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InnovaDerma PLC (IDP)

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Wednesday 08 November, 2017

InnovaDerma PLC

AGM Statement and Operational Update

RNS Number : 8479V
InnovaDerma PLC
08 November 2017
 

LEI: 213800WRAP6W8VDL6B38

InnovaDerma PLC

 ("InnovaDerma" or the "Company")

Operational Update

AGM Statement

InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, is pleased to provide the following operational update:

 

Skinny TanTM   and Skinny TanTM Professional

The Company continues to make excellent progress in Western Europe, and the Skinny Tan portfolio will be ranged in France for the first time through Sephora online during the first quarter of the calendar year 2018. Sephora is a leading global cosmetic retailer and owned by LVMH Moët Hennessy Louis Vuitton, the world's leading luxury goods group.

 

Skinny Tan continues to grow in popularity in the Republic of Ireland and InnovaDerma is pleased to announce the Skinny TanTM portfolio will be ranged in Sam McCauley Chemists located in high streets throughout the country. 

 

The Training Room, a training academy offering beauty therapy courses throughout the UK, will use Skinny TanTM Professional to educate up to 500 new spray tan artists per year on the Skinny Tan Beauty Guild-approved training course from 2018.

 

RootsTM Double Effect ("Roots")

The Company launched its internally developed haircare range Roots in August this year and is very pleased that, in just a few months, it is performing very strongly with excellent feedback from our customers. As a direct consequence of the great success in Superdrug following the launch, Roots will be ranged in more than 521 UK stores from January 2018, up from the current 390. Roots' success is testament to the Company's highly valuable DTC strategy in creating significant demand and footfall for its brands and turning them into customers' favourites within the category in a very short space of time. The Company expects that its strategy for Roots will put it on a similar growth trajectory to that of Skinny Tan. Additionally, the brand is not affected by seasonality.

 

New product range

The Company has developed a new body and skin range, including after-sun products to be launched as a new brand extension of Skinny Tan. These new products will be launched in more than 390 Superdrug stores in the first quarter of 2018 and have been developed in response to the growing popularity of Body Glow, which is performing ahead of management's expectations. 

 

HeadmasterTM

The Company is pleased to announce that it now has an FDA-cleared helmet which it referred to as Headmaster, which will be launched under the new brand, Hair MDTM in the United States in the coming months. The FDA-cleared device containing laser and LED technology will be launched subsequently in Australia and Europe in the first quarter of calendar year 2018.

 

Appointment of Senior Vice President of The Americas

In order to support the Company's growth in the Americas, the Company is pleased to have appointed Jesse Porto as Senior Vice President of the Americas.  Jesse brings with him a wealth of experience in beauty and personal care having worked in leadership marketing positions at blue chip companies including as an Executive Director at the Estée Lauder Companies for Estée Lauder International, Travel Retail and Clinique North America, Product Director at Johnson & Johnson, and as Senior Marketing Manager at Rimmel London.

 

Annual General Meeting

The Company will be holding its Annual General Meeting today at 10am (GMT) at the offices of finnCap Ltd, 60 New Broad Street, London EC2M 1JJ.  At the meeting, Haris Chaudhry, Executive Chairman, will make the following statement:

 

"The Company remains confident in achieving its full year expectations and continues to benefit from a positive market for its product portfolio.  We are focused on delivering on the objectives we set out when we announced our results, namely to continue to grow Skinny TanTM  and launch our other brands in multiple markets in the first half of this new financial year. We are particularly pleased by the launch of Roots which, from January 2018, will range in more than 521 Superdrug stores in the UK.

 

"We are replicating the success of Skinny Tan and leveraging our highly successful DTC model to ensure this becomes a major part of our product portfolio and enhances earnings. Our life sciences portfolio will be a priority this year. Hair MD™ (Headmaster) is now market ready for launch, firstly in the US, which provides a foothold in the US$2.8bn hair loss market.

 

"Growth prospects for InnovaDerma remain substantial. Skinny Tan is continuing to expand into new markets and new brands such as Roots start to gain good momentum post launch. We are excited about the future and look forward to reporting further progress during the course of this financial year."

 

Further Enquiries                                     

Innovaderma

Haris Chaudhry/Joe Bayer

+61 (0)3 9111 0071

finnCap Ltd

Geoff Nash/Giles Rolls/Kate Bannatyne

Tim Redfern/Alice Lane - Corporate Broking

+44 (0) 20 7220 0500

www.finncap.com

Cardew Group

Shan Shan Willenbrock

David Roach

Joe McGregor

 

+ 44 (0)20 7930 0777



 

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. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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