Venture Life Group’s latest trading update serves up something investors can actually sink their teeth into: robust, volume-led growth, a tidy cash pile, and a cleaner, brand-led strategy. There are a few moving parts on international sales timing, but the UK engine is firing. Here’s what matters and why.
Headline takeaways: 32.0% reported growth, volume doing the heavy lifting
For the twelve months to 31 December 2025, Venture Life delivered £35.1 million in revenues from continuing operations, up 32.0% versus FY24 (£26.6 million). On a proforma basis (as if recent acquisitions were owned for the full prior year), revenue rose 11.1% year-on-year, made up of 0.9% from price increases and 10.2% from higher volume sold. That mix – mostly volume, not pricing – suggests real demand is building rather than just price inflation doing the work.
Power Brands (Balance Activ, Lift/Glucogel, Earol, Health & Her/Him) were the star turn, growing 14.9% to £33.1 million (FY24 proforma: £28.8 million). The UK led the way; international had a wobble due to order timing and distributor issues that are now said to be resolved.
Key numbers from the RNS
| Period | 12 months to 31 December 2025 |
| Revenue (continuing) | £35.1 million (+32.0% vs FY24: £26.6 million) |
| Proforma revenue growth | +11.1% (0.9% price; 10.2% volume) |
| Power Brands | £33.1 million (+14.9% vs FY24 proforma: £28.8 million) |
| UK revenue | £25.7 million (+20.7% vs FY24 proforma: £21.3 million) |
| International revenue | £9.4 million (-8.7% vs FY24 proforma: £10.3 million) |
| Balance Activ (UK) | £4.3 million (+37.0% vs £3.2 million) |
| Earol (UK) | £3.2 million (+11.5% vs £2.8 million) |
| Lift brand | £7.3 million (+4.9% vs £7.0 million) |
| Health & Her/Him | £8.5 million proforma (+44% vs £5.9 million; FY24 reported: £0.8 million) |
| Net cash (31 Dec 2025) | £34.4 million (30 Jun 2025: £2.0 million; 30 Sep 2025: £34.1 million) |
| Share buyback | £1.1 million spent; ~1.7 million shares acquired |
Note: Revenue excludes the divested CDMO business, non-core products and oral care brands.
UK growth engine: Power Brands respond to higher A&P
Venture Life leaned into UK advertising and promotion (A&P) spend and it paid off. UK revenues rose 20.7% to £25.7 million on a proforma basis. Standouts include Balance Activ up 37.0% to £4.3 million, Earol up 11.5% to £3.2 million, and Lift delivering a second-half recovery to end up 4.9% at £7.3 million.
The Health & Her/Him portfolio – acquired in November 2024 – is the headline growth engine in women’s and men’s health, up 44% proforma to £8.5 million. That supports management’s push into hormonal health and “healthy longevity”, and it shows the 2024 deal is bedding in well.
International softness: timing, distributors, and a path to stability
International revenues fell 8.7% to £9.4 million (proforma). Two issues were called out: a significant Gelclair order from the largest partner moved into early 2026, and high in-market stock for Earol (sold as Vaxol) in Scandinavia, compounded by distributor ownership changes. Management says the Scandinavian disruption is now resolved, with new market expansion opportunities under discussion.
More importantly, VLG has retooled how it runs international. The Spanish office has been closed, with partner management brought into the UK commercial team. The focus is now on fewer, larger, and more strategic partnerships to reduce volatility and improve profitability. If executed well, that should smooth the revenue profile that has been choppy for many small-cap consumer health names.
Strategy pivot: pure brands, heavier NPD, and better systems
Following the July 2025 divestment of its CDMO (contract development and manufacturing organisation) operations, Venture Life is now a pure branded consumer healthcare business. That matters for margins and focus. The Group has increased investment in new product development (NPD), led by Chief Innovation Officer Kate Bache, and is working closely with Healthea Group (owner of BioDue S.p.A) on a “deep and exciting” pipeline expected to drive future revenue.
On the execution side, the newly launched Microsoft Dynamics 365 ERP (enterprise resource planning) underpins a data and digital-led strategy aimed at efficiency gains. It is early days, but the plumbing is important if you want to scale brands efficiently across channels and markets.
Cash war chest, buyback in motion, and M&A appetite
Net cash stood at £34.4 million at year-end. The share buyback announced on 30 September 2025 is ongoing, with £1.1 million spent to acquire approximately 1.7 million shares by 31 December 2025. Management is actively pursuing immediately earnings-enhancing acquisitions across women’s health, men’s health, energy management and hormonal health.
There are no targets disclosed, but the balance sheet gives Venture Life options. The obvious test will be price discipline and integration, especially while the international channel is being reshaped.
Accounting calendar change and guidance stance
The company has moved its year-end to 31 May and will publish unaudited interim accounts for the twelve months to 31 December 2025 on 31 March 2026. The Board remains confident in achieving management’s revenue and Adjusted EBITDA expectations for the 17-month period to 31 May 2026. Those expectation figures are not disclosed.
My read: positives, watch-outs, and why it matters
What looks positive
- Volume-led growth (+10.2%) is healthier than price-led growth.
- Power Brands momentum in the UK, helped by A&P, looks durable if investment continues to be well targeted.
- Health & Her/Him is scaling nicely post-acquisition, validating the women’s health focus.
- Strong net cash offers firepower for M&A and continued buybacks.
- NPD pipeline and ERP rollout show the operational groundwork is being laid.
What to keep an eye on
- International recovery: order phasing (Gelclair) and distributor resets (Vaxol) need to convert into steadier run-rate sales.
- Marketing efficiency: UK growth has been investment-led; sustaining ROI on A&P will be key.
- M&A execution: “immediately earnings enhancing” is encouraging, but deal quality and integration matter.
- Visibility on profitability: Adjusted EBITDA guidance exists but numbers are not disclosed.
Jargon buster
- A&P: advertising and promotion – brand marketing spend to drive sales.
- NPD: new product development – creating and launching new products.
- CDMO: contract development and manufacturing organisation – outsourced manufacturing unit divested in July 2025.
- ERP: enterprise resource planning – core business systems (here, Microsoft Dynamics 365).
- Proforma: as if acquisitions were owned for the whole prior year, to give a like-for-like comparison.
What’s next on the calendar
- 31 March 2026: unaudited interim accounts for the twelve months to 31 December 2025.
- Updates on M&A pipeline and any NPD launches.
- Progress on international partner strategy and market expansion opportunities.
Bottom line: Venture Life is acting like a focused brands business – pressing the growth pedal in the UK, fixing the international model, and lining up NPD and M&A with a strong cash position. The near-term proof points will be the March update and signs that international sales normalise as order timing and distribution settle down.
