InnovaDerma PLC Trading Statement (Replacement) (4387I)
19 June 2017 - 5:18PM
UK Regulatory
TIDMIDP
RNS Number : 4387I
InnovaDerma PLC
19 June 2017
The following replaces The Trading Statement Announcement
released at 07.00 hours today under RNS number 4017I and amends the
Full Year date to 30 June 2017.
All other details in the announcement remain the same. The full
text of the amended announcement is set out below.
InnovaDerma PLC
("InnovaDerma" or the "Company")
Pre-close Trading Update
Trading Performance - Well Ahead of Expectations
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty
and personal care products, is pleased to announce that it expects
revenue and profits for the full year to 30 June 2017 will be well
ahead of expectations. Overall revenues are expected to increase by
80% on a constant currency basis to approximately GBP9 million.
Revenues have been bolstered by the exceptional performance of
Skinny Tan through the Company's fast-expanding Direct to Consumer
platform and retail channels, with the brand achieving the
highest-monthly revenues for four months in the second half of
financial year 2017. Underlying profit before tax is expected to
increase by 355% to approximately GBP1.28 million excluding one-off
costs (2016: GBP0.281 million on a constant currency basis) driven
by a more efficient supply chain which has led to an improvement in
gross margin of approximately 62% (2016: 57.4%), up 400 bps.
The Group has maintained a strong balance sheet.
New Operational Developments
InnovaDerma is pleased to announce the following new operational
developments:
-- As previously announced on 1 June 2017, Boots Ireland had
agreed to stock Skinny Tan in at least 35 of their largest stores.
Boots Ireland has agreed to increase this to 65 stores out of their
80 stores and the Skinny Tan range will be available on their
shelves from July 2017.
-- The Company has secured a new and important channel to
enhance Skinny Tan Professional sales in the UK through a
partnership with the London School of Beauty & Make-up. Part of
the Urban Retreat group of companies, the school is one of the UK's
largest private education providers in the beauty sector and trains
more than 1,000 beauty specialists per year, working alongside
brands such as Mac, Laura Mercier and Murad. This strategic channel
is expected to cement the Company's long-term future in the highly
lucrative professional spray tanning sector.
-- The Company has developed and launched a skin brightening and
anti-ageing product portfolio in Korea which has received KFDA
(Korean Food & Drug Administration) approval. The product
brightens skin, contains SPF 50 and reduces the signs of ageing.
The range has initially been launched in 600 pharmacies and beauty
stores by the Company's distributor, PROS International Company Ltd
of Korea. Skin Lightening / Brightening market is a fast growing
skin care segment and is expected to reach over US $20 billion per
annum by 2020.*
http://www.strategyr.com/MarketResearch/Skin_Lighteners_Market_Trends.asp
The Board is pleased with the progress being made and looks
forward to discussing this further at the time of its final
results.
Haris Chaudhry, Executive Chairman of InnovaDerma said:
"We have been working hard to execute our strategy and I am
delighted that this has delivered strong sales and growth in
profitability. Our ability to extend our flagship brand, Skinny
Tan, to launch new products successfully and to expand our diverse
portfolio of premium brands, together with a robust balance sheet,
means we are strongly positioned for future growth."
Further enquiries:
InnovaDerma
Haris Chaudhry/Joe Bayer +61 (0)3 9111 0071
--------------------------- -----------------------
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
--------------------------- -----------------------
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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