Skinny tan maker InnovaDerma PLC (LON:IDP) doubled profits and predicted more to come as Boots has added more ranges to its shelves and is planing a major new product launch for the next calendar year.
Wonder Serum, a combination of fake tan and an anti-ageing cream, has been one of the chemist chain’s highest stocked items since launch.
Hair cream Roots, meanwhile, is set for a new social media campaign while a new product launch is set for the second half of the current year.
As for its new product, InnovaDerma remains tight-lipped on the details, but says that it was developed in-house and for a large, global audience in a brand new category.
Kieran Callan, InnovaDerma’s chief executive, is hoping for big things with the launch of what he called a “staple product” which people are buying “all year round, week-in wek-out”, but says the category has suffered from a “significant lack of innovation” in the past.
Callan expects the first production samples in the next month, with trading to begin before the end of next calendar year.
Early signs are promising, with “overwhelmingly positive responses” from retail partners in UK and overseas.
Callan reckons new products will “further diversify the business” as well as push InnovaDerma more into a broad base of international markets, unlike tanning products.
The maker of Skinny tan also hopes that a new relationship with a “very large and very demonstrable capability supplier” in US will propel the growth of Prolong, InnovaDerma’s medical device for premature ejaculation after clearing initial regulatory and manufacturing hurdles.
Shares rose 2% to 78.5p on Tuesday as Innovaderma had already flagged sales in the year to June would rise to £12.9mln and profits hit £1.4mln (£0.7mln).
–Edited to add comment from chief executive