on the sale.

·      Overall profit for the period attributable to shareholders of £6.1 million (2024: loss of £0.3 million), resulting in diluted basic profit per share of 4.37p (2024: loss of 0.25p).

 

Operational Headlines

·      Successfully integrated the acquisition of Health & Her Limited ("H&H"), delivering first year revenue growth of 44% and contributing c.£1.4 million to Group EBITDA.

·      Completed the divestment of the CDMO activities and Non-Core Products in July 2025 for an EV of €62 million.

·      Completed the sale of the Oral Care Brands in December 2025 for an EV of up to £4.5 million.

·      Share buyback programme launched in September 2025, returning £1.1 million to shareholders by end of the Period through the acquisition of approximately 1.7 million ordinary shares.

·      Successfully implemented the Microsoft Dynamics 365 ERP system across the organisation.

·      Strengthened leadership to support our growth aspirations through the appointment of a new Executive Director and senior management team additions which have introduced new skillsets and enhanced capabilities.

·      Restructured the commercial and marketing functions, including consolidation of international business management into the UK, resulting in closure of the Madrid office.

·      Launched Earol and Balance Activ into Holland & Barrett across September/October 2025.

·      Additional H&H line listed in approx. 6,000 CVS stores in the US from September 2025, with the H&H range also now available on Walmart Marketplace.

 

Post Period End

·      Revenues trading currently c.18% ahead of prior year with healthy gross margin improvement driven from innovative product launches and profitability initiatives.

·      H&H officially became the No.1 menopause supplement brand in the UK (Circana Value Sales Data).

·      M&A activities continuing to progress well, with a number of opportunities at various stages of discussion within complementary sectors and targeted geographies.

·      As at 31 March 2026 a total of £4.7 million had been returned to shareholders though the share buyback programme with the acquisition of 7.0 million ordinary shares.

·      Board remains confident in meeting management's guidance for the 17-month period ending 31 May 2026.

 

 

Jerry Randall, CEO of Venture Life Group plc commented: "The second half of 2025 was a period of substantial change and development for the Group. Through the disposal of the CDMO operations and the Oral Care Brands at very good value, we have simplified the business, disposed of a number of non-core assets and generated significant funds to recycle into investment in our growth aspirations. At the same time we have successfully completed the integration of the Health & Her business (acquired in November 2024) bringing the outstanding skills and capabilities of their team into the integrated VLG business. We have also further strengthened the overall Venture Life team in order to prepare ourselves for the organic and acquisitive growth ambition that we hold. Although this means our structure is temporarily slightly heavier than before, as reflected in our EBITDA margin, this investment will reap significant returns as we grow. We are also seeing significant benefits from the strategic relationship we have built with the Healthea Group (the acquirers of the Group's CDMO Operations), including a significant pipeline of new product development, access to wider manufacturing capabilities and cost squeezing initiatives. I am delighted that we continue to see year on year double digit organic revenue growth post period end, and with our 5 point strategic plan fully embedded in the business, a strong capable team in place and significant cash resources to fund our growth, we are very well positioned for a bright future."

 

 

¹ Proforma basis i.e. if the acquisitions had been in place for the whole of the prior year. This term is applied throughout the document.

 

² Adjusted EBITDA is EBITDA before deduction of share based payments and exceptional items (i.e. M&A, restructure and integration costs - see note 6 for breakdown of exceptional items). This term is applied throughout the document (see note 15 for reconciliation of Adjusted EBITDA).

 

³ Adjusted profit before tax is profit before tax excluding amortisation and exceptional items (i.e. M&A, restructure and integration costs - see note 6 for breakdown of exceptional items).

 

⁴ Adjusted EPS (earnings per share) is profit after tax excluding amortisation, share-based payments and exceptional items (i.e. M&A, restructure and integration costs - see note 6 for breakdown of exceptional items).

 

⁵ Net debt calculated as gross debt excluding leases and uncrystallised deferred contingent consideration, less cash & cash equivalents (see note 16b for reconciliation).

 

 

Investor Meets Presentation

Jerry Randall (CEO), Daniel Wells (CFO) and Kate Bache (CM&IO) will provide a presentation via Investor Meet Company on Thursday 2 April at 14:30. The presentation will be open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet Venture Life Group plc via: https://www.investormeetcompany.com/venture-life-group-plc/register-investor  Investors who already follow Venture Life Group plc on the Investor Meet Company platform will automatically be invited.

