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InnovaDerma revenues ahead 38% as the Skinny Tan maker confirms it is trading in line with expectations

InnovaDerma said Boots had increased shelving for its Roots hair care brand, which it described as a “a major vote of confidence”

InnovaDerma PLC -
Revenues for the first four months of financial year were ahead 38%

InnovaDerma PLC (LON:IDP) said it is trading in line with market expectations, buoyed by the stocking of its popular Skinny Tan line in 1,300 Boots stores.

Revenues for the first four months of financial year were ahead 38%.

InnovaDerma said Boots had increased shelving for its Roots hair care brand, which it described as “a major vote of confidence”, while the Prolong sexual health device made “solid progress” securing multiple distribution agreements.

The company expects the Prolong product, which has the endorsement of the US Food & Drug Administration, to receive regulatory approvals in other geographies.

Last week (Oct 31) InnovaDerma said it was set to launch a new category and brand in 800 Superdrug stores that could eventually generate sales of up to £80mln a year.

The exact details were being kept under wraps until closer to launch date. However, the group said it and the retailer’s efforts will be focused on the “topical side of the business”.

The latest update was provided ahead of the company's annual meeting in the Square Mile on Wednesday at which, the firm said, all resolutions were duly passed.

In a note to clients, analysts at 'house' broker finnCap pointed out that InnovaDerma's revenue growth is "in line with our expectations for full-year revenues of £15.8m, an increase of 23%."

They added: "We are not making any changes to forecasts, although point to the upcoming (Q1 2020) launches of a new product category into Superdrug stores and Growlase in the US during FY 2020 that have not yet been included.

"We reiterate our 200p price target, acknowledging also the value that a new product category has in reducing the current portfolio concentration and de-risking revenue growth." 

In lunchtime trading, InnovaDerma shares were down 10% at 71p.

 -- Adds AGM outcome, share price and broker comment --

Quick facts: InnovaDerma PLC

Price: 60.5 GBX

LSE:IDP
Market: LSE
Market Cap: £8.77 m
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