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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Innovaderma Plc | LSE:IDP | London | Ordinary Share | GB00BT9PTW34 | ORD EUR0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 29.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMIDP
RNS Number : 6711Q
InnovaDerma PLC
21 February 2019
Hot Features
Premium
InnovaDerma PLC
("InnovaDerma", the "Company" or the "Group")
Half Year Results for the six months ended 31 December 2018
InnovaDerma (LSE: IDP), a UK developer of beauty, personal care
and life science products, is pleased to announce its unaudited
half year results for the period ended 31 December 2018.
The Company continues to progress its strategy of bringing to market
new product development, across multiple categories, which it believes
will anchor the future earnings of the business. With numerous market
activities and significant growth in the UK retail footprint, the
Board remains confident of a strong second half.
Financial Highlights
-- A modest decline in revenue of 7.48% to GBP3.9m (HY2017:
GBP4.2m) as the Company responded to changes in Facebook's
advertising algorithm impacting DTC sales
-- UK high street retail performed strongly with a 60% increase
on the same period last year
-- Loss before tax of GBP0.4m (HY2017: GBP0.03m) driven by
higher on-line marketing costs, as a result of social media
developments and significant customer engagement and product
development costs in readiness for product launches in H2
-- Gross margin up significantly to 58.3% (HY2017: 53.2%) driven
by stronger retail sales weighting
Operational Highlights
-- Skinny Tan revenue grew by 15.1% in the high street retail
channel compared to the previous year but the DTC channel
reduced by 21.4%. These issues have now been addressed and
post period end we have seen significant pick up in revenue
from the channel.
-- The Roots Double Effect brand ("Roots") launched in August
2017 recorded an impressive 252% in revenue growth over
the same period last year
-- Charles + Lee revenue grew by 66.9% from a modest base against
the same period last year
-- Significant product development has been undertaken in all
three key brands to support upcoming launch initiatives
in the UK retail channel along with a focus on creating
stronger customer engagement
Post-Period End and Outlook
-- A positive start to the second half with overall group sales
for the comparable six-week period up 37%
-- As a result of significant work to improve engagement and
selling effectiveness, DTC recorded a 34% increase in revenue
for the first six weeks in the second half compared to the
same period last year
-- Planning for the Boots rollout continues as expected, with
store relays being agreed and timing confirmed for launch
in March
-- Superdrug continues to engage in new product launch initiatives
post the exclusivity agreement
-- Prolong is making good progress and is expected to be launched
in the UK and Europe in the coming months, once regulatory
approvals are finalised
-- GrowLase, a wearable FDA-cleared helmet to aid hair generation
and reduce hair loss to be launched online, through retail
channels and TV Home Shopping networks
-- New product extensions for Roots will be launched this half
year to maximise its growing popularity
Haris Chaudhry, Executive Chairman of InnovaDerma, said:
"We have overseen a period of significant adjustment to our DTC
platform brought about by the changes within the social media platforms
we advertise on. Having addressed those underlying factors, we have
seen a quick response with a resulting increase in DTC revenues
of 34% against the similar period last year. Our revised engagement
strategy is delivering a marked improvement and we are therefore
confident that the second half of the year will be disproportionally
higher than in previous years. This view is also underpinned by
Skinny Tan which will be on shelves in 1,305 Boots stores from mid-March
to capitalise on the peak selling season. Together with Superdrug,
our core brand will now be available in more than 2,000 stores in
the UK. Roots is performing very well and will benefit from new
product development in the second half of the year. We are making
excellent progress across the business and we are confident for
the future."
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014
Enquiries:
Further enquiries: InnovaDerma
Haris Chaudhry/Joe Bayer +61 (0)3 9863 8030
finnCap Ltd
Geoff Nash/Kate Bannatyne +44 (0)207 220 0500
Alice Lane - Corporate Broking www.finncap.com
----------------------
TB Cardew
Shan Willenbrock/Tom Allison
Joe McGregor + 44 (0)20 7930 0777
----------------------
About InnovaDerma:
InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture
and marketing of clinically proven products in life sciences, beauty
and personal care products. InnovaDerma has presence in Europe,
US, Australasia, Asia and Africa.
www.innovaderma.com
Executive Chairman's Statement
Introduction
I am pleased to report another half year of progress for InnovaDerma,
one which has seen significant new product development, product
launches and entry into major new retail chains including Boots
and Tesco.