 

 

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 (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 Ear, Nose & Throat ("ENT") care, Lift and Glucogel product ranges for energy and glucose management and hypoglycaemia, plus the Health & Her product range supporting the hormonal lifecycle.

 

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 Group to retailers, elsewhere they are supplied by the Group's international distribution partners.

 

 

Overview and Group Development

The business has shifted its strategy after divesting lower-margin, capital-intensive CDMO operations and Non-Core Products in July 2025 and the Oral Care Brands in December 2025. The focus is now on building a high-margin consumer healthcare business dedicated to supporting healthy longevity through a capital-light, brand focused, insight-driven, omnichannel approach leveraging integrated digital capabilities.

 

The divestment of the CDMO operation and Non-Core Brands for an EV of €62 million in July 2025 and the divestment of the Oral Care Brands for up to £4.5 million EV in December 2025 have resulted in a cash position of £34.2 million for the Group at 31 December 2025. This level of cash, combined with an undrawn £50 million credit facility, means the Group has ample resources for organic and acquisition-led growth. Additionally, long-term agreements with the disposed entities provide access to advanced development and manufacturing, eliminating the need for direct investment.

 

Commensurate with the divestment, the Group has focused on the growth of its Power Brands (Balance Activ, Health & Her/Him, Lift & Earol) through increased advertising & promotional ("A&P") activities and developing strategic category level relationships with its key retailers in the UK and US. The Group has invested during the Period in additional high calibre talent to drive the business forward, particularly in the areas of Strategic Partner Management, Digital Capabilities, Procurement and Marketing. These appointments along with other key senior management recruits have significantly enhanced the Group's in-house capabilities for delivering on our strategies.

 

The commercial and marketing function was restructured during the period, with the management of the international business now consolidated into the UK based team resulting in closure of the Group's Madrid office. The transition has enabled strengthening of relationships with strategic partners and joint strategic planning goals to be mapped out for existing and new market expansion and innovation plans. Transforming our International Distributor go to market ("GTM") model and shifting from a distributor-led sell in approach to one focused on International Branded / Own-Label expansion via Strategic Partnerships has enabled the Group to move further towards insight driven collaboration designed to unlock mutual value and accelerate profitable growth by segmenting and prioritising our existing and new customer base.

 

The recruitment of Field Sales representatives and HCP (Healthcare Professional) Marketing talent has helped drive consistent distribution improvements across the pharmacy channel. with focus on education and awareness. This is enhancing the Group's position as a leading consumer healthcare business within this space. alongside ensuring our presence at the National Pharmacy Show, significantly enhancing market visibility, strengthening engagement with HCPs and leading customer partners, and generating a strong pipeline of new business leads.

 

Marketing across the Group is increasingly focused on fewer, bigger, higher‑impact initiatives: premium media, education‑led brand building, and innovation‑supported campaigns that directly drive distribution, basket value, and retailer engagement-particularly in the US and UK core growth markets. This shift in focus is driving the topline growth of the Power Brands and will continue to build.

 

In addition to increasing A&P activities, investment and resource have been increased in the area of new product development ("NPD"). This focus is fundamental to brand success and value growth. In conjunction with our strategic partnership with the Healthea Group, the owner of BioDue S.p.A which acquired the CDMO business in July 2025, this has seen the development of a deep and exciting NPD pipeline which is expected to deliver meaningful revenue growth in the future.

 

 

Share buyback programme

In September 2025 the Board announced it would be launching a share buyback programme aimed at enhancing earnings per share and, at a time when the Board believes the shares of the Company continue to be undervalued, delivering greater value to shareholders. The Company began repurchasing shares in November 2025 and as at 31 December 2025 a total of £1.1 million had been returned to shareholders through the acquisition of approximately 1.7 million ordinary shares.

 

As a result of these purchases, the Company now holds a meaningful treasury position providing flexibility in the execution of our broader capital management strategy. The Board will review how best to deploy the Company's treasury shares in a manner that supports long‑term shareholder value either by recycling them to satisfy employee incentive arrangements and, where appropriate, to support value-accretive M&A activity, thereby preserving the earnings per share benefits generated through the buyback programme. The Board also continues to keep the share buyback programme under review ensuring it remains in the best interests of shareholders.

