logo-loader
viewInnovaDerma PLC

InnovaDerma adds hair removal range to portfolio

Snapshot

  • Makes Skinny Tan – the popular tanning product
  • Products stocked by Superdrug, Tesco and Boots
  • Hair removal product Nuthing launched in February
woman sun bathing

Quick facts: InnovaDerma PLC

Price: 36.5 GBX

LSE:IDP
Market: LSE
Market Cap: £5.29 m
Follow

What it does

InnovaDerma PLC (LON:IDP) makes a range of beauty and personal care products.

The company, which floated in the autumn of 2016, makes the Roots haircare range, as well as a men’s skincare range called Charles + Lee.

It also owns Prolong, which is the world’s first FDA-cleared medical device for premature ejaculation which it launched in the US and Australia in 2018. 

InnovaDerma’s most famous product is Skinny Tan – the firm’s wildly popular range of self-tanning lotions.

In a nod to the quality of its products, major retail chains such as Tesco, Boots and Superdry stock InnovaDerma goods.

 

How it's doing

Revenue surged 32.8% to £5.1mln from £3.9mln in the half-year to December,  while the loss before tax narrowed to £347,500 from £422,00 the year before, despite marketing expenses increasing to £1.7mln from £1.1mln.

During the reporting period, the company’s retail distribution channel zoomed past 2,900 shops – up from 800 at the end of 2018 – and contributed 43% of total revenue; the direct-to-consumer (DTC) channel saw its share of total revenue ease to 57% from 59%.

The flagship Skinny Tan product saw revenue rise 40% year-on-year, helped by the roll-out of the product into Boots as well as continued support from Superdrug.

Innovaderma also launched a hair removal line Nuthing, formulated with skincare benefits and to be vegan-friendly and cruelty-free.

Chief executive Kieran Callan believes the products, which are on sale in all 800 Superdrug store could shake the segment up.

 

What the boss says: Kieran Callan, chief executive

"Nuthing has the potential to disrupt a large market which has lacked innovation over the years and there is limited choice on the high street if you are seeking to buy hair removal products which are effective, smell fantastic, and are quick and painless.

"Our range of waxes, removal gels and shave and shower sorbet have been formulated and attractively packaged to appeal a wide demographic and we are confident that it will deliver long-lasting results"

 

Video

 

Inflexion points

  • Launch of Nuthing
  • Skinny Tan contines to grow rapidly
  • Other new products added to the range

 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of InnovaDerma PLC named herein, including the promotion by the Company of InnovaDerma PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

InnovaDerma 'well-positioned' with a strong pipeline of new products and...

InnovaDerma PLC's (LON:IDP) Joe Bayer and Kieran Callan talk Proactive London's Andrew Scott through their half year report as well as updating on new products and plans. In its results statement covering the six months to the end of 2019, the developer of beauty, personal care and life...

on 27/2/20

2 min read