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Personal care and life sciences products InnovaDerma reported wider first-half losses as the impact of COVID-19 and tighter restrictions imposed in the UK continued to dent sales.
For the half year results for the period ended 31 December 2020, pre-tax losses widened to £1.0 million from £0.3 million year-on-year as revenue declined by 19.0% to £4.1 million.
Both retail and direct-to-consumer sales had been impacted by a 'reduction in beauty category consumption, particularly in the tanning category, due to COVID-19 restrictions,' the company said.
Gross margins declined to 49.9%, a decrease of 1080bps versus prior year, owing to the ongoing Covid-19 impact.
Looking ahead to the remainder of the year, the company continued to tout uncertainty.
'The macroeconomic environment is set to remain uncertain for the remainder of the financial year,' the company said.
'Whilst the Government's reopening road map has been published, and vaccination rates are promising, the exact speed of a return of consumer category consumption, particularly in tanning, will only be known over the coming months as we enter peak tanning season in the UK,' it added.
At 8:37am: (LON:IDP) InnovaDerma Plc share price was 0p at 59p