 

Since the period end, the Company has continued its share buyback programme and as at 31 March 2026 a total of £4.7 million has been returned to shareholders through the acquisition of approximately 7.0 million ordinary shares, at a volume weighted average price of 67p, resulting in an uplift of c. 4% to earnings per share, reflecting the accretive impact of the programme. Following the repurchase of the Ordinary Shares, the Company has 128,860,145 Ordinary Shares in issue at 31 March 2026, including 7,032,072 Ordinary Shares held in treasury. The total number of voting rights in the Company is therefore 121,828,073.

 

 

M&A and Corporate Structure

Following the divestments, the Group now has a much more simplified corporate structure and management is continuing to review corporate structure optimisation initiatives to support operational efficiencies and future growth.

 

The Group continues to advance its disciplined M&A strategy, led by a dedicated Head of M&A. The Group is actively pursuing a number of potential targets within complimentary categories and adjacencies, and discussions with various counterparties are ongoing. This includes the acquisition of leading platform assets within the proactive healthy longevity theme to enter new therapeutic areas, and bolt-on targets within existing core categories that accelerate the Group's growth in key strategic geographies, the UK, EU and US, and access new customer and market segments. The categories targeted include Women's Health, Men's Health, and Hormonal Health as existing categories, and Gut Health, Cognitive Health and Functional Nutrition as adjacent, complimentary categories.

 

Alongside the category and geographical considerations referenced above, targets are expected to be IP-rich with defensible market positions, have potential to deliver meaningful revenue growth, be immediately earnings and margin accretive, and meet strict valuation thresholds. Preference is given to asset‑light, tech‑enabled brands with clear expansion potential and synergy opportunities across the Group's commercial platform, ensuring any acquisition enhances long‑term shareholder value. Further updates will be provided as and when appropriate.

 

 

Technology and Digital

Building on the solid foundations established through the ERP implementation, our near-term priority is to develop a data lake house analytics platform. This platform will deliver real-time commercial insights to support our strategic objectives, enable us to analyse trends, and leverage data for anticipating future needs and performance. As a result, we will be better positioned to optimise resource allocation and drive greater operational efficiency. Our focus going forward is on driving operational efficiency through automation and AI, while creating new opportunities from improved data insight. In addition, we are continuing to strengthen our forecasting and demand‑planning capabilities using integrated capabilities.

 

This is being achieved by creating a comprehensive digital and data strategy that incorporates robust data governance and sophisticated data platforms capable of ingesting data whilst assessing its quality and accuracy. These platforms will also coordinate AI agents to aid and speed up decision-making processes.

 

The success of our digital and data strategy will be underpinned by fostering a culture that leverages AI and digital to create an environment where our people will be able to work more effectively within a culture that recognises both the risks and benefits, ensuring we run a safe and responsible AI-driven business

 

 

ESG Progress

During the Period, we continued to develop our ESG framework by setting clear objectives and mapping our ESG-related risks against them, ensuring these risks sit appropriately within our overall risk appetite. This work allowed us to understand our most significant environmental, social and governance impacts enabling us to enhance our ESG resilience. Separately, the divestment of the CDMO business and our transition to a pure brands model has reshaped some of our ESG priorities by placing a greater emphasis on understanding and managing the impacts within our supply chain, which will be a key workstream moving forward. The Group's ESG framework and strategy, together with our SECR disclosures, will be reported in full in our Annual Report for the period ending 31 May 2026.

 

 

Risk and Uncertainties

The principal risks and uncertainties facing the Group are described in detail on pages  39 to 42  of the Group's Annual Report for the period ended 31 December 2024 (a copy of which is  available on the Group's website at  https://www.venture-life.com/investor-relations/results-reports-and-presentations/). These include risks relating to customer preference, customer and channel, treasury, supply chain, cyber security, plastic packaging, climate and talent. These risks have been considered by the Board and remain relevant for the rest of this financial period.

