IDP.L Regulatory News (IDP)

LEI: 213800WRAP6W8VDL6B38

InnovaDerma PLC

("InnovaDerma" or the "Company")

Trading update

InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, announces a trading update for the year ending 30 June 2018.

The Company has made considerable progress and the Board continues to expect the second half year to outperform the first half significantly, however revenue growth for the year will now be less than anticipated at the time of the interim results. This has been mainly driven by lower than expected orders placed by Superdrug for Skinny Tan despite the brand's continued growth. The IRI data (world's largest independent data provider for Fast-Moving Consumer Goods (FMCG)) highlights that in Superdrug, Skinny Tan's revenue (including sub brand Body Glow) grew by 210% for the 52 weeks until the end of 24 February 2018 compared to the same period in the previous year. For the 12 weeks ending 24 February 2018, revenues were up 60% versus the same period last year.

The Company's Direct to Consumer ("DTC") platform for Skinny Tan is performing well and in line with management expectations. The Group is in discussions with several new distribution partners for the ranging of Skinny Tan.

Roots, the Company's haircare range continues to deliver strong growth through DTC and in Superdrug with online engagement rising every week across its product range. IRI data estimates that for the 12 weeks until the end of 24 February, revenues were up 254% compared to the previous 12 weeks.

The Group expects revenues to be substantially higher than last year. The profit before tax is now expected to be similar to FY17 due to the significant investment made across the business over the last six months.

Haris Chaudhry, Executive Chairman said

"Whilst we expect our full year results to be below our earlier expectations, InnovaDerma continues to perform strongly and profitably. Our online engagement continues to grow daily which is driving revenue through to our DTC platforms. We are in discussions with several new retail distributors and product innovation remains on track. The business remains robust with several product and market launches expected in the coming months to generate further growth."

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

Further enquiries

About InnovaDerma:

InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in life sciences, beauty and personal care products. InnovaDerma has presence in Europe, US, Australasia, Asia and Africa. 

www.innovaderma.com