Group revenues for the period declined marginally by 7%, primarily
driven by the changes within Facebook's advertising algorithm which
affected the DTC revenue during the period. The Company incurred
a loss before tax of GBP0.42m (HY2017: GBP0.03m) as a result of
reduced DTC sales and increased on-line marketing costs. Our flagship
brand Skinny Tan continues to benefit from new product development
and is expected to more than double its retail footprint this year,
underpinning future growth. Roots, our in-house developed premium-haircare
range which was launched in August 2017, performed strongly delivering
revenue growth of 252% against the comparable half year. The brand
is being expanded and new product lines will be introduced in the
second half.
Charles & Lee delivered a 67% revenue growth on the same period
last year and we are focused on new product development and expanding
its retail footprint in the growing men's grooming and skincare
market. Prolong has performed strongly and is making excellent progress.
This, together with the launch of GrowLase, will augment the revenue
of our Life Science division and the overall Group.
Our retail distribution will increase significantly this year and
combined with the new DTC strategy and continued expansion across
all brands through the introduction of exciting new product lines,
we expect to deliver significant revenue growth for the financial
year
Self-tanning
The Skinny Tan brand has continued to grow steadily in the UK high
street retail channel with revenue increasing by 15% compared to
the same period last year. The revenue growth was predominantly
driven by Superdrug despite the cessation of the exclusive selling
arrangement. The DTC channel conversely has seen sales soften driven
by changes in the Facebook algorithm as detailed in the January
trading update. This had the dual impact of diluting the impact
of marketing activity and increasing the average acquisition cost
of each sale. Despite this challenge, the online customer community
has continued to grow which is now well in excess of 400,000 consumers.
We implemented a new DTC strategy which encompasses complimentary
channels such as Instagram, Google, Ad Roll and Taboola to provide
us with depth and breadth of consumer engagement. The marked improvement
in trading in recent weeks provides us with confidence that the
strategy is effective and can be capitalised on.
Skinny Tan has already commenced selling in Boots Online and will
appear instore from mid-March. The brand is due to be in 1,305 of
Boots' stores and the launch is being backed by a comprehensive
digital media, PR, merchandising and promotional program. This will
be reinforced with a new, innovative and exclusive product which
will add value to the brand and the category.
Superdrug has allocated 20% more shelving space to the tanning category
for this season and Skinny Tan is looking to capitalise on this
with an upweighted promotional program, special packs and the launch
of an additional exclusive SKU.
New product development and innovation remains key to ensuring the
Skinny Tan brand remains relevant and in pursuance of this, the
Company has launched Protect & Glow, a range of sunscreens which
provide a light bronzing effect in addition to sun protection. This
is currently exclusive to our DTC channel and has received a strong
positive response from our customer base. This is typical for the
Skinny Tan model; we create awareness and demand in our DTC channel,
then seek retail distribution to capitalise on the consumer interest.
We will continue to make the brand relevant in the broader beauty
category by delivering to a much larger target market with far less
seasonality.
The international distribution of Skinny Tan continues to develop
and we are in discussions with international retailers through our
distributors in Canada. Although the self-tanning market is smaller
in Europe than the UK, Skinny Tan has listings in significant retailers
in Germany (Douglas) and France (Sephora). In South Africa, Skinny
Tan has won 'Best Self Tanner' in the prestigious Women & Home magazine
awards. The Company has also been working with the UK Department
of International Trade to identify a strong distribution partner
for the retail channel in the US market. A number of highly credentialed
candidates have been identified and we expect to move into detailed
commercial negotiations over the coming months.
Haircare
Roots has provided the Company with a premium brand within a very
large category with global applicability. Product sales of GBP0.65m
was up from GBP0.19m for the comparable period. This has been driven
by the development of a strong retail footprint in Boots, Superdrug
and Tesco.
Roots strengthened its retail position in the first half of this
financial year with ranging in Tesco and completed the roll out
of its first wave of new product development. This has now been
established and the next set of new products are in the process
of rolling out to meet the needs of specific hair types and consumers
using hair colourants. This comprises the Curls shampoo and conditioner
for the management of curly and wavy hair and Platinum shampoo and
conditioner for bleached and light blond hair colours. The Company
has already developed additional products to meet the needs of other
hair types and colours to ensure it has a strong pipeline of innovation
to bring to market.
