InnovaDerma Shares Drop As Annual Results To Be Below Expectations

8th Mar 2018 12:09

LONDON (Alliance News) - Shares dropped in InnovaDerma PLC on Thursday as it said that the results for its current financial year are set to be below management expectations, with profit now expected to be at a similar level to the year before.

Shares in the care products developer fell 26% to 138.30 pence at Thursday midday.

InnovaDerma said that revenue growth for the year ending June 30 will be less than expected at the release of its interim results in February, caused by lower than expected orders placed by Superdrug for Skinny Tan brand growth.

However, the company said it continues to expect the second half of the year to outperform the first half, and still expects revenue to be higher than the year before.

"Whilst we expect our full year results to be below our earlier expectations, InnovaDerma continues to perform strongly and profitably. Our online engagement continues to grow daily which is driving revenue through to our DTC platforms. We are in discussions with several new retail distributors and product innovation remains on track. The business remains robust with several product and market launches expected in the coming months to generate further growth," said Executive Chairman Haris Chaudhry.

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