InnovaDerma PLC Trading Statement (1851U)
January 16 2017 - 1:00AM
UK Regulatory
TIDMIDP
RNS Number : 1851U
InnovaDerma PLC
16 January 2017
InnovaDerma PLC
("InnovaDerma", the "Group" or the "Company")
Trading Update
InnovaDerma (LON: IDP), a UK developer of 'at-home' and
clinically proven treatments for hair loss, hair care, self-tanning
and skin rejuvenation, today provides its trading update for the
six months ended 31 December 2016.
Trading Performance
The Board is pleased to announce that the Group's first half
year financial performance has been encouraging and revenues are
expected to show growth of just over 80% year-on-year on a constant
currency basis to approximately GBP3.0 million (unaudited). The
increase in revenue has been driven by the Company's expansion
strategy in the UK with the strong performance of Skinny Tan, a
premium self-tanner brand that combines a natural tanning active,
to tan and reduce the visible appearance of cellulite, which was
launched in February 2016 through Superdrug. As set out in the Full
Year results, the Group's strategies are to extend the Skinny Tan
brand to build customer loyalty, and use a digital direct to
consumer strategy to drive sales. Both have contributed positively
to revenue growth.
The Group has undertaken significant corporate activity in the
first half including listing on the Main Market of the London Stock
Exchange, opening up the US market, and the transition of its
manufacturing to the UK. One off costs associated with these
activities will be absorbed into the first half of the financial
year. As previously indicated by the Board in its operational
update and entry into the American market on 24 October and 31
October 2016 respectively, it believes that these strategic
initiatives will drive top line revenue and earnings from the
second half of the Company's financial year.
The Board is pleased with the progress of the Company and looks
forward to discussing this further at the time of its interim
results expected to be in February.
The Company considers this announcement to contain inside
information which is disclosed in accordance with the Market Abuse
Regulation.
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
END
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