(Alliance News) - InnovaDerma PLC on Tuesday posted a narrowed loss for the first half of its financial year, helped by strong sales from its Skinny Tan self-tanning brand.
Shares in InnovaDerma were down 2.6% at 75.00 pence in London in late morning trading.
The beauty, personal care, and life science products firm reported a GBP347,501 pretax loss for the six months ended December 31, narrowed from a GBP422,311 loss the previous year as revenue climbed 31% to GBP5.1 million from GBP3.9 million.
"Skinny Tan has performed well in the period under review and revenue was up 40% compared to the same period last year. This has been driven by the rollout into Boots, continued support from Superdrug and exceptional popularity of Wonder Serum and the Choc range," Innovaderma said.
It further added that "Skinny Tan is very well-positioned for the tanning season in the second half of the year".
Sales of its Prolong device, designed to prevent premature ejaculation, were up 71% year-on-year, with direct-to-customer sales higher thanks to "online 'influencers', predominantly in the US". However, "growth comes from a low base". Prolong is one of InnovaDerma's Life Sciences brands.
Trading in the second half of the year has aligned with InnovaDerma's expectations, with trading in the first seven weeks up 17% year-on-year.
Executive Chair Joe Bayer said: "Trading since period end has remained positive, and we have in place new product launches across our topical brands and will continue to build on our successes in geographical markets outside the UK. We believe we are well-positioned but remain mindful of the challenging retail sector. The board looks forward to further growth in the second half and beyond."
On Monday, InnovDerma launched its new hair removal brand, Nuthing, which will be stocked in all Superdrug stores starting March 11 and will be sold online through the company's direct-to-consumer platform.
By Anna Farley; annafarley@alliancenews.com
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