Trading update: Unaudited Revenues up 366% to £1m
Integumen’s subsidiary Labskin today announces that it has signed a Memorandum of Understanding with Innocare Group. The cooperative alliance has been established to promote innovation and cooperation between research institutions that will assist commercial enterprises in China with routes to regulatory compliance using Labskin and LabskinAI without the need for animal testing for cosmetics and skincare products.
Post-Year-End 2019 Trading Update:
Even with 6 weeks’ delay in opening up the new laboratories in York, the UK, demand for Labskin and LabskinAI services mean that following the end of the financial year, Integumen has achieved the 7-figure turnover number (unaudited) we had anticipated. Unaudited figures show that revenues increased 366% to £1.004m (2018: £0.274m – audited) including £0.178m relating to Rinocloud in the period pre-acquisition on 2 May 2019)
Gerard Brandon, CEO of Integumen, comments:
“Following a very successful year in 2019, Integumen has started 2020 as the “No.#1 Thought Leader on Skin Microbiome and AI”. We have a strong global Top 20 cosmetic and skincare client base and with the signing of this MOU with the Innocare Group, a foothold into the fast-growing Chinese market. Our sales, including recurring revenues, look set to continue strong triple-digit growth as our order book of existing and new clients expands across three continents.”
Charles Xu, President and CEO of Innocare Group, added:
“We are delighted to be collaborating with Labskin and immediately recognise that our combined expertise, technologies and access to R&D in China and Europe will achieve far more and enable faster commercialisation for our respective technologies on both continents.”
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