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InnovaDerma expects to at least match last year's revenue performance; second half to be profitable and cash generative

The group told investors it was well-funded and continued to benefit from strong cash flows and has “sufficient levels of cash with no debt"

InnovaDerma PLC -
The company's SkinnyTan product continued to perform strongly

InnovaDerma PLC (LON:IDP) said the focus on its direct to consumer operation was bearing fruit after the coronavirus lockdown hit the bricks and mortar sales of its health and beauty lines.

Online accounted for 60% of the company’s total revenues last financial year, so the group said that doubling down has enabled the business to perform “resiliently in a difficult market and significantly offset the weak in-store retail environment”.

InnovaDerma said it expects full-year turnover to be at least in line with last year’s figure of £12.9mln.

“As in the prior year, the second half is expected to be both profitable and cash generative,” it added in a trading statement.

The group told investors it was well-funded and continued to benefit from strong cash flows and has “sufficient levels of cash with no debt”.

It noted that 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, it added. 

The group noted that the launch of Nuthing, the firm’s new range of hair removal products, “has seen continued growth in revenue week on week”.

Quick facts: InnovaDerma PLC

Price: 60 GBX

Market: LSE
Market Cap: £8.7 m

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