InnovaDerma PLC Trading Statement (0742M)
October 10 2016 - 1:00AM
UK Regulatory
TIDMIDP
RNS Number : 0742M
InnovaDerma PLC
10 October 2016
InnovaDerma PLC ("InnovaDerma", the "Group" or the "Company)
Trading Update
InnovaDerma, a UK developer of 'at-home' and clinically proven
treatments for hair loss, hair care, self-tanning and skin
rejuvenation, provides an update on trading ahead of its Final
Results for the twelve-month period ended 30 June 2016.
Trading Performance
The Board is pleased to announce that it expects revenue and
profits for the full year to 30 June 2016 will be significantly
higher than the previous year, driven by underlying organic growth
across its product range and the contribution of the Skinny Tan
business, which was acquired in May 2015. The integration of the
Skinny Tan business into the InnovaDerma operations has been
completed successfully and the product range has grown
strongly.
Skinny Tan is the first self-tanner that combines a natural
tanning active with naturally derived skin smoothing actives to
tan, contour and reduce the visible appearance of cellulite. The
Group expects to report revenues of approximately AUD $8.3m
(GBP4.2m) representing a significant increase of more than 800%
compared to the previous year FY 2015: AUD$1.05m (GBP0.525m). It
expects to announce a maiden net profit as a result of the strong
top line growth. The Group has maintained a robust financial
position with little external debt and a strong cash position.
Key Operational Developments
InnovaDerma significantly expanded its international
distribution and retail network and this has been a key driver to
its growth and strong financial performance. As at 30 June 2016,
the Company has in excess of 2,500 retail points (FY2015: 250) in
seven countries. In the period under review, the Company secured
the following key retail contracts:
-- In February 2016, Skinny Tan was launched as a new brand in
220 of Superdrug's stores and by July 2016, it was stocked in all
776 of its stores throughout the UK. In the same month Skinny Tan
became the No.1 selling tanning brand in Superdrug by revenue. Post
period end, Skinny Tan won Best Breakthrough Brand 2016 at the
Superdrug Supplier Conference.
-- In Asia, the Company secured a distribution agreement with
Olive Young, Korea's largest health and beauty store chain. Skinny
Tan is currently sold in Olive Young's 550 stores nationwide and is
distributed through PROS Korea, a distributor for InnovaDerma
products for North East Asia.
-- InnovaDerma secured a distribution with Chemist Warehouse for
distribution of Skinny Tan across all of its 320 stores nationwide.
Chemist Warehouse with annual revenues of more than AUD$2.7bn
(GBP1.5bn) is one of the leading and fastest growing pharmacy
chains in Australia.
In tandem with its growing network of key retailers, the Company
is highly focused on its digital direct to consumer strategy which
has supported revenue growth and enabled Skinny Tan to grow in
popularity. Brand loyalty in multiple markets is building strongly
as the Company continues to expand its international footprint.
The Board is pleased with the progress and looks forward to
discussing this further at the time of its final results expected
to be at the end of October.
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
Emma Ruttle + 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 hair
loss, anti-ageing and beauty sectors. InnovaDerma has presence in
the United Kingdom, 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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