InnovaDerma PLC Trading Statement (1171H)
March 08 2018 - 5:13AM
UK Regulatory
TIDMIDP
RNS Number : 1171H
InnovaDerma PLC
08 March 2018
LEI: 213800WRAP6W8VDL6B38
InnovaDerma PLC
("InnovaDerma" or the "Company")
Trading update
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty
and personal care products, announces a trading update for the year
ending 30 June 2018.
The Company has made considerable progress and the Board
continues to expect the second half year to outperform the first
half significantly, however revenue growth for the year will now be
less than anticipated at the time of the interim results. This has
been mainly driven by lower than expected orders placed by
Superdrug for Skinny Tan despite the brand's continued growth. The
IRI data (world's largest independent data provider for Fast-Moving
Consumer Goods (FMCG)) highlights that in Superdrug, Skinny Tan's
revenue (including sub brand Body Glow) grew by 210% for the 52
weeks until the end of 24 February 2018 compared to the same period
in the previous year. For the 12 weeks ending 24 February 2018,
revenues were up 60% versus the same period last year.
The Company's Direct to Consumer ("DTC") platform for Skinny Tan
is performing well and in line with management expectations. The
Group is in discussions with several new distribution partners for
the ranging of Skinny Tan.
Roots, the Company's haircare range continues to deliver strong
growth through DTC and in Superdrug with online engagement rising
every week across its product range. IRI data estimates that for
the 12 weeks until the end of 24 February, revenues were up 254%
compared to the previous 12 weeks.
The Group expects revenues to be substantially higher than last
year. The profit before tax is now expected to be similar to FY17
due to the significant investment made across the business over the
last six months.
Haris Chaudhry, Executive Chairman said
"Whilst we expect our full year results to be below our earlier
expectations, InnovaDerma continues to perform strongly and
profitably. Our online engagement continues to grow daily which is
driving revenue through to our DTC platforms. We are in discussions
with several new retail distributors and product innovation remains
on track. The business remains robust with several product and
market launches expected in the coming months to generate further
growth."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Further enquiries
InnovaDerma
Haris Chaudhry/Joe Bayer +61 (0)3 9863 8030
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finnCap Ltd
Geoff Nash/Giles Rolls/Kate +44 (0)207 220 0500
Bannatyne www.finncap.com
Alice Lane - Corporate
Broking
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TB Cardew
Shan Shan Willenbrock
David Roach
Joe McGregor + 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 Europe, US, Australasia, Asia and Africa.
www.innovaderma.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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