Innovaderma (IDP)

Innovaderma IDP Logo

Develops a range of male and female at-home and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation.

8-Nov-2017 – 229p – £32.5m – PER 16

AGM Statement And Operational Update – Quite a bullish update but no financials mentioned. New product (Roots) will go into 521 Superdrug stores from January 2018. The Executive Chairman states that “Growth prospects remain substantial” – Of course they do!

Since floating about a year ago this share has been on a rollercoaster, from 70p to 400 to todays level. I just have no idea how to take this one. It says it wants to replicate the success of Skinny Tan (with the Roots product for example) – I just have to wonder how successful Skinny Tan has really been.

16-Jan-2017 – 264.6p – £38.0m – PER 17.2

Trading Update For The 6 Months To End December 2017 – Revenue up 31% (CC) to £4.2m (H1 FY2016: £3.2m), Skinny Tan in the UK doing well. The Roots™ Double Effect (“Roots”) haircare range, launched in August 2017 is growing in popularity and has performed strongly in the period. Confident of meeting market expectations for the current financial year with much greater revenue visibility for the second half than in prior years.

Good news for Skinny Tan and the new Roots product too – It seems. I am now going to add this to my Watchlist, 220p.

Subsequently revised Watchlist price, 180p.

15-Feb-2018 – 190.6p – £27.4m – PER 12.0

Results For The 6 Months To End December 2017 –  Revenue up 31%, Loss Before Tax of £0.03m due to investment in people and product launches.  Expects Revenue and Profits to grow considerably in H2 and confident of meeting FY market expectations.

Remains on my Watchlist at 180p, always tempted to buy a few of these although it does seem quite speculative – Stockopedia agrees and classes it as “Highly Speculative”.

19-Sep-2018 – 168p – £24.2m – PER 22.7

Final Results For The 12 Months To End June 2018 – Revenue up 21% to £10.7m (FY2017: £8.9m), PBT £0.67m (FY2017: £1.03m) due to one off investments. Net Cash of £1.9m (as at 30 June 2017: £0.21m). Note: Skinny Tan is going into Boots, 1,000+ stores in Q1 2019 (joining Superdrug). Strong growth expected in 2019.

Will keep this on my Watchlist to keep an eye out for updates – Really needs to start improving not just Revenues but PBT and EPS too, but this is perhaps now due.

7-Nov-2018 – 121.5p – £17.6m – PER 13.2

AGM Statement – H2 to be disproportionally higher than in previous years given the phasing of new distribution – UK retail store network grows from circa 800 (FY2017) to circa 2,400.  H1 Revenue to be similar to last year and FY expected to be circa £14m.

Always seems to report decent Revenue increases but PBT and EPS fail to follow – With no mention here, is this still the case? Remains on my Watchlist as I wait to see the fuller picture.

10-Jan-2019 – 94.5p – £13.7m – PER 9.55

Trading Update For The 6 Months To End December 2018 – Revenue down from £4.2m to £3.9m – Expecting great things in H2.

I did previously comment that they always seem to report decent Revenue increases but PBT and EPS fail to follow – With Revenue down, H2 weighting mentioned I am just a little wary (that’s polite), it’s coming off my Watchlist.

21-Feb-2019 – 84.5p – £12.2m – PER 8.1

Interim Results For The 6 Months To End December 2018 – Revenue down 7.48%, LBT up from -£0.03m to -£0.04m. Gross margin is up from 53.2% to 58.3% (driven by stronger retail sales weighting). Second half strong (6 weeks LFL up 37%).

Still cover this as I started when it was worth over £30m. At present I cannot see it getting back there any time soon.

Research Tree Banner