Clinical research group Venn Life Sciences has reported revenue of €4.9 million for 2014, up 140 per cent on the €2.04 million announced a year earlier.

The AIM-listed Irish company also said it had revenues of €2 million booked for the first quarter of 2015.

Venn, which provides clinical trial management to pharmaceutical, biotech and medical device companies, announced a group loss of the year of €1.8 million, unchanged from a year earlier.

EBITDA loss for the year was €1.53million, compared to €1.65million for 2013.

The group said the success achieved last year through winning larger contracts meant that significant revenues were already contracted for 2015 and beyond.

"In 2014 we have seen key financial indicators moving in the right direction. A significant increase in revenues, reduced losses on the core business and a stronger balance sheet all point to real progress and sustainable business growth," said non-executive chairman David Evans.

Last year the company moved to address an EU ban on cosmetic and skincare products tested on animals by acquiring the intellectual property rights to a living skin equivalent grown from human cells called LabSkin. It also acquired Cardinal Systems, a French clinical research firm that specialises in data management.

“The addition of IRT and data management services through the acquisition of Cardinal Systems has been instrumental in Venn winning larger full service contracts as evidenced by the announcement of a €4 million contract in March of this year,” said Mr Evans.

With a healthy pipeline of project opportunities the business is poised for further growth. This can be strongly underpinned by solid execution of existing contracts, which in turn will result in repeat business,” he added.