InnovaDerma PLC Trading update (2463B)
03 April 2017 - 4:00PM
UK Regulatory
TIDMIDP
RNS Number : 2463B
InnovaDerma PLC
03 April 2017
InnovaDerma PLC
("InnovaDerma", the "Company" or the "Group")
Trading update and new e-tailer distributors signed
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty
and personal care products today provides an update on trading and
announces it has secured new e-tailer distribution deals.
The Board is pleased to announce that the revenue growth
achieved in the first half of the year has significantly
accelerated in the second half of FY2017. Trading in Q3 has been
very robust with January and March achieving the highest-ever
monthly revenues and subsequently delivering the highest ever
quarterly revenues.
The strong performance has been driven by the Company's Direct
to Consumer ('DTC') digital channel which is performing
exceptionally well compared to the same period in the previous
year. Skinny Tan's performance in Superdrug has been outstanding
and the Board is very pleased to announce the brand has become the
No.1 selling brand in Superdrug by revenue in its category for
2017, despite only being granted increased shelf space from
mid-February onwards.
The Group's free cash flow generation and balance sheet remains
strong.
E-tailers
InnovaDerma secured the distribution of Skinny Tan with the
following e-tailers in March:
-- Feelunique, one of Europe's largest online beauty retailers
-- Lookfantastic.com, Europe's No.1 retailer for beauty which
attracts half a million unique visitors a month
The Company has opened up new markets especially in continental
Europe for its fast-growing Skinny Tan brand through securing
e-tailers which offer European and Worldwide delivery. The Company
expects to secure further e-tailers in the last quarter of FY
2017.
Operational activities
As indicated in the Company's interim results on 9 February
2017, the Board stated its intention to capitalise on the lucrative
professional spray tanning market through Skinny Tan Professional
Range. The Company has in place significant new stock to cater for
strong demand from professional tanning and beauty salons. Over the
last few weeks, the Company has trained more than 300 professional
tanners to use Skinny Tan Professional Solutions and has begun to
supply professional stock.
North America is performing as expected and the Company's DTC
digital channel is contributing strongly to its performance.
On 27 February 2017, the Company acquired men's skincare brand
Charles + Lee and makeup brand Stevie K Cosmetics. The Company will
launch Charles + Lee in Australia through its DTC platform in the
first week of April and will roll out its products internationally
during the course of this year and the next.
Stevie K Cosmetics' product range has been extended
significantly post-acquisition through new product development and
product extensions and this is expected to be launched in July 2017
in UK and Australia and in the international markets in the
following quarter.
Haris Chaudhry, Executive Chairman of InnovaDerma said:
"We are very excited to report a strong trading performance
supported by our multi-disciplinary and growing DTC platform,
fast-increasing product range and Skinny Tan achieving the No.1
selling brand in Superdrug in its category for 2017. As we build a
sizeable stable of premium and highly differentiated brands with
international appeal, we are being sought after by market leading
e-tailers and distributors which provides us with significant
opportunities to expand further our geographical reach and customer
base. We are thrilled by our positive progress, growth prospects,
and look to the future with confidence."
Further enquiries:
InnovaDerma
Haris Chaudhry/Joe Bayer +61 (0)3 9111 0071
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Sole broker
Hybridan LLP
Claire Noyce +44 (0)203 764 2341
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Cardew Group
Shan Shan Willenbrock
David Roach + 44 (0)20 7930 0777
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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 the UK, US, Australia, New Zealand, Philippines, South
Africa, Hong Kong and South Korea.
www.innovaderma.com
This information is provided by RNS
The company news service from the London Stock Exchange
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April 03, 2017 02:00 ET (06:00 GMT)
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