 

 

Trading Performance

Group revenues demonstrated strong growth to £35.2 million, 11.4% ahead of the prior year on a proforma basis (2024 proforma: £31.6 million), comprising 0.9% from price increases and 10.5% from volume sold.

 

The Power Brands (Balance Activ, Lift/Glucogel, Earol, Health & Her/Him) grew 14.9% to £33.1 million (2024 proforma: £28.8 million). Underlying this was strong performance in the UK where increased A&P investment drove revenue growth of 17.3% to £25.0 million (2024 proforma: £21.3 million). The international business declined 1.9% to £10.1 million (2024 proforma: £10.3 million) primarily attributable to order timing from partners.

 

The strong growth in UK revenues came from increases to Balance Activ of 12.5% to £3.6 million (2024: £3.2 million) and Earol of 11.5% to £3.2 million (2024: £2.8 million). The Lift brand demonstrated a strong recovery in the second half of the year, finishing with a 4.9% increase to £7.3 million (2024: £7.0 million). The Health & Her/Him brands, which were acquired on 8 November 2024, delivered significant proforma growth of 44%, reaching £8.5 million (2024 proforma: £5.9 million).

 

The reduction in the international business was primarily driven by two factors: Firstly, the largest partner for Gelclair moved a significant order into early 2026, which has now been fulfilled. Secondly, there were high stock levels in-market for Earol (sold under the Vaxol brand) in Scandinavia, and operations were temporarily disrupted as a result of a recent change in ownership of the in-market local distributors. This has now been resolved and new market expansion opportunities are also under discussion.

 

 

Revenue by therapy area for the 12 months ended 31 December 2025 - Continuing Operations: 

 

			Revenue (£m)				Revenue change (%)
	2025			2024
	Actual	Proforma1		Actual	Proforma1		Actual	Proforma1
Women's Health	8.8	8.8		7.5	7.5		16.8%	16.8%
Energy Management	10.0	10.0		9.4	9.4		6.4%	6.4%
ENT	5.8	5.8		6.0	6.0		(2.1)%	(2.1)%
Hormone Health	8.5	8.5		0.8	5.9		1,062%	44.1%
Sub-Total Power Brands	33.1	33.1		23.7	28.8		39.9%	14.9%
Oncology	2.0	2.0		2.8	2.8		(29.3)%	(29.3)%
Other	0.1	0.1		0.1	0.1		(31.5)%	(31.5)%
VLG brands revenue	35.2	35.2		26.6	31.6		32.2%	11.4%

 

 

 

 

Revenue by brand for the 12 months ended 31 December 2025 - continuing operations: 

 

			Revenue (£m)				Revenue change (%)
	2025			2024
	Actual	Proforma1		Actual	Proforma1		Actual	Proforma1
Balance Activ	8.8	8.8		7.5	7.5		16.8%	16.8%
Lift	7.5	7.5		7.0	7.0		7.1%	7.1%
Glucogel	2.5	2.5		2.4	2.4		4.0%	4.0%
Earol	5.8	5.8		6.0	6.0		(2.1)%	(2.1)%
Health & Her	7.8	7.8		0.6	5.7		1,300.01%	36.4%
Health & Him	0.7	0.7		0.2	0.2		214.8%	214.8%
Sub-Total Power Brands	33.1	33.1		23.7	28.8		39.9%	14.9%
Gelclair	1.0	1.0		1.7	1.7		(40.7)%	(40.7)%
Pomi-T	1.0	1.0		1.1	1.1		(12.0)%.	(12.0)%
Other	0.1	0.1		0.1	0.1		(31.5%)	(31.5%)
VLG brands revenue	35.2	35.2		26.6	31.6		32.2%	11.4%

 

 

Women's Health (Balance Activ - Revenue £8.8 million, +16.8%)

Revenues from Women's Health rose by 16.8% during the Period. The Balance Activ brand achieved a 12.5% increase in the UK, reaching £3.6 million (2024: £3.2 million). This growth was primarily fuelled by a 12.1% climb in grocery sales, with new treatment extensions supporting strong organic momentum, enhanced retail distribution, and greater consumer awareness. Interest in natural, non-medicated solutions is growing, highlighted by a 19.8% expansion in the thrush treatment range.

