InnovaDerma remains confident in meeting market expectations for the current financial year and said it has much greater revenue visibility for the second half than in prior years.
It said revenue for the six months to the end of December 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.
It said the board was particularly pleased with the Roots Double Effect haircare range, launched in August 2017, which was developed in house and deployed through its DTC channel to create demand online and offline.
It said Roots was growing in popularity and has performed strongly in the period under review. InnovaDerma said 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.
It said that as planned, a number of the company's other cosmetic, skincare and life sciences brands were expected to be introduced in various geographical territories during 2018.
At 9:37am: (LON:IDP) InnovaDerma Plc share price was -32.5p at 233p