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Innovaderma sees PBT double; revenues increase and margins expand

By BFN News | 07:55 AM | Tuesday 24 September, 2019


Innovaderma profit before tax doubled to £1.4m, with revenue up 21% to £12.9m and gross margin increasing 600bps to 63% in its final results ending 30 June 2019. Cash and cash equivalents remained relatively flat from £1.9m to £2m. The company saw a significantly increased national distribution of Skinny Tan - in c.2,300 stores compared c.800 last year. It said that multiple new international retail and distribution opportunities had been secured for Skinny Tan, Roots and Prolong, with Wonder Serum's launch being highly successful. Roots secured several new retail distribution channels, including Tesco, with multiple product extensions launched. Haris Chaudhry, Executive Chairman of InnovaDerma, said: 'I am very pleased to report an excellent set of results and a year of strong operational progress. Despite retail headwinds, we have delivered an impressive 21% rise in revenue and doubled profit before tax with good gross margin improvement. Our performance has been supported by the disciplined execution of our strategy, continuous product innovation to disrupt our markets and leveraging consumer desire for unique and high performing products.' 'We are excited about the opportunities that lie ahead, supported by a near term major launch in a new category, fast-growing retail footprint and with a robust foundation in place, the Group is well placed to generate further growth. The year has started very positively, and current trading is in line with management's expectations.' Story provided by StockMarketWire.com

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