InnovaDerma revenue grows in H1, eyes further expansion in UK, Europe, US
Source - SMW
InnovaDerma grew H1 revenue by 31% to £4.2m from £3.2 a year ago amid ongoing growth in both the direct to consumer and retail channels.
Gross profit increased by 20.6% to £2.22m versus £1.84m in the prior year period.
The company reported a loss before tax of £0.03m due to planned investment in people required to support international growth, and pre-launch product development expenses. The loss, however, was less than the £0.15m loss reported in the prior year period.
The company said that it expects revenue and profits to grow considerably in the second half of the year driven by the strategic initiatives, the fast-growing direct to consumer platform, peak tanning season, impressive growth of roots and further expansion in the UK, Europe and US.
Executive chairman Haris Chaudhry said: 'With good momentum behind the key brands and significant orders expected, the Board remains confident in meeting market expectations for this financial year.'
'I am pleased with the initiatives that we have taken to progress further our core brand Skinny Tan from self-tanning into a beauty brand and in the very successful launch of Roots, both of which are expected to deliver marked improvement in revenues during this half year.'
'We are confident in our immediate and long-term prospects and of emerging as a fast-growing international business with a diverse portfolio in the beauty, life sciences and personal care space.'
At 8:28am: (LON:IDP) InnovaDerma Plc share price was -7.5p at 187.5p