 

Balance Activ has also entered Holland & Barrett with ambitious plans for future expansion and now emphasises shelf education over promotional campaigns. Additionally, a targeted programme to reduce unauthorised online resellers has yielded positive results and updated promotional strategies are improving the profitability of the brand. Innovation plans have progressed substantially with two significant new product launches very well received by retailers and further range extensions confirmed with strategic partners for later this year.

 

International distributor revenues increased by 20.9%, driven by Cooper Consumer Healthcare Group's launch of Bacterial Vaginosis ("BV") and Menopause treatments in Italy, Germany, and France, which underscores the benefits of these strategic partnerships.

 

 

Energy Management (Lift, Glucogel - Revenue £10.0 million, +6.4%)

During the first half of 2025, the Energy Management segment experienced a contraction of c.5% resulting from disruption in the prescription business at the start of the year whereby a technical error temporarily removed Lift products from the NHS ordering platform. Despite this setback in the prescription channel, the Lift brand recovered strongly and ended the Period in growth of 7.1% to reach £7.5 million (2024: £7.0 million), with the overall Energy Management business up 6.4% to £10.0 million for the Period (2024: £9.4 million) which includes Glucogel's 4.0% growth to £2.5 million (2024: £2.4 million).

 

Sales through Amazon delivered strong growth of 26% supported by the 'Need a Lift' campaign following its launch in June plus a successful program to reduce unauthorised resellers across online channels. The digital first campaign leveraged Google display ads and Meta platforms to drive substantial traffic to Lift's direct-to-consumer website, expanding the brand's digital presence. Sales of Lift through the Group's own e-Commerce website https://liftglucose.com/ surged by 41% supported by these initiatives.

 

The Lift brand also performed strongly in Ireland with sales up over 29% across the Period, where focus has been on developing the range available in the market. Whilst in the UK, there has been ongoing focus on NICE recommendation as the solution of choice for type 1 diabetics to ensure all NHS groups have access to our range. Pharmacy field sales remain a key area of focus, with ongoing efforts to capitalise on HCP recommendations within the independent pharmacy sector. A broad HCP education programme involving attendance at national type 1 diabetes events and training materials will launch later this year with emphasis on highlighting the superiority of the Lift and Glucogel products by reinforcing clinical differentiation versus dietary sugars.

 

Further plans for new product launches are well underway for the launch of a new Lift innovation range, including gels, paper wrapped formats and children's product which are expected to contribute meaningful incremental sales and leveraging our new in-house digital team to build deliver compound growth on subscriptions, roll out CRM program and drive consumer loyalty.

 

 

ENT (Earol, Earol Swim, Baby Earol - Revenue £5.8 million, -2.1%)

Earol achieved solid UK growth of 11.5%, reaching £3.2 million (2024: £2.8 million) with the brand adding over 1,400 new distribution points, expanding into major grocery and pharmacy chains, as well as securing listings in Holland & Barrett that launched in late 2025. A new partnership with Boots Hearing Care further reinforced professional endorsement, while national digital education campaigns boosted brand awareness-delivering over one million impressions-and helped Earol maintain its position as the UK's leading ear wax removal spray.

 

A key element of Earol's strategy has been increasing awareness through targeted digital marketing and the development of educational materials for healthcare professionals. These efforts have led to more professional recommendations and greater consumer use of Earol's products. The brand remains highly regarded in the ear care sector, as reflected in winning MVP Awards for three consecutive years.

 

Internationally, where Earol is distributed through partners, the brand recorded revenues of £2.6 million (2024: £3.1 million), representing a 16.1% decline compared to the previous period. This decrease was mainly due to high stock levels in Scandinavia (where Earol is sold as Vaxol) and temporary operational disruptions caused by changes in local distributor ownership. These challenges have now been resolved, and discussions are underway regarding new market expansion.

 

Looking ahead, there are plans to introduce two additional product extensions and launch new radio advertising campaigns to raise seasonal awareness during peak summer demand. Initiatives are also underway to refresh packaging, improving shelf impact and strengthening communication of product claims.

 

 

Hormone Health (Health & Her, Health & Him - Revenue £8.5 million, +44.1% proforma)

Hormonal Health delivered strong growth, with revenue rising 44.1% to £8.5 million (2024 pro forma: £5.9 million), supported by a substantial expansion of distribution (+27%) across the UK, Ireland, and the US.

