Venn Life Sciences - FY results: margin expansion drives EBITDA growth

Davy Research
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Venn has started to benefit from business integration initiatives and infrastructure investments made in 2017. Greater operational efficiency has driven margin expansion and EBITDA growth. With a full service capability spanning early and late phase clinical projects, we think there is scope to develop new business lines and further increase margins. Additionally, management focus on M&A opportunities has the potential to accelerate growth. We forecast FY 2018 EBITDA of €1.1m and remain ‘Outperform’.