In international markets, we are in discussion with a number of
e-tailers for the US market and our Canadian distributor has secured
ranging opportunities with major retailers. We are however, in the
process of working through the commercial implications of high listing
fees in the Canadian market.
Our Korean distributor is in negotiations to secure a launch on
a major TV shopping channel. This route to market is very significant
in Korea and has the potential to generate strong demand.
The new distributor for the Indian market is preparing for launch
and we anticipate they will place opening orders later in the year
Cosmetic and Skincare
Charles + Lee has shown significant growth driven by new ranging
and a highly successful Christmas gift pack promotion. The brand's
revenue grew by 67% compared to the previous year and feedback from
consumers has been very positive. We continue to develop the brand
and focus on new product development.
The Company has focused on the Australian market in the first instance
and in Myer stores (Australia's largest department store chain).
This strategy has proven to be effective and Charles + Lee sold
out of the gift pack promotion well before Christmas. This has been
followed up with repeat orders to replenish their fixtures indicating
the brand is clearly building a loyal following. Charles + Lee will
shortly be on shelves in Australia's largest beauty retailer Priceline
in addition to Terry White Chemmart, a retail chain in Australia,
giving the brand exposure to more than 400 stores in total. The
brand launched in New Zealand before Christmas in 80 stores and
performed well over the festive season.
Our Indian distributor is enthusiastic about the prospects for the
brand in the rapidly growing Indian market and we expect to launch
the brand in India in this half year. In addition, initial discussions
are being held with UK retailers on the back of its success in Australia.
The Company has decided to continue to defer Stevie K Cosmetics'
launch on DTC and retail until we are confident that a successful
launch can be monetised and generate a suitable return on investment.
Life Sciences
Prolong, the world's only FDA-cleared medical device for premature
ejaculation, was launched in the United States and Australia in
May 2018. The launch was supported by a highly creative marketing
campaign however the campaign was halted in July 18 owing to a switch
defect in the initial manufactured inventory. This has now been
resolved with a new manufacturer onboard and the Company has recommenced
the marketing campaign.
The relevant regulatory approvals for Prolong are being finalised
and once received, we expect to launch the device in UK and Europe
this year. In addition, the Company expects to have the regulatory
clearances necessary to sell the products in India and China this
calendar year.
We are in discussions with various distributors to launch GrowLase
(Headmaster), a wearable FDA-cleared helmet to aid hair generation
and reduce hair loss. The Company is seeking to launch the product
online, through retail channels and TV Home Shopping networks. It
is expected that these initiatives will serve as the bedrock to
layer up multiple new revenue channels as it gradually expands the
geographical footprint for these devices into new markets globally.
Post-Period End and Outlook
The Company is executing on all its major planned initiatives and
focussed on quality and consistency of delivery. Current trading
is in line with expectations with our 1(st) six weeks trading 36%
ahead of the same period last year. Our key brands are continuing
to enjoy organic growth and a strong pipeline of new products to
deliver additional opportunities.
The Company has initiated a New Product Development process to help
identify new categories in which it believes it can compete and
add value. Four sectors have been identified as having potential
and initial discussions with key retailers have produced enthusiastic
responses to partner with us. The gestation period is necessarily
elongated but we are committed to continuing to be a brand incubator
driven by innovation.
We have an exciting and innovative life sciences portfolio which
is in early stages of revenue generation but we expect it to make
a positive contribution to the Group's performance this year.
In summary, the outlook for the Company is underpinned by commercial
opportunities already secured and deep and strong relationships
with its domestic retail partners and international distributors.
This provides confidence in the short to medium term but also the
longer term as we continue to deploy new product development within
existing brands but also for new brands and categories currently
in development. We anticipate a strong trading performance in the
next four months as we get access to approximately 2,000 stores
from mid-March - three times larger than last year. In addition,
we have the benefit of a revitalised DTC platform and strong growth
from Roots and Charles + Lee. We look forward to a record second
half.
Haris Chaudhry
Executive Chairman
Finance Director's Review
Overview
The Group has reported a marginal decline in revenues due to changes
in the DTC selling environment which impacted Skinny Tan in the
UK. This was offset by Skinny Tan and Roots in retail which have
performed well in the UK high street markets, despite an overall
challenging retail environment. Group revenues declined 7.4% % to
GBP3.9m (HY2017: GBP4.2m). The Company generated a loss before tax
of GBP0.42m (HY2017: GBP0.03m).
