Venture Life Group PLC said Friday that it expects to report that first-half revenue declined from the prior year, but that excluding sales of two of its products, the rest of the business showed overall growth of 9%.
The U.K. manufacturer of consumer self-care products said first-half revenue is expected to have fallen to 13.8 million pounds ($19.1 million) from GBP16.8 million for the year-earlier period due to significantly lower sales of hand-sanitizing gel and sales of its Dentyl product to its Chinese partner.
The London-listed company said current sales of its hand-sanitizing gel are lower than it expected.
Venture Life said its Chinese partner is still suffering the effects of Covid-19 and is not yet taking new products at the rate anticipated when they signed their contract in 2020.
“While we expect more sales to this partner in 2021, and are hopeful that sales this year can at least match the full year 2020 revenues to this partner, we are exploring all options to maximize the value of these assets in China, where demand for the product has been good historically,” Venture Life said.