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SkinBioTherapeutics PLC - Newcastle, England-based life science company focused on skin health - Provides a trading update for the recently acquired Dermatonics Ltd, a Cambridgeshire-based manufacturer of skincare products. In January, SkinBio completed its acquisition of Dermatonics for an initial payment of GBP1.7 million, alongside a GBP1.3 million earn-out over three years. Dermatonics's revenue was GBP1.9 million for the year ended January 31, up 2.2% from GBP1.8 million a year prior. Earnings before interest, tax, depreciation and amortisation were GBP422,000 for the 12 months, up 77% from GBP230,000 adjusted Ebitda last year. Adjustments were a GBP150,000 stock write-off and GBP123,000 bad debt in financial 2023. As of January 31, Dermatonics had a cash balance of GBP149,000, down from GBP213,000.
Chief Executive Officer Stuart Ashman said: "When the acquisition was announced, we stated that this acquisition was going to be immediately financial accretive. We are pleased to release the full year's results from Dermatonics which show positive increases across all key metrics... This reflects the anticipated upwards momentum of the Dermatonics business, and a strong base from which to build. We look forward to updating shareholders on the ongoing process of integration and the additional operational and sales benefits."
Current stock price: SkinBio shares were up 11% at 12.75 pence each in London on Tuesday afternoon.
12-month change: down 36%
By Hugh Cameron, Alliance News reporter
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