Operating Results
Group gross margins were much improved over the period at 58.3%
(HY2017: 53.3%) with the benefits of a larger retail network and
diversity in product offerings. No major product launches took place
in the period which has helped contribute to a more consistent product
and margin mix amongst the brands.
Overall marketing expenditure was GBP1.1m, a significant increase
to the previous period (FY2017: GBP0.7m). Significant investment
was made on various social media platforms to drive sales whilst
the change in sales generating algorithms by providers were altered
to the detriment of the supplier. This resulted in higher marketing
expense ratio to sales. Specific and identifiable expenditure was
incurred on developing our on-line customer list, which grew by
in excess of 10%. In line with the policy of recognising this asset
and as in our full year 2018 accounts, the expenditure relating
to the growth of our customer list was recognised as an intangible
asset. This focused investment has driven the growth in DTC activity
over the year and is an integral platform for future growth.
The Company incurred further expenditure on product development
initiatives which will support sales in H2 with Boots and Superdrug.
This was expensed during the period.
The Group has controlled wage and salary costs whilst ensuring organisational
capability is enhanced. Administration expenses increased on the
previous year primarily due to a slightly higher depreciation charge,
higher merchant service charges and establishing the Australian
Melbourne office whist in the process of closing the Sydney Office.
Taxation
The Group has used the reported results to estimate the tax expense
which has been reflected in the Consolidated Statement of Profit
and Loss. The Group carries a Deferred Tax asset which has been
calculated to reflect movements in the income tax expense.
Cash and net debt
The Group carried a cash balance of GBP0.7m at the end of the reported
period as against an opening balance as at the 1 July 2018 of GBP1.9m.
Funds have been deployed in the continued building of the customer
list and on-line marketing spend. The Company also acquired a further
1% of the Skinny Tan subsidiary from the founder during the period.
The Company expects a profitable and cash generative second half
with discussions already underway with a major financial institution
to provide global banking services and financing should funds be
required to support incremental growth opportunities.
The Group carries no external debt.
Dividends
The Board has elected not to declare a dividend at this time.
Responsibility statement
The names and functions of the Directors of the Company are as follows:
Haris Chaudhry Executive Chairman
Joseph Bayer Executive Director
Kieran Callan Chief Executive Officer
Rodney Turner Non-executive Director
Ross Andrews Non-executive Director
The Board confirms that to the best of its knowledge the condensed
set of financial statements gives a true and fair view of the assets
and liabilities, financial position and profit of the Group and
has been prepared in accordance with IAS 34 'Interim Financial Reporting',
as adopted by the European Union and that the interim management
report includes a fair review of the information required by the
Disclosure and Transparency Rules as issued by the Financial Conduct
Authority, namely:
-- DTR 4.2.7: An indication of important events that have occurred
during the first six months of the financial year, and their impact
on the condensed set of financial statements, and a description
of the principal risks and uncertainties for the remaining six months
of the financial year.
-- DTR 4.2.8: Details of related party transactions that have taken
place in the first six months of the current financial year and
that have materially affected the financial position or performance
of the enterprise during that period. Together with any changes
in the related parties' transactions described in the last annual
report that could have a material effect on the enterprise in the
first six months of the current financial year.
By order of the Board
Joe Bayer
Executive / Finance Director 20(th) February 2019
Principal risks and uncertainties
Risks
The Board regularly monitors exposure to key risks, such as those
related to manufacturing of the product, cash position and competitive
position relating to sales. It has also taken account of the economic
situation over the past 12 months, and the impact that has had on
costs and consumer purchases. In addition, with the uncertainty
surrounding Brexit, the company has maintained a close brief on
developments. The management believes that any impact on the company
of Brexit is limited due to the small revenue base in Europe and
manufacturing domiciled in the UK.
The principal risks the Company faces relate to a) the regulatory
requirements in each country to which it exports and b) cash flow.
If those regulations change, the Company will need to quickly adapt
its strategy to ensure compliance and facilitate continuing sales.
At this stage, because our key markets of Australia, US and the
UK operate very stringent policies on all products, the Company
does not view this as very likely to occur but have nonetheless
recognized the potential risk.
