16 Jan 2018 07:00
LEI: 213800WRAP6W8VDL6B38
InnovaDerma PLC
("InnovaDerma" or the "Company")
Trading Update and Notice of Results
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, is pleased to provide a trading update for the six months ended 31 December 2017.
Revenue for the period increased by 31% on a constant currency basis to £4.2m (H1 FY2016: £3.2m) with excellent Direct to Consumer ("DTC") performance, particularly from Skinny Tan in the UK, and good progress in securing new retail accounts during the period. The Board of InnovaDerma is particularly pleased with the Roots™ Double Effect ("Roots") haircare range, launched in August 2017, which was developed in house and deployed through its DTC channel to create demand online and offline. Roots is growing in popularity and has performed strongly in the period under review.
Skinny Tan's growth is expected to continue at an accelerated pace derived from both DTC and key retail partners with the continued launch of new product extensions in the second half of the year to leverage the brand's popularity. As planned, a number of the Company's other cosmetic, skincare and life sciences brands are expected to be introduced in various geographical territories during 2018.
As in prior years and as stated at the time of the final results in September, the Company expects revenue and profit growth to be strongly weighted to the second half. This reflects the momentum created in the first half as peak tanning season approaches. In addition, entry into new markets together with new product launches such as Roots, Charles + Lee, StevieK Cosmetics and Prolong are expected to feed through to substantial revenue and profit growth in the second half of the year.
The Board remains confident in meeting market expectations for the current financial year and has much greater revenue visibility for the second half than in prior years.
The Company will announce its results for the six months ended 31 December 2017 on 15 February 2018.
InnovaDerma Haris Chaudhry/Joe Bayer | +61 (0)3 9111 0071 |
finnCap Ltd Geoff Nash/Kate Bannatyne Alice Lane - Corporate Broking | +44 (0) 20 7220 0500 www.finncap.com |
Cardew Group Shan Shan Willenbrock David Roach Joe McGregor
| + 44 (0)20 7930 0777 |
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.