 

In the UK, new range extensions into maternal and paternal supplement segments were launched in October 2025, with eight innovative new products. The range has demonstrated strong early performance and resulted in further distribution growth of over 5,000 additional points, driven by retailer rollouts at Boots and Holland & Barrett.

 

In the US, retail presence increased through the launch of an additional line in 6,000 CVS stores since September 2025, and the range is now available on Walmart Marketplace. Advertising during the Oprah menopause documentary in March generated significant and sustained uplift on Amazon US and digital channels, further supporting compound growth in the UK. In Ireland, pharmacy channel distribution expanded, with the range launched in Allcare and Hickeys.

 

Innovation aimed at increasing basket value remains on track, with new creatine, heart, and vegan omega product extensions set to enhance our portfolio and optimise multibuy promotional strategies from retailers. In the UK, new digital marketing campaigns such as 'For Every Version of You' will leverage the brand's unique positioning across all stages of female health. In the US, the brand will be the lead sponsor in a new menopause documentary series and will debut on a mainstream streaming network later in the year.

 

 

Oncology Support (Gelclair, Pomi-T- Revenue £2.0 million, -29.3%)

During the Period, Gelclair generated revenues of £1.0 million (2024: £1.7 million) with the decline primarily attributable to a change in ownership for our key distribution partner for this brand, which resulted in the deferral of a substantial order from December 2025 to January 2026. Distribution partnerships for Gelclair in the Americas have not lived up to management's expectations or terms of the agreements. Reversing this trend will necessitate further investment in clinical studies to enhance product claims within local markets; however, this is not currently identified as a Group priority.

 

The Pomi-T business reported revenues of £1.0 million for the Period (2024: £1.1 million). The decrease in sales is largely due to the termination of the UK distributor. These sales are expected to be restored in 2026, as the Group has appointed a more suitable replacement partner for this market going forward.

 

 

 

 

 

Profit and Loss Account

The Group delivered revenues of £35.2 million, an increase of 32.2% over the £26.6 million generated in the same period during 2024. The acquisition of Health & Her Limited ("H&H") was completed on 8 November 2024 and contributed £8.5 million to Group revenues in the Period. On a proforma basis, the revenue performance was 11.4% ahead of the comparative period.

 

Absolute gross profit from continuing operations rose by 30.0% to £15.8 million (2024: £12.2 million), with a gross margin of 45.0% (2024: 45.8%) (2024 proforma: 45.2%). The gross margin result includes release of inventory fair value uplifts from the acquisition of H&H which adversely impacted profitability by 0.6ppts, these have been fully unwound by the period-end. Percentage margin was impacted by lower-than-expected performance on the Amazon platform and partial postponement of customer price increases, as we managed the balance between cost pass-through and commercial opportunity delivery. Following the Period end, the Group has placed emphasis on enhancing profitability through the Amazon channel by removing unauthorised resellers and systematically introducing price increases across both Amazon as well as bricks & mortar customers. This has been done under the stewardship of new commercial leadership as part of a series of profitability initiatives and review of financial guard-rails.

  

Operating expenses, excluding depreciation, amortisation, and share-based payment charges, increase significantly compared to the previous period, reaching £10.4 million (2024: £6.0 million). Of this increase, £2.1 million related to the inclusion of costs associated with the H&H acquisition. On a proforma basis, operating expenses grew by £2.3 million, with A&P spend rising by £1.3 million to £3.4 million, making up 9.7% of Group revenues (2024 proforma: 7.0%). Other operational cost increases, totalling around £1.0 million, were mainly due to investments in new roles across the support infrastructure, including new senior managers to lead global commercial operations and new Board appointments. These investments underpin the Groups' ability to deliver on its new strategy and its readiness to leverage our overhead significantly through new acquisitions.

 

Other income of £0.5 million (2024: nil) comprises license fee income of £0.4 million pertaining to the award of new product development and manufacturing supply agreements, plus £0.1 million in relation to recharges of costs associated with transitional service arrangements for the divested operations.

