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 £706,000 from £946,000 the year before. This was attributed to an increase in finance costs to £1.5 million from £400,000 in 2021, Venture said.

Total administrative expenses also rose to £14.3 million from £10.6 million following its £13.0 million acquisition of HL Healthcare Ltd back in November.

Meanwhile, revenue rose to £44.0 million, up 34% from £32.8 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.

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