InnovaDerma (LON:IDP) shares sunk over 3 percent on Thursday morning, despite the release of strong first half figures.
Revenue rose 31 percent during the first six months of the financial year to £4.2 million, up from £3.2 million a year ago. Gross profit increased by 20.6 percent to £2.22 million, with the company attributing the increase to growth in both the direct to consumer and retail channels.
The company also said in its statement that it is looking to expand further into Europe and the US, and that it expects profits to grow considerably over the next half of the year.
Executive chairman Haris Chaudhry said: ‘With good momentum behind the key brands and significant orders expected, the Board remains confident in meeting market expectations for this financial year.’
‘I am pleased with the initiatives that we have taken to progress further our core brand Skinny Tan from self-tanning into a beauty brand and in the very successful launch of Roots, both of which are expected to deliver marked improvement in revenues during this half year.’
‘We are confident in our immediate and long-term prospects and of emerging as a fast-growing international business with a diverse portfolio in the beauty, life sciences and personal care space.’
Despite the strong report InnovaDerma (LON:IDP) shares are currently trading down 3.59 percent at 188.00 (0859GMT).