Cashflow is another principal risk as, while the Company is in its
growth phase, working capital is under demand to fund the purchase
and manufacture of stock in concert with trading terms to retail
buyers. The Group has alleviated this risk with recent capital raisings
and stands well prepared to meet the requirements of its growth
plans.
Capital structure
As at the 31 December 2018, the ordinary share capital of InnovaDerma
PLC consisted of 14,496,633 shares, with a nominal value of EUR0.10
each. During the reported period the Group acquired a holding of
1% of the shares of its subsidiary Skinny Tan Pty Ltd from a founding
shareholder. This takes the holding in that entity from 93% to 94%.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE 6 MONTHS YEARED 31(st) DECEMBER 2018 - Unaudited
Half Year ended Half Year ended
31 December 2018 31 December 2017
Note GBP GBP
Revenue 3,856,047 4,167,845
Cost of sales (1,621,423) (1,949,103)
------------------ ------------------
Gross profit 2,234,624 2,218,743
Other Income 13,979 26,308
Marketing expenses (1,093,309) (722,220)
Listing expenses (58,927) (33,136)
Wages & salaries expenses (794,195) (837,582)
Administrative expenses (724,483) (684,482)
------------------ ------------------
Profit before tax (422,311) (32,369)
Income Tax expense 112,030 0
------------------ ------------------
Net profit for the period (310,281) (32,369)
Other comprehensive
income (591) 7,883
Total comprehensive income for
the period (310,872)
------------------ ------------------
Attributable to:
Owners of the parent (317,508) (62,336)
Non-controlling interests 6,636 37,851
Basic & diluted profit/(loss) 2 (GBP0.02) GBP0.00
per share
Earnings per share
Note 31 Dec 18 31 Dec 17 30 Jun18
Basic 2 (GBP0.02) GBP0.00 GBP0.03
----- ---------- ---------- ---------
Diluted 2 (GBP0.02) GBP0.00 GBP0.03
----- ---------- ---------- ---------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018 - Unaudited
As at As at 30
31 December June
2018 2018
GBP GBP
Current assets
Cash and cash equivalents 702,034 1,906,215
Trade and other receivables 1,644,514 1,918,982
Inventory 2,844,784 2,873,533
Prepayment and other
assets 306,171 180,139
------------- -----------
Total current assets 5,497,503 6,878,868
Non-current assets
Property, Plant and Equipment 25,820 45,197
Intangible assets 6,139,044 5,694,469
Other assets 16,118 30,368
Deferred tax asset 162,458 158,583
------------- -----------
Total non-current assets 6,343,439 5,928,617
------------- -----------
Total assets 11,840,942 12,807,485
------------- -----------
Current liabilities
Trade and other payables 1,842,479 2,309,132
Current tax payable 529,950 638,778
------------- -----------
Total current liabilities 2,372,428 2,947,910
Non-current liabilities
Borrowings -(1,215) 12,627
Deferred tax liability (39) 3,560
-----------
Total non-current liabilities -(1,254) 16,187
------------- -----------
Total liabilities 2,371,175 2,964,097
------------- -----------
Net assets 9,469,768 9,843,388
============= ===========
Equity
Share Capital 1,738,281 1,727,771
Share premium 8,290,415 8,219,525
Merger reserve (721,132) (721,132)
Warrant Reserve 0 132,000
Foreign Exchange reserve (135,753) (157,099)
Non-controlling interest 207,606 234,465
Retained Profit/Accumulated
Losses) 90,350 407,858
------------- -----------
Total equity and reserves 9,469,768 9,843,388
============= ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 December 2018 - Unaudited
----------- ------------ ------------------ ----------------- ---------- ------
Ordinary Share Merger Warrant Foreign Accumulated Non-controlling Total
Share Premium Reserve Reserve Exchange Earnings/ interests Equity
Capital Reserve (Losses)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
GBP GBP GBP GBP GBP GBP GBP
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Balance as at
30 June 2018 1,727,771 8,219,525 (721,132) 132,000 (157,099) 407,858 234,465 9,843,388
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Comprehensive
income
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Profit for the
period - - - - (316,917) 6,636 (310,281)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Other
comprehensive
income - - - - (591) - - (591)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Total
comprehensive
income for
the
year - - - - (591) (316,917) 6,636 (310,872)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Transactions
with owners,
in their
capacity
as owners
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Shares issued 10,511 121,489 - - - - - 132,000
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Foreign
exchange
differences
on
translation
of
foreign
denominated
subsidiaries -64 - - 21,937 515 - 22,388
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Increase
holding
in Skinny Tan
AU - - - - (1,106) (33,495) (34,601)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Cost of shares
issued (50,535) (50,535)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Cost of share