 

Adjusted EBITDA decreased 3.6% to £6.0 million (2024: £6.2 million) at a margin of 16.9% (2024: 23.2%). The reduction in margin reflects the temporary position of the operating cost base which, in the short-term, is disproportional to the level of revenue following the divestments. The deployment of the Group's significant cash resources into M&A activities is expected to drive immediately earning enhancing growth and enable operational gearing benefits to be achieved.

 

Non-cash costs for amortisation and depreciation increased from the previous year to £4.0 million (2024: £2.8 million), with the increase to amortisation reflecting the full year impact of amortisation on acquired intangibles arising from the acquisition of H&H.

 

Operating profit before exceptional items of £1.5 million (2024: £3.1 million) decreased 51.2% reflecting the slight decline in Adjusted EBITDA and the full year impact of amortisation on acquired intangibles from H&H.

 

Exceptional costs of £2.8 million (2024: £1.6 million) were primarily attributable to the implementation of the new ERP system which went live in December 2025 as well as costs associated with the restructure of international operations resulting in closure of the Madrid office.

 

The Group continues to have in place a revolving credit facility ("RCF") that was refinanced during 2024 in the committed sum of £30.0 million (plus £20.0 million accordion) for a term of 3+1 years. The facility was undrawn as at 31 December 2025 (31 December 2024: £21.9 million drawn). The revolving credit facility bears interest on a ratchet mechanism between 2.00% and 2.85% plus SONIA as margin on drawn funds plus a commitment fee based on 35% of the applicable margin against the balance of undrawn funds up to the facility limit i.e. equivalent to 0.7% of £30.0 million whilst the RCF is undrawn.

 

Finance costs in the Period decreased to £0.6 million (2024: £1.5 million) owing to the full repayment of the RCF in August 2025 and the release of deferred contingent consideration provisions of £0.6 million pertaining to the acquisition of H&H as a result of earnout targets for post-completion revenue falling short.

 

The above resulted in a loss before tax of £1.9 million in the Period (2024: £nil) which translated into adjusted earnings per share improvement of 15.4%. to 3.89p (2024: 3.37p). Adjusted profit before tax which adds back exceptional items, amortisation and share based payments, increased to £4.9 million (2024: £4.3 million).  

 

Profit from Discontinued Operations of £8.0 million comprises a number of factors, including the gain on disposal of the CDMO activities and Non-Core Products of £11.6 million, the loss of £0.2 million on disposal of the Oral Care Brands, exceptional costs of £3.4 million associated with the divestments, plus off-setting factors from the trading results of the Discontinued Operations and an impairment of Periproducts Ltd

 

The Group delivered an overall profit for the period of £6.1 million (2024: loss of £0.3 million), resulting in Diluted Basic profit per share of 4.37p (2024: loss of 0.25p) and Adjusted diluted earnings per share of 11.81 pence (2024: 3.65 pence).

Statement of Financial Position

Non-current assets decreased by £4.0 million to £48.7 million (2024: £52.7 million), largely reflecting amortisation and depreciation charges. The Group capitalised £0.3 million during the Period in relation to product development costs and costs for developing apps. As at the reporting date, the Group has unused tax losses of £11.8 million (2024: £13.1 million) available for offset against future profits generated in the UK - a deferred tax asset of £3.0 million (2024: £3.3 million) is recognised on the losses which the company considers will be utilised against future profits in the UK, however, there remain further losses of £331,344 which a deferred tax asset is not recognised on due to the uncertainty of recovery beyond five years from the end of the Period.

 

Current assets increased by £31.6 million to £50.5 million (2024: £19.0 million) resulting from the receipt of cash proceeds on disposals, with cash at period end of £34.2 million (20234: £3.1 million). Inventories decreased by £1.2 million to £3.9 million at period end (2024: £5.1 million), the prior period balance sheet included inventories pertaining to the Oral Care Brands which were not transferred to assets held for sale at end of the previous financial year on the basis that an asset deal was highly probable. Subsequently, the Oral Care Brands were sold as part of the disposal of Periproducts Ltd, as such on a like for like basis, inventories were flat versus the comparative period. Trade receivables increased proportionally with revenue growth by 14.7% to £12.4 million (2024: £10.8 million).

