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Integumen subsidiary growth boosts earnings in 2018 following restructuring

In a trading update, the skincare group said revenues for 2018 were up more than 200% on the £238,000 figure for 2017
Woman scratching
Labskin's services allow companies to test their products on a human skin equivalent

Integumen PLC (LON:SKIN) said “positive results” from a major restructuring of its Labskin subsidiary had helped boost earnings in 2018.

In a trading update, the skincare group said revenues for 2018 were up more than 200% on the £238,000 figure for 2017, while its order book had increased to £247,000 from £37,000 year-on-year.

The firm added that Labskin had reported a 480% increase in sales in the second half of the year, while its STOER For Men skin products division had reached break-even in the period with recurring orders to June 2019 to maintain at or above breakeven.

Integumen also said it had removed around £1.19mln of short and long-term obligations following the disposal of its subsidiary TSPro GmbH in December.

Looking ahead, the company said results from testing of Labskin AI the integration of data analytics using the Labskin-On-A-Chip portable microbiology were expected in early Q2 2019, while additional Labskin laboratories at Integumen’s HQ in York were expected to be ready in February.

Labskin Cannabinoid (CBD) testing protocols were also being prepared and would be offered to existing and new skin-care clients with the firm already testing CBD oils with its STOER For Men product range.

Gerard Brandon, chief executive of Integumen, said the company had been “transformed to become a vertically integrated business”, adding that Labskin allowed companies to “test their products on human-like skin in a real-world environment with full access to multiple state-of-the-art partner technologies” and that the firm “no longer simply manufacture and sell skin-testing kits”.

In early trading Monday, Integumen shares were down 1.6% at 0.58p.

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