21st May 2019 11:31
LONDON (Alliance News) - Integumen PLC said Tuesday it continued its strong growth momentum into 2019 after 2018 performed ahead of expectations.
Meanwhile, it appointed a new chair following the resignation of the previous incumbent.
In 2018, Integumen delivered a "strong" financial performance in which revenue was "ahead of expectations."
With 2018 results due for release in June, Integumen explained total revenue had more than doubled to GBP502,000 from GBP238,000 the year prior. Revenue from continued operations almost tripled to GBP274,000 from GBP93,000 the year before.
Earnings before interest, taxes, depreciation and amortisation losses improved to GBP1.3 million from GBP1.4 million the year prior.
During 2018, Integumen also sold TSPro GmbH for GBP1.2 million.
"Integumen continues its strong momentum well into 2019", Integumen Chief Executive Officer Gerard Brandon said. "With a more focused business, and in line with our strategy, we have now been able to demonstrate our ability to grow, both organically and through the successful post year-end transactions. Our digital and physical team members, across all subsidiaries, continue to deliver consistent reliable revenue growth as we scale-up our new digital platform."
The personal healthcare firm also explained Chair Tony Richardson had resigned with immediate effect, having served since 2016. Richardson will be replaced by Ross Andrews, who has served as a non-executive director at Integumen since 2017.
"It is with regret that the board has accepted the resignation of Tony Richardson as chairman and director of the company," Brandon said.
"Tony, as CEO of Venn Life Sciences, had the foresight to identify the potential of Labskin as early as 2014, when it was acquired by Venn and has nurtured it from an early stage technology company, through a spin-out and IPO in 2017," Brandon added, referring to the main product and listing of Integumen.
"As chair of Integumen, he was instrumental in securing funding and recently oversaw management changes that has moved Integumen into the clinical trials sector," Brandon continued.
Shares in Integumen were 4.7% lower at 1.80 pence on Tuesday.
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