InnovaDerma revenues up 125.5%

InnovaDerma, a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, saw group revenue grow by 125.5% to to £3.187m in the six months to the end of December.

The group said this was driven by the successful penetration of the UK market through Superdrug and direct to consumer sales.

Gross profit increased by 131% to £1.837m.

The group posts a pre-tax loss of £0.154m (HY2015: £0.004m) as a result of one-off exceptional listing costs and strategic initiatives to expand and scale the business.

Executive chairman Haris Chaudhry said: "The Board undertook a number of strategic actions to ensure the business has a strong platform for significant growth in 2017 and beyond and these initiatives have already begun to bear fruit.

"Our fast growing product portfolio, vastly improved supply chain, improving margins with the relocation of manufacturing to the UK, and recent addition of highly talented and experienced senior management team for key markets, are expected to deliver measurable, sustainable and marked improvements across the business.

"I am pleased with the sound structural changes made in the first half which has contributed to a strong start to the second half.

"We are confident in our immediate and long term prospects and of emerging as a fast-growing international business with a diverse portfolio in the beauty, cosmetics and personal care space."