Reduction of InnovaDerma’s pre-tax operating loss for fiscal year 2021; Sees the return to profitability of fiscal year 2022
By Anthony O. Goriainoff
InnovaDerma PLC said on Monday that its pre-tax operating loss for fiscal 2021 was reduced after recording lower costs, and that it expects a return to profitability in fiscal 2022.
The London-listed developer of beauty, personal care and life sciences said that for the fiscal year ended June 30, the pre-tax operating loss was Â£ 1.9million (2.5 million) against a loss of Â£ 5.0million for FY2020.
Turnover fell to Â£ 10.2million from Â£ 13.2million the previous year.
The company said that while it continued to operate as expected and the UK retail momentum had steadily returned to the beauty category to pre-pandemic levels, the rise of the Omicron variant the coronavirus had led retailers across the country to delay a number of orders from December to early 2022.
“The Board of Directors is optimistic that the transformation plan adopted this year, as well as the underlying improvement in consumer consumption compared to last year, will allow the company to return to the profitability this year, âthe company said.
Shares at 09:56 GMT were up 1.50 pence, or 4.8%, to 32.50 pence.
Write to Anthony O. Goriainoff at [email protected]