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Integumen delivers higher-than-expected revenues, cuts losses

The Stoer For Men skin care range was at monthly break-even by year-end 2018.

Woman testing cosmetics
Integumen has recently moved into the clinical trials sector

Integumen PLC (LON:SKIN), the company behind the Labskin technology, said revenues in 2018 were ahead of previous expectations.

The company, which has developed a laboratory-grown skin that is used by cosmetics and pharmaceutical companies to see how their latest products will react to human skin, said revenue increased to £502,000 in 2018 from £238,000 in 2017.

READ Slimmed-down Integumen looking to AI for next stage of Labskin’s evolution

Revenue from continuing operations practically tripled to £274,000 from £93,000 the year before.

The loss before interest, tax, depreciation and amortisation narrowed to £1.25mln from £1.4mln the previous year following a cost-cutting initiative by the new management team.

“Integumen continues its strong momentum well into 2019. With a more focused business, and in line with our strategy, we have now been able to demonstrate our ability to grow, both organically and through the successful post year-end transactions. Our digital and physical team members, across all subsidiaries, continue to deliver consistent reliable revenue growth as we scale-up our new digital platform," said Gerard Brandon, the chief executive officer (CEO) of Integumen.

The company revealed that chairman Tony Richardson has resigned with immediate effect, to be replaced by Ross Andrews.

“Tony, as CEO of Venn Life Sciences, had the foresight to identify the potential of Labskin as early as 2014, when it was acquired by Venn and has nurtured it from an early stage technology company, through a spin-out and IPO in 2017,” Brandon said.

Richardson’s resignation removes any possible competitive conflict of interest with Venn Life.

Shares in Integumen were up 1.6% in early deals.

Quick facts: Integumen

Price: 1.84 GBX

AIM:SKIN
Market: AIM
Market Cap: £18.05 m
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