Integumen narrows losses as Labskin products begin full skin-care test services
Deepverge Plc
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17:30 19/12/23
Life sciences company Integumen narrowed losses in its last trading year thanks to a significant increase in revenues.
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Integumen saw its sales soar by 111% in 2018 to reach £502,000 as its Labskin products moved from test kit sales to full skin-care product test services, helping the group cut its full-year EBITDA losses by 12% to £1.25m.
The AIM-listed firm's narrowed losses were also the result of cost savings achieved under its new management, including the removal of £1.19m in current and future liabilities after disposing of TSPro.
The company also revealed on Tuesday that chairman Tony Richardson would be replaced by non-executive director Ross Andrews, with immediate effect.
Chief executive Gerard Brandon said: "It is with regret that the board has accepted the resignation of Tony Richardson as chairman and director of the company.
"As chairman of Integumen, he was instrumental in securing funding and recently oversaw management changes that has moved Integumen into the clinical trials sector."
Looking forward, Brandon said: "Integumen continues its strong momentum well into 2019. With a more focused business, and in line with our strategy, we have now been able to demonstrate our ability to grow, both organically and through the successful post-year-end transactions."
As of 1105 BST, Integumen shares had slumped 4.63% to 1.80p.