IDP.L Regulatory News (IDP)

LEI: 213800WRAP6W8VDL6B38

InnovaDerma PLC

 ("InnovaDerma" or the "Company")

 Annual General Meeting Statement

InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, will hold its Annual General Meeting today at 10.00am at finnCap Ltd, 60 New Broad Street, London, EC2M 1JJ. At the meeting, Executive Chairman, Haris Chaudhry, will make the following statement:

"InnovaDerma is trading in line with market expectations and these remain unchanged for the full year. For the first four months of the new financial year, revenues were 38% higher compared with the same period last year, underpinned by strong performances across our topical brands and Prolong, both in retail stores and through our growing DTC channels. Skinny Tan will benefit from a full-year's contribution from its ranging in 1,300 Boots' stores and continued innovation during this financial year. Boots has also increased shelving for Roots which is a major vote of confidence for our premium haircare brand, and a new social media campaign and the introduction of new products is underway. Prolong has made solid progress securing multiple distribution agreements, and we expect the product to receive regulatory approvals in other geographies.

As announced on 31 October 2019, the Company will launch a new skin-care related category with Superdrug across all c.800 of its stores in H2 of FY 2020 and the Company expects revenue contribution from this brand will be more keenly felt in FY 2021 as the brand establishes itself. We believe this has the potential to disrupt a large category which has received little innovation in recent years and presents a significant opportunity for us to cross-sell to our large self-tanning DTC customer base. We are making excellent progress and are confident of the future."

Company Presentation

After the formal business of the AGM has come to an end, the Board will provide a short presentation to investors with an overview of progress and strategy. No new material will be disclosed in the presentation and it will be made available on the website thereafter.

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