(Alliance News) - InnovaDerma PLC on Thursday said it expects to launch new products as revenue grew in the first half of its current financial year.
The personal care and life sciences products developer generated revenue of GBP5.0 million in the six months to the end of 2019, up 28% compared to GBP3.9 million a year earlier, driven by self-tanning product Skinny Tan.
InnovaDerma said innovation remains key, and it during the period launched a limited-edition Choc range of Skinny Tan products in Superdrug stores.
Skinny Tan revenue growth was also boosted by Black Friday and Christmas promotions, up around 27% compared to the same period last year.
InnovaDerma highlighted its core brand has also made "excellent" progress in Australia, with the introduction of new products.
Meanwhile, the company said Life Sciences revenue increased by 71% on the previous year, thanks to online sales growth in the US.
Looking ahead, InnovaDerma said Skinny Tan remains well positioned to perform well in the UK despite a challenging outlook for the UK retail market.
"The momentum of the first half coupled with our forthcoming new category launch give us much confidence for the full year," the company said in its statement Thursday.
The stock was trading 11% lower in London on Thursday at 64.00 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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