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InnovaDerma revenues heat up ahead of tanning season
British beauty and personal care products developer InnovaDerma saw revenue increase 31% over the six months leading to 31 December, as the group continued to make solid progress in securing new retail accounts.
InnovaDerma posted a 31% year-on-year increase in revenue to £4.2m after what it called an "excellent direct to consumer performance" in its first trading half, particularly from Skinny Tan.
The firm highlighted that growing popularity with its Roots Double Effect haircare product, launched in August 2017, also helped create demand and drive sales throughout the half.
InnovaDerma expected revenue and profit growth to be strongly weighted to the second half, reflecting momentum created in the first half as "tanning season" approached, coupled with continued adoption of key products as the group entered into new markets.
Confident that it would be able to meet market expectations, InnovaDerma revealed that it had a much greater revenue visibility for the second half of trading than it had in previous years.
InnovaDerma was set to announce its results for the six months leading to 31 December on 15 February.
As of 0920 GMT, shares had fallen 12.92% to 231.20p.