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InnovaDerma profits soar

By BFN News | 07:29 AM | Tuesday 12 September, 2017


Pre-tax profits at InnovaDerma - a UK developer of life sciences, beauty and personal care products - soared by 325.2% to £1.029m in the year ended 30 June. The group said its excellent performance was well ahead of expectations. Revenues were up 105.8% at £8.858m and gross profit margins improved to 63.0% from 57.4%. Operating profits of £1.029m rose by 325.2%. Executive chairman Haris Chaudhry said: "We have delivered a robust financial performance and exceeded nearly every key performance indicator we set for ourselves in FY 2017. "The journey, however, has just begun as we prepare to launch multiple new brands that we have either successfully developed in-house or acquired during the past 12 months. "The strength in our proven international DTC platform and retail distribution channels should allow us to replicate the success we are experiencing with Skinny Tan. "Our sights are set on growing Skinny Tan which is fast becoming a cult brand with a large loyal customer base, and launching our highly innovative life science product portfolio in the US. "This new chapter of becoming a true multi-brand global business in life science, beauty and personal care will be exciting, challenging and I believe very rewarding. "Our successful journey thus far has been underpinned by agility, razor-sharp focus on outcome and enabling our core team of decision makers to merge their creativity and commercial acumen using technology and social media to monitor market dynamics and create value for our shareholders." Story provided by StockMarketWire.com

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