24 Oct 2016 07:00
InnovaDerma PLC ("InnovaDerma", the "Company" or the "Group")
Operational Update & Notice of Presentation Published on Website
InnovaDerma, a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, is pleased to provide an operational update, and to announce that its corporate presentation is available for viewing within the Investor Relations section of the Company's website: http://www.innovaderma.com/investor-relations/
Production move to the UK
The Company has been supplying the worldwide markets with its products from an Australian based manufacturer since inception. As a result of its ongoing expansion plans in the UK and Europe, and in addition to the success of Skinny Tan in Superdrug's stores nationwide, the Board is pleased to announce that it will be moving a significant part of its production to the UK, from Australia.
Prestige Personal Care Ltd (HMC Health & Beauty), a leading skincare and haircare manufacturer, has been appointed to undertake production of InnovaDerma's products, which will initially be distributed to the UK market but with plans to extend this to other global markets. Production in the UK is expected to begin in December 2016.
The production move to the UK will significantly improve the Company's supply chain to its most important growth markets and key customers. The Board expects a notable improvement in the operating margins of the business as a result of lower freight and logistics costs and minimized currency exchange exposure. The cost benefits are expected to positively impact the Company's financial performance from the second half of the financial year 2017.
Haris Chaudhry, Executive Chairman said:
"Our strategic decision to move part of our production to the UK was driven by two things: the importance InnovaDerma places on this market, and the savings to be found, principally in the areas of manufacturing and logistics. The subsequent depreciation in the pound sterling has made the UK an even more competitive place from which to do business, and more attractive to investors, which lends further weight to the Board's decision to grow both in this market and elsewhere in Europe."
Further enquiries:
InnovaDerma Haris Chaudhry/Joe Bayer
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+61 (0)3 9111 0071 |
Sole broker Hybridan LLP Claire Noyce
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+44 (0)203 764 2341 |
Cardew Group Shan Shan Willenbrock David Roach Emma Ruttle |
+ 44 (0)20 7930 0777 |
About InnovaDerma:
InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in hair loss, anti-ageing and beauty sectors. InnovaDerma has presence in the United Kingdom, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.
www.innovaderma.com