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InnovaDerma well ahead of forecasts

By BFN News | 07:22 AM | Monday 19 June, 2017

InnovaDerma expects revenue and profits for the full year to 30 June to be well ahead of expectations. The company's pre-close trading update said that overall revenues were expected to increase by 80% on a constant currency basis to approximately £9 million. It said: "Revenues have been bolstered by the exceptional performance of Skinny Tan through the company's fast-expanding direct to consumer platform and retail channels, with the brand achieving the highest-monthly revenues for four months in the second half of financial year 2017. "Underlying profit before tax is expected to increase by 355% to approximately £1.28 million excluding one-off costs (2016: £0.281 million on a constant currency basis) driven by a more efficient supply chain which has led to an improvement in gross margin of approximately 62% (2016: 57.4%), up 400 bps. "The Group has maintained a strong balance sheet." Story provided by

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