6th Nov 2019 11:07
(Alliance News) - InnovaDerma PLC on Wednesday expressed confidence for the future after achieving double-digit revenue growth in the first four months of its current financial year.
Ahead of its annual general meeting, the personal care products specialist said it is trading in line with market expectations for the full year.
For the first four months of its recently-commenced financial year, revenue was 38% higher compared with the same period last year, InnovaDerma said, underpinned by strong performances across Prolong and its "topical" brands.
The London-headquartered company said Prolong has made "solid" progress, securing multiple distribution agreements.
Looking ahead, InnovaDerma said it will launch a new skin-care related category with Superdrug across all 800 of its stores in the second half of its financial 2020. The company expects revenue contribution from this brand to be "more keenly" felt in its financial 2021.
"We believe this has the potential to disrupt a large category which has received little innovation in recent years and presents a significant opportunity for us to cross-sell to our large self-tanning DTC customer base. We are making excellent progress and are confident of the future," said Executive Chair Haris Chaudhry.
InnovaDerma shares were trading 10% lower in London on Wednesday at 71.00 pence each.
By Evelina Grecenko; [email protected]
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