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InnovaDerma losses narrow as revenue jumps by nearly a third

By BFN News | 10:12 AM | Tuesday 25 February, 2020


InnovaDerma reported narrower losses as revenue rose by nearly a third thanks to growth in its direct-to-consumer businesses in the UK and US. For the six months ended 31 December 2019, pre-tax losses narrowed 18% to £0.3m on-year as revenue increased 32.8% to £5.1m. The DTC channel, which accounted for 57% of total revenue, grew its customer base by 48% to about 680K. 'Our growth has been driven by our enlarged retail network and the strategic investments and changes we have made to our digital channels which has enabled us to diversify across platforms, attract new customers and improve our return on investment,' the company said. 'Trading since period end has remained positive, and we have in place new product launches across our topical brands and will continue to build on our successes in geographical markets outside the UK. We believe we are well-positioned but remain mindful of the challenging retail sector. The Board looks forward to further growth in H2 and beyond,' it added. At 10:12am: (LON:IDP) InnovaDerma Plc share price was -1.5p at 75.5p Story provided by StockMarketWire.com

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