Integumen PLC’s revenues soared by over 1,000% within the first half of the year as blue-chip customers proceed to sign up for its cosmetics testing services.
Revenues jumped to £655,000 within the six months to the top of June, in contrast with merely £54,000 a year earlier.
Since taking on a year ago, chief executive Gerry Brandon has tailored and improved Integumen’s flagship product, Labskin – a lab-grown skin which beauty firms can use to check their newest merchandise in a real-world setting.
Relatively than promoting one-off skin-testing kits, Integumen now affords a totally-fledged testing platform. In consequence, it could soon cost considerably extra for customers to make use of its services.
Last year, a customer would sign contracts worth as little as £1,500, however now, Integumen is commanding upwards of £30,000. In a single case, it struck a deal value £210,000.
Among the many new clients are a few “blue-chip household names,” Integumen stated.
“We’re delighted to see that the major modifications made to our strategy are bearing fruit already,” stated CEO Brandon.
“Along with a growing buyer base and accelerated excessive-margin sales, we have now taken steps to cut back firm indebtedness by eliminating greater than £2mln short- and lengthy-term debt, disposing of several beneath-performing belongings and accomplished inserting, subscription and warrant workouts which have introduced in extra of £3mln in H1 2019.
“The board expects that we’ll proceed to see this sturdy development within the second half of the year, and we view the long run with confidence.”
Shares had been up 1% to 1.99p in early deals on Monday.