InnovaDerma PLC - Trading Statement
Our priority is the safety and wellbeing of our employees. As previously announced, we implemented work from home procedures and have taken additional measures to enhance our communication with each other to maintain wellbeing and effectiveness. These steps have proven to be effective and our colleagues are working from home successfully and continuing to provide uninterrupted services to our customers, particularly via our direct-to-consumer channel (DTC). All of
As previously announced, while trading in the second half of the year began positively and was in line with expectations, the
April was a record month for Skinny Tan DTC sales in both the
The launch of Nuthing, our new range of hair removal products has seen continued growth in revenue week on week despite the very constrained retail environment. The brand is building market share in the category with DTC volumes increasing steadily, despite the absence of the planned retail launch in
The relaunch of Roots is progressing well and has been presented to Boots who responded positively. A comprehensive package of products including new formats are ready to be delivered to the market at the appropriate time.
The strength of our business model has enabled us to perform resiliently in a difficult market and significantly offset the weak in-store retail environment. As a result, the Board expects the Group's revenue for FY2020 to be no less than the prior year (
The Group is well funded, continues to benefit from strong cash flows and has sufficient levels of cash with no debt.
The Board continues to monitor COVID-19 and the impact of the pandemic carefully. The team is working hard and is focused on the peak selling season for Skinny Tan and the last few weeks of trading before the financial year end. The Company remains well-positioned, supported by a proven strategy and a strong online presence. The resilience of the business and ongoing strength of the Company's key brands means that
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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Quick facts: InnovaDerma PLC
Market Cap: £10.58 m
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