InnovaDerma PLC (LON:IDP) said its Skinny Tan bronzing products would be stocked in Boots as it provided an overview of a successful year operationally.
Available on Boots.com from next February, the range will start appearing on the shelves of 1,250 stores nationwide from March – in time for peak selling season.
Chairman Haris Chaudhry said: “This significant increase in our distribution reach gives us confidence in the further growth of the brand as we continue to innovate and deploy a comprehensive range of product extensions and sub-brands in this new financial year."
Full-year results
The announcement was delivered alongside full-year results, which showed the company delivered a 21% boost to revenue to £10.7mln, which generated £670,000 of profits in the 12 months to June 30.
Heading into the new financial year, investors were told top and bottom line growth would be strong with “significant new retail channels added in the UK and Australia and distributors appointed in multiple regions globally”.
WATCH: InnovaDerma scores 'massive outcome for largest brand'
The company was in a strong position as at the period-end with £1.9mln in the bank and no debt.
It said the performance of its haircare product Roots Double Effect had been “excellent”, delivering £1mln in sales in its first year.
Revenues from the direct to customer operation, the most profitable channel, were up 36%.
Poised for significant growth
Turning to the outlook, InnovaDerma said with supply chain issues now resolved, product availability was excellent, with its stock inventory at levels that will support “significant growth”.
The prospects for its life sciences portfolio remain strong following the recruitment of a large new manufacturer and a significant reduction in costs for Prolong, it added.
“The company is trading in line with expectations post year end and is well positioned for future revenue and profit growth from our stable of strong brands,” said chairman Chaudhry.
InnovaDerma shares were down 8.3% to 154p late on Wednesday trading.
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