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UK beauty brand developer InnovaDerma reported narrower annual losses as margin improvements offset a fall in revenue.
For the 12 months ended 30 June 2021, pre-tax operating losses were £1.9 million compared with a £5.0 million loss a year earlier, while revenue fell 22.7% to £10.2 million.
Gross margins improved to 56.7% from 45.2% last year.
'The margin improvement has been achieved by selling new products at higher gross margin, strictly controlling our global promotional spending and greater recovery of e-commerce delivery costs,' the company said.
'The new executive management team now have a solid foundation to enable the Group to grow profitably and we remain confident in achieving that in the year ending 30 June 2022.'