Venn Life Sciences, a drug development partner, saw a decline in its revenue from €18.2m to €17.8m in 2017.
The company said that given the headwind from project deferrals, this outcome reflects solid progress in the business.
It added that 2017 represented a transition year during which significant investment was made in infrastructure, systems, governance and management in order to have the ability to access higher-value customer markets. The board has conducted a strategic review and concluded that, in order to maximise operational leverage in the business, it makes sense to focus on both organic and in-organic revenue growth in the near term.
"To drive organic growth the board is increasing the business development team and in assessing the suitability of inorganic opportunities, intends to prioritise both geographic and service line extension in the late phase (Phase II onwards) part of Venn's business. Improved future profitability will therefore be delivered primarily through more aggressive revenue growth and efficient project execution, which we believe Venn now has the systems and infrastructure to deliver," it stated.