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InnovaDerma expects performance to be second-half weighted amid virus impact
StockMarketWire.com
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Beauty, personal care and life sciences products maker InnovaDerma warned it expected performance to be weighted toward the second half after forecasting a fall in first-half revenue owing to the impact of government-imposed lockdown restrictions.
The company said it expected revenue and earnings before interest, taxes, depreciation and amortisation, or EBITDA, to be strongly weighted to the second half of the year.
For the six months ended 31 December 2020, revenue was expected to fall to about £4.1 million from £5.1 million year-on-year.
UK sales declined by 32% to £2.9 million, while sales in the US and Australia were up 17% and 52%, led by Skinny Tan.
Both retail and direct-to-consumer sales had been impacted by a 'reduction in beauty category consumption, particularly in the tanning category, due to Covid-19,' the company said.
Skinny Tan sales declined across both retail and DTC to £3.4 million from £4.4 million.
'We expect the tanning category consumption to significantly improve as Covid-19 restrictions ease, and moreover as we enter the peak tanning season from April to June,' it added.
The company said it would be exploring options to strengthen the balance sheet to ensure it was in a strong position to benefit from the growth opportunities anticipated once restrictions begin to ease.
At 8:01am: (LON:IDP) InnovaDerma Plc share price was 0p at 59p
Story provided by StockMarketWire.com
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