 

Current liabilities increased by £3.4 million to £10.7 million (2024: £7.3 million), driven primarily by additional trade and other payables arising from exceptional costs, the increase was also tied to the launch of the new ERP system which went live in December 2025 and required temporary disruption to supplier payment at the period end. Interest bearing borrowings reduced by £1.3 million due to the release of provisions for deferred consideration in relation to the acquisition of H&H. Increased taxation liabilities arise from the sale of the IP of the non-core products which are liable to corporation tax in The Netherlands, the tax charge associated with this sale is accounted for within discontinued operations.

 

Non -current liabilities decreased by £22.8 million to £7.0 million (2024: £29.8 million) reflecting the full repayment of the RCF in August 2025.

 

 

Cash Performance

During the period, the Group received £56.1 million (net of cash divested) in cash proceeds for the divestments and repaid the RCF in full on 7 August 2025. The Group reports a cash position of £34.2 million at 31 December 2025 (31 December 2024: net debt £19.9 million) and has retained its RCF facility which provides access to £30 million (plus £20 million accordion), including an adjusted EBITDA to net debt leverage limit of 2.5x.

 

Net cash generated from operations of the continuing business was broadly in line with the prior Period at £4.0 million (2024: £4.0 million) and includes the impact of increased cash exceptional costs of c.£1.4 million in the period related to the implementation of the Group's new ERP system. Tax paid was 32.3% greater than the previous period at £0.9 million (2024: £0.7 million) driven by additional taxable profits in The Netherlands, which are expected to reduce significantly in future following tax structuring activities recently undertaken. Excluding the impact of cash exceptional costs, the underlying net operating cash generation of the continuing business was £5.8 million (2024: £4.6 million).

 

Net cash generated by investing activities increased by £65.3 million to £54.0 million (2024: cash used £11.3 million), reflecting cash proceeds from the divestments of £56.1 million (net of cash divested) (2024: £nil) and a reduction of cash outflows related for acquisitions which decreased by £8.5 million to £1.0 million - cash outflows for acquisitions related to the payment of deferred consideration for H&H. Other movements in investing activities related to expenditure on new product development and app development activities of £0.3 million (2024: £nil), with the remainder of movements attributable to cashflows of the Discontinued Operations.

 

Cash from financing activities amounted to an outflow of £24.4 million (2024: inflow £1.8 million), reflecting the full repayment of the RCF during the period - specifically, repayment of interest bearing borrowings increased to £22.2 million (2024: net drawdown £5.7 million), a movement of £28.4 million compared to the previous period. Other movements during the period included a net reduction of £1.6 million for interest paid which followed the repayment of debt and the receipt of interest on cash deposits held following the disposals, as well as proceeds from share option issuance of £0.4 million (2024: £nil) and outflows for the purchase of treasury shares as part of the Company's share buyback programme which amounted to £1.1 million by end of the period, with the remainder of movements attributable to cashflows of the Discontinued Operations.

 

Free cash flow (stated before debt servicing) of £3.3 million was slightly lower compared to the prior period (2024: £3.7 million) due to the investment made in new product development and app development activities. Excluding the impact of cash exceptional costs, the underlying FCF generation of the continuing business was £5.1 million (2024: £4.3 million).

 

 

Current Trading and Outlook

Q1-revenues are currently trading c.18% ahead of the same period in the prior year (including fulfilment of the Gelclair order deferred from December to January) and revenues from the Power Brands are trading c.13% ahead of prior year, with healthy gross margin improvement coming through from accretive new product launches as well as ongoing profitability initiatives being undertaken.

 

The Group continues to closely monitor developments in the Middle East and is actively collaborating with suppliers to assess any potential effects on the supply chain with respect to freight and energy costs. We have proactively extended our orders to six months to ensure security of supply as this situation unfolds, and underwritten susceptible materials to calendar year end, to mitigate aspects of price volatility. As part of our regular dialogue with customers we are keeping them fully appraised of the situation and will be able highlight any potential cost risks at an early stage.

The Group is actively working on acquisition prospects that align with its strategic objectives and more information will be shared as and when appropriate.

 

The Board continues to hold a high level of confidence that the Group is well-positioned to achieve its growth objectives and that the additional investments made will underpin strong future growth, and as such, is confident in meeting management's guidance for the 17-month period ending 31 May 2026.