InnovaDerma PLC Trading Statement (1997Z)
09 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMIDP
RNS Number : 1997Z
InnovaDerma PLC
09 January 2020
LEI: 213800WRAP6W8VDL6B38
InnovaDerma PLC
("InnovaDerma" or the "Company")
Trading Statement
InnovaDerma (LSE: IDP), a UK developer of beauty, personal care
and life sciences products, provides a trading update for the six
months ended 31 December 2019.
The Company generated revenues of GBP5.0m, up c.28% compared to
the same period last year (H1 2019: GBP3.9m). The increase in
revenue was driven predominantly by Skinny Tan and its performance
on the Company's DTC platform and in the UK retail channel. The
former has continued to benefit from a revised digital engagement
strategy and investment in all three key geographical markets: UK,
US and Australia. Product innovation remains key to the business
and the first six months included the launch of the limited-edition
Choc range in Superdrug, which resulted in exceptional demand and
the continued success of Wonder Serum in Boots has provided a
strong platform for the season ahead. These initiatives have
alleviated the effects of a softer UK high street retail
environment and shelf space rationalisation, typical of seasonal
products such as Skinny Tan.
The UK DTC channel accounted for 56% of total revenue (H1 2019:
59%). Skinny Tan DTC revenue was supported by Black Friday and
Christmas promotions, up c.27% compared to the same period last
year. UK retail revenue was almost double that of H1 2019, driven
by the Skinny Tan rollout into Boots' stores, an opening order from
Tesco, and continued support from Superdrug. Pleasingly, our core
brand also made excellent progress in Australia and the US DTC
markets, with the introduction of new products. Whilst these two
territories remain a small proportion of our overall revenue,
growth was robust.
Roots revenues were lower than expected due to competitive shelf
positioning, however, new products, particularly Platinum Colour
Protect, performed well. Charles + Lee continued to build momentum
with Australian retailers and almost doubled revenues compared to
last year.
Life Sciences' revenue increased by 71% on the previous year as
a result of DTC sales driven by online 'influencers', predominantly
in the US.
As in previous years, the Company expects revenue and profit
growth to be strongly weighted to H2 FY2020, reflecting the peak
tanning season. Skinny Tan remains well positioned to perform well
in the UK despite a challenging outlook for the UK retail market.
Charles & Lee is growing in popularity, and we look forward to
expanding its geographical spread. Roots will receive extra
marketing and product development focus to expand its customer base
and product offering in 2020.
The momentum of the first half coupled with our forthcoming new
category launch give us much confidence for the full year. The
balance sheet remains healthy and with an increased retail
footprint coupled with continued focus on our DTC channels in core
regions, the Company expects to generate strong revenue and profit
growth in the second half of the year.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Further enquiries
InnovaDerma
Joe Bayer
Kieran Callan c/o TB Cardew +61 (0)3 9863 8030
www.innovaderma.com +44 (0)20 7930 0777
finnCap Ltd
Geoff Nash/ Kate Bannatyne +44 (0)207 220 0500
Alice Lane/Manasa Patil - Corporate www.finncap.com
Broking
---------------------------
TB Cardew
Shan Shan Willenbrock/Tom Allison + 44 (0)20 7930 0777
Olivia Rosser innovaDerma@tbcardew.com
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END
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