Proactive Investors - Run By Investors For Investors

Integumen posts 1,200% rise in first-half revenue as big cosmetics companies sign up to use Labskin

Labskin is a lab-grown skin which cosmetic companies can use to test their latest products in a real-world setting
skin cream
Contract sizes have increased from £1,500 last year, to upwards of £200,000 this year

Integumen PLC’s (LON:SKIN) revenues soared by over 1,000% in the first half of the year as blue-chip customers continue to sign up for its cosmetics testing services.

Revenues jumped to £655,000 in the six months to the end of June, compared with just £54,000 a year earlier.

READ: Integumen sees revenues double in 'transformational' year

Since taking over a year ago, chief executive Gerry Brandon has adapted and improved Integumen’s flagship product, Labskin – a lab-grown skin which cosmetic companies can use to test their latest products in a real-world setting.

Rather than selling one-off skin-testing kits, Integumen now offers a fully-fledged testing platform. As a result, it can now charge significantly more for customers to use its services.

Last year, a customer would sign contracts worth as little as £1,500, but now, Integumen is commanding upwards of £30,000. In one case, it struck a deal worth £210,000.

Among the new clients are a couple of “blue-chip household names”, Integumen said.

Boss has been busy

“We are delighted to see that the major changes made to our strategy are bearing fruit already,” said CEO Brandon.

“In addition to a growing customer base and accelerated high-margin sales, we have taken steps to reduce company indebtedness by eliminating more than £2mln short- and long-term debt, disposing of multiple under-performing assets and completed placing, subscription and warrant exercises that have brought in in excess of £3mln in H1 2019.

“The board expects that we will continue to see this strong growth in the second half of the year, and we view the future with confidence.”

Shares were up 1% to 1.99p in early deals on Monday.

--Adds share price and amends headline--

View full SKIN profile View Profile

Integumen Timeline

Big Picture
May 21 2019

Related Articles

healthy gut
Here we take a look at AIM-listed life sciences group, OptiBiotix Health
test tubes
May 07 2019
Here we take a closer look at Arix Biosciences PLC (LON:ARIX), a listed venture capital company that doesn’t appear to be receiving the recognition it deserves
An instrument made by Pressure BioSciences
June 26 2019
The company’s high-pressure technologies can help drug makers produce protein-based therapeutics, a market expected to touch $240 billion by 2023

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use