IDP.L Regulatory News (IDP)

 LEI: 213800WRAP6W8VDL6B38

InnovaDerma PLC

("InnovaDerma" or the "Company")

COVID-19 Update

InnovaDerma (LSE: IDP), a UK developer of beauty, personal care and life sciences products, today provides the following update in respect of COVID-19.

In these unprecedented times, our priority is the safety and wellbeing of our employees. Our colleagues are all now working from home successfully and have the technology to support each other. They continue to provide uninterrupted services to our customers, particularly via our direct-to-consumer channel (DTC).

Trading in the second half of the year began positively and was in line with expectations however COVID-19, and the UK Government's lockdown measures saw a sudden shift in consumer behaviour which has significantly slowed the sales of our brands through our bricks and mortar channels. We continue to distribute to our retail partners including Boots, Superdrug and Tesco which are defined as essential businesses/services by the UK Government and remain open. The Company's DTC channel, which accounted for c.60% of revenue in FY2019, continues to perform very well. The Company has healthy levels of inventory and its supply chain remains strong with timely deliveries being made to our customers.

As at the end of March, the Company had sufficient levels of cash and no debt. The Company is aware of the UK Government's lending initiatives for small businesses during this crisis and as a prudent measure, it is assessing a debt facility with its bank, Barclays plc, should the business require funds.

With no precedent, it is difficult for us to quantify the effects of COVID-19 and the Board is reviewing its expectations for the full year and continues to monitor the situation carefully. Notwithstanding this, the Company remains well-positioned, underpinned by its robust business model, particularly through its online platforms.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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