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Integumen PLC - AGM Notice and Trading Update

RNS Number : 6472E
Integumen PLC
08 July 2019

AIM share code: SKIN


8 July 2019


Integumen PLC


("Integumen". "Company" or "Group")


YoY H1 continued operation revenues up 890%



Notice of Annual General Meeting ("AGM")


Following the recent publication of Integumen's Annual Report, the Company confirms that a notice of the AGM has been sent to the Company's shareholders today and is available on the Company's website: www.integumen.com.


The meeting will take place at 12:00 noon on Wednesday 31 July 2019 at the First-Floor offices of Jeffreys Henry LLP at Finsgate, 5-7 Cranwood Street, London EC1V 9EE.



Post-H1 2019 Trading Update - Strong Revenue Growth Continues


The positive results of major restructuring in H2 2018 has delivered accelerated growth in product sales and service contract services across the Group into H1 2019 with a continuation of strong growth expected in H2.


Revenues from continued operations grew by 890% to £477,000 (unaudited), and when combined with revenues in the first quarter for RinoCloud, prior to their acquisition, pro forma revenues jumped 1,213% over the same period in 2018 to £655,000 for the Group. As the RinoCloud acquisition concluded on 2 May, only two months of Rinocloud's digital revenues will be accounted for in the Group's H1-2019 interim accounts.


The implemented changes to our strategy have led to an improvement in quality of sales, clients and services provided. We added agreements with two blue chip household names to the three recently announced full skincare product test service contracts. Contract order price ranges have increased from £1,500-£12,000 in H1 2018 to £35,000-£210,000 in the period. 


The transformational RinoCloud acquisition is enabling scale-up of the business as it moves from a physical laboratory to an automated, real-time, digital data platform complementing real-world test environments with physical laboratory grown human skin. We expect full digitisation of our services to be complete in H2 2019.


To support the continued pace of growth seen over the last few months, we have, as previously announced, secured an additional 50% of laboratory space and made two senior management appointments, Paul Ryan as Head of Enterprise sales to increase major client contracts and Colin O'Sullivan as Chief Information Officer to ramp up the IT infrastructure to accommodate the LabskinAI eco-system growth across the US, EU and Asia.



Gerard Brandon - CEO of Integumen plc, comments:


"We are delighted to see that the major changes made to our strategy are bearing fruit already. This rapid growth stems from the hard work of Integumen employees and their willingness to drive change in the business to create not only a sustainable business going forward, but also one at the forefront of AI digital skin testing. In addition to a growing customer base and accelerated high-margin sales, we have taken steps to reduce Company indebtedness by eliminating more than £2m short- and long-term debt, disposing of multiple under-performing assets and completed placing, subscription and warrant exercises that have brought in in excess of £3m in H1 2019. The Board expects that we will continue to see this strong growth in the second half of the year, and we view the future with confidence.





Integumen plc

Gerard Brandