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InnovaDerma reaps benefits of focus on consumers during pandemic

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: 62 GBX

LSE:IDP
Market: LSE
Market Cap: £8.99 m
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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.

Early in 2020 it launched Nuthing, a new brand and category in hair removal.

 

How it is doing

With online accounting for 60% of the company’s total revenues last financial year, the firm saw the benefits of focusing on the direct to consumer operation after lockdowns hit the bricks and mortar sales of its health and beauty lines.

Turnover for the year to June is expected to be at least in line with last year’s figure of £12.9mln, with  the second half both profitable and cash generative.

April was a record month for direct sales of the Skinny Tan range in both the UK and the US with a 63% increase.

The Skinny Tan UK customer base, meanwhile, has increased by 21% in the four months from December to more than 710,000, with revenue generated from online up 10% over the same period last year.

 

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"

 

Inflexion points

  • Launch of Nuthing
  • Skinny Tan sees record monthly sales in April 
  • Focus on consumers balances loss from shop closures

 

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Watch

InnovaDerma reports strong cash and 'resilient performance' during pandemic

InnovaDerma PLC's (LON:IDP) chairman Joe Bayer and CEO Kieran Callan tell Proactive London's Andrew Scott the business has performed resiliently during the coronavirus pandemic lockdown but have been hit by rising advertising costs. Bayer says they now want to start swinging the earnings...

on 13/7/20

2 min read