Source - Alliance News

SkinBioTherapeutics PLC on Friday said it saw its interim revenue soar on higher sales in the UK, as well as more returns across Europe, and affirmed that its full-year trading remains in line with guidance.

Shares in SkinBio rose 4.8% to 7.60 pence each in London on late Friday morning.

The Newcastle, England-based life science company focused on skin health said in the six months to December 31, revenue climbed 38% to £106,576 from £76,985 the year before, mainly due to UK-based sales but also by sales starting to be recognized from European territories.

Pretax loss was steady year-on-year at £1.4 million.

Looking ahead, the company said trading remains in line with management expectations for the full year ending June 30, 2024.

It added that revenues of its AxisBiotix food supplement have continued to grow in line with guidance, and added that further expansion into Europe through its sale on ‘will provide wider coverage of our product into areas where psoriasis rates are similar to the UK.’

SkinBio had first announced that its food supplement would sell on the e-commerce site back in November as part of its commercialisation strategy.

Chief Executive Officer Stuart Ashman said: ‘This has been an exciting half year and post period end for SkinBioTherapeutics.

‘The underlying consumer business has continued its steady progress, including the scaling-up of manufacturing by Croda/Sederma and the commencement in January of the clinical trials for SkinBiotix before commercialisation starts, to the extension of sales geographies and channels for AxisBiotix-Ps. The development pipeline for new programmes has continued to advance as well; of particular note is the recent interim data at the half-way point from the acne study which is looking very promising, and we await the final readout with great anticipation.

‘Looking forward to the second half of the year, we continue to pursue our inorganic growth strategy. Having listened to shareholders, we are seeking an alternative financing mechanism, and we will keep you informed of our progress directly,’ he added.

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