Integumen PLC Trading update and Board changes (6239Z)
21 May 2019 - 4:01PM
UK Regulatory
TIDMSKIN
RNS Number : 6239Z
Integumen PLC
21 May 2019
AIM share code: SKIN
21 May 2019
Integumen PLC
("Integumen" or "Company")
Trading Update and Board Changes
Integumen announces the resignation of Tony Richardson as
Chairman and a director of the Company and Ross Andrews has been
appointed as Chairman, with immediate effect. The Company expects
to announce an additional non-executive director to the Board in
due course.
In addition, the following trading update is based on unaudited
management accounts for the year ended 31 December 2018. The
Company has delivered a strong financial performance for the year,
with revenues ahead of previous expectations:
-- FY 2018 total revenue GBP502k increased 111% (FY 2017 : GBP238k);
-- FY 2018 revenue from continued operations GBP274k increased
294% (FY 2017 : GBP93k) following Labskin test kit sales move to
full skin-care product test services;
-- FY 2018 EBITDA losses reduced by 12% to (GBP1.25m) (FY 2017:
(GBP1.40m)) cost savings achieved under new management in the last
4 months of 2018;
-- Disposal of TSPro GmbH saving GBP1.19m in current and future liabilities;
-- Stoer For Men skin care range at monthly break-even by year-end 2018.
Post Year-End 2018 Events
-- Transformational GBP3m all-share Acquisition of Rinocloud
Limited enabling scale-up of the business as it moves from a
physical laboratory to an automated, real-time, real-world digital
data platform;
-- Successful fundraising of GBP2.75m (total); of which,
o GBP232k was Vendor sale to allow 100% of Rinocloud to be
acquired;
-- Additional strategic reduction of the indebtedness of the business:
o Disposal of Visible Youth Group - saving GBP245k of future
contractual liabilities;
o Debt conversions - Venn GBP421k carried over since April 2017
IPO;
o Cellulac debt conversion - GBP400k for hi-tech laboratory
equipment;
o Litigation issues settled - saving GBP250k of future
liabilities.
Publication of Accounts
Integumen's Final Results and Annual Report will be published in
June 2019,
Gerard Brandon - CEO of Integumen plc, comments:
"It is with regret that the board has accepted the resignation
of Tony Richardson as Chairman and director of the Company. Tony,
as CEO of Venn Life Sciences, had the foresight to identify the
potential of Labskin as early as 2014, when it was acquired by Venn
and has nurtured it from an early stage technology company, through
a spin-out and IPO in 2017. As Chairman of Integumen, he was
instrumental in securing funding and recently oversaw management
changes that has moved Integumen into the clinical trials sector.
His resignation removes any competitive conflict of interest with
Venn.
Integumen continues its strong momentum well into 2019. With a
more focused business, and in line with our strategy, we have now
been able to demonstrate our ability to grow, both organically and
through the successful post year-end transactions. Our digital and
physical team members, across all subsidiaries, continue to deliver
consistent reliable revenue growth as we scale-up our new digital
platform."
Contacts
Integumen plc Gerard Brandon, CEO +44 (0) 7340 055 643
SPARK Advisory Partners
Limited Neil Baldwin/Andrew
(Nominated Adviser) Emmott +44 (0) 113 370 8974
--------------------- ---------------------
Turner Pope Investments
(TPI) Limited (Broker) Andy Thacker +44 (0) 20 3621 4120
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About Integumen:
Integumen is a vertically integrated business, collaborating
their Labskin technology platform with partners in artificial
intelligence, clinical research, medical device and life science.
These collaborators are building their own technology on top of the
Labskin AI backbone. Labskin allows skin-care, health-care,
pharmaceutical manufacturers and cosmetic companies to test their
products on human-like skin in a real-world environment with full
access to multiple state-of-the-art partner technologies.
The Company combines data analytics with access to therapeutic
operational expertise and offers solutions to our clients, from
regulatory approvals, right through to marketing fully tested
ingredients that have been certified on our Laboratory grown living
human tissue.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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