UK tanning market is now returning to pre-Covid levels of consumer consumption, according InnovaDerma PLC (LSE:IDP), which in today’s final results for the twelve months ended June 30 reaffirmed it continues to trade in line with expectations.
InnovaDerma noted that it expects to return to profitability in the year ending 30 June 2022.
The results come as the beauty brand developer continues to see traction behind its Skinny Tan products.
“We have made the transformational interventions needed to improve the financial and structural foundations of the Group and deliver our goal of sustainable and profitable growth,” said chief executive Blake Hughes. “The actions have and continue to take place, and it is satisfying to see our strategy already delivering, whether through increased margins or through improved customer ratings, with Skinny Tan now rated 5 stars by more than 3 out of every 4 visitors.
“It is testament to the hard work of our employees that we progress through the pandemic in better shape than when we entered it, and I would like to take this opportunity to thank them all for their efforts.”
Hughes added: “We are wholly focused on driving sustainable and profitable growth, concentrating our resources on areas which will allow us to significantly grow shareholder value.
“It has been a challenging period for the group however I strongly believe we have resolved the underlying issues that the group faced and that we are well positioned for future profitable growth."
Financial results for the twelve months ended June 30 saw revenue reported at £10.2mln, compared to £13.2mln in the prior year, while gross profit was marked at £5.8mln. It ended June with £2.3mln of cash and equivalents.