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SkinBioTherapeutics PLC on Monday said trading for its latest financial year was ‘better than expected’ following increased AxisBiotix-Ps revenue and the acquisition of Dermatonics. SkinBio is a skin health-focused life science company based in Newcastle, England. SkinBio reported a total annual revenue of £1.2 million in the financial year ended June 30, up from £132,057 a year before. Overall, SkinBio made a net loss of £2.9 million, widened slightly from £2.8 million. AxisBiotix-Ps annual revenue rose by 88% to £248,000 from £132,000 a year before. This was attributed to increased subscriber numbers and launch into new territories. Additionally, SkinBio acquired Dermatonics back in January. The firm noted that it has since commenced a ‘significant’ marketing and distribution deal with the Umesh Modi Group across Asia, the Middle East, and Africa. Chief Executive Officer Stuart Ashman commented: ‘We are now seeing the early signs of the transformation we were expecting through both organic growth and our acquisition strategy. Dermatonics is already demonstrating its worth, with revenues which are exceeding our original expectations and signing value-creating deals with international partners such as the Umesh Modi Group. We are very pleased with its progress and seeing how we can use this commercial platform for our own home-grown products such as AxisBiotix-Ps which is growing steadily, and our future products, such as the Acne product, which reported such positive data recently’. Results for the financial year are expected to be released in November or December. SkinBio shares were up 10% to 13.64 pence per share in London on Monday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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