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InnovaDerma says business model is robust, direct to consumer arm is holding up well, but sales via bricks and mortar network have slowed

The maker of the successful Skinny Tan range confirmed it had “sufficient levels of cash” and no debt

InnovaDerma PLC -

InnovaDerma PLC (LON:IDP) said it remains “well-positioned” with a “robust business model”, though it admitted the coronavirus lockdown had “significantly slowed” sales through its bricks and mortar network, which includes Boots, Superdrug and Tesco.

Counter-balancing this, the health and beauty group told investors its direct to consumer channel, which accounted for 60% of revenues last year, continued to perform “very well”.

The company added it had healthy levels of inventory, while deliveries are being made in a “timely” fashion.  The maker of the successful Skinny Tan range also confirmed it had “sufficient levels of cash” and no debt.

It said it will explore the possibility of tapping into the government-backed coronavirus lending scheme “should the business require funds”.

InnovaDerma said its workforce is now successfully and seamlessly working from home.

“With no precedent, it is difficult for us to quantify the effects of COVID-19 and the board is reviewing its expectations for the full year and continues to monitor the situation carefully,” the firm said in a market update.

“Notwithstanding this, the company remains well-positioned, underpinned by its robust business model, particularly through its online platforms.”

Quick facts: InnovaDerma PLC

Price: 84 GBX

LSE:IDP
Market: LSE
Market Cap: £12.18 m
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