warrant - (132,000) - - - (132,000)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Total
transactions
with owners,
in their
capacity
as owners 10,511 70,890 0 (132,000) 21,937 (591) (33,495) (62,748)
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
Balance at 31
December 2018 1,738,282 8,290,415 (721,132) 0 (135,753) 90,350 207,606, 9,469,768
---------- ---------- ------------ ------------ ------------ ------------ ---------------- ----------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 July 2018 TO 31 December 2018- Unaudited
Half Year Half Year
ended 30 ended 30
December December
2018 2017
GBP GBP
Cash flows from operating activities
Receipts from customers 4,130,514 5,044,414
Payments to suppliers and employees (4,780,667) (6,863,517)
Taxes Paid (116,302) (213,785)
Net cash used by operating activities (766,455) (2,032,888)
------------ ------------
Cash flows from investing activities
Purchase of property, plant and equipment (22,811) (11,509)
Payments for product development 0 (51,814)
Payments for Intangibles (444,575) 0
Net cash paid on acquisition of subsidiaries (73,173) (105,878)
Net cash used by investment activities (540,558) (169,201)
------------ ------------
Cash flows from financing activities
Proceeds from issue of shares 132,000 4,454,860
Repayments of borrowings 0 (61,178)
Payments for convertible notes 0 0
Transaction costs for shares issued (50,535) (518,254)
Net cash from financing activities 81,465 3,875,428
------------ ------------
Increase in cash and cash equivalents (1,225,548) 1,673,339
Cash and cash equivalents at the beginning
of the period 1,906,215 1,906,215
Effect of movement in foreign exchange rates 21,367 168,439
Cash and cash equivalents at the end of
the period 702,034 3,747,992
------------ ------------
Notes to the unaudited interim financial report
1. Basis of preparation
The interim financial statements for the six months ended 31 December 2017 and 31 December 2018 and for the twelve months ended 30 June 2018 do not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006. The Annual Report and Financial Statements for the year ended 30 June 2018 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for the year ended 30 June 2018 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006. The 31 December 2018 statements were approved by the Board of Directors on 20(th) February 2019. This unaudited interim report has not been audited or reviewed by auditors pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information.
The condensed financial statements in this Interim Report have been prepared in accordance with the requirements of IAS 34 'Interim Financial Reporting' as adopted by the European Union.
As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the condensed set of financial statements has been prepared by applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 30(th) June 2018, which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
The condensed interim financial statements for the six months ended 31 December 2018 and the comparative figures for the six months ended 31 December 2017 are unaudited. The figures for the year ended 30 June 2018 have been extracted from the Annual Report on which the Auditors issued an unqualified audit report and which have been filed with the Registrar of Companies.
2. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Six months ended Year ended
31 December 30 June
2018 (Unaudited) 2017 2018 (Audited)
(Unaudited)
---- ----------------- ------------- ---------------
GBP000 GBP000 GBP000
---- ----------------- ------------- ---------------
Earnings
---- ----------------- ------------- ---------------
Net profit from continuing operations
before tax attributable to the
equity holders of the parent
company (317) (62) 291
----------------- ------------- ---------------
3. Related party transactions
Name Transaction Amount received from/ Amount due from/(to)
(paid to) for the as at 31 as at 30
Half Year ended December December June
2018 2017 2018 2018
GBP GBP GBP GBP
-------------------- ----------------- ---------------- --------------- ----------- -----------------
Zaymar Investments
Pty Ltd Loan payable(1) (13,186) (90,511) 0 (13,186)
Mr Haris Chaudhry Loan payable(1) 0 403 1,552 1,552
-------------------- ----------------- ---------------- --------------- ----------- ---------------
(1) These loans are interest free and unsecured.
Nature of related parties
Zaymar Investments is a related party of Mr Haris Chaudhry, the Executive Chairman.
This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and operating margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to InnovaDerma as of the date of the statement. All written or oral forward-looking statements attributable to InnovaDerma are qualified by this caution. InnovaDerma does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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February 21, 2019 02:00 ET (07:00 GMT)
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