16 Jan 2017 07:00
InnovaDerma PLC
("InnovaDerma", the "Group" or the "Company")
Trading Update
InnovaDerma (LON: IDP), a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, today provides its trading update for the six months ended 31 December 2016.
Trading Performance
The Board is pleased to announce that the Group's first half year financial performance has been encouraging and revenues are expected to show growth of just over 80% year-on-year on a constant currency basis to approximately £3.0 million (unaudited). The increase in revenue has been driven by the Company's expansion strategy in the UK with the strong performance of Skinny Tan, a premium self-tanner brand that combines a natural tanning active, to tan and reduce the visible appearance of cellulite, which was launched in February 2016 through Superdrug. As set out in the Full Year results, the Group's strategies are to extend the Skinny Tan brand to build customer loyalty, and use a digital direct to consumer strategy to drive sales. Both have contributed positively to revenue growth.
The Group has undertaken significant corporate activity in the first half including listing on the Main Market of the London Stock Exchange, opening up the US market, and the transition of its manufacturing to the UK. One off costs associated with these activities will be absorbed into the first half of the financial year. As previously indicated by the Board in its operational update and entry into the American market on 24 October and 31 October 2016 respectively, it believes that these strategic initiatives will drive top line revenue and earnings from the second half of the Company's financial year.
The Board is pleased with the progress of the Company and looks forward to discussing this further at the time of its interim results expected to be in February.
The Company considers this announcement to contain inside information which is disclosed in accordance with the Market Abuse Regulation.
Further enquiries
InnovaDerma Haris Chaudhry/Joe Bayer
|
+61 (0)3 9111 0071 |
Sole broker Hybridan LLP Claire Noyce
| +44 (0)203 764 2341 |
Cardew Group Shan Shan Willenbrock David Roach Emma Ruttle |
+ 44 (0)20 7930 0777 |
About InnovaDerma:
InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in hair loss, anti-ageing and beauty sectors. InnovaDerma has presence in the United Kingdom, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.
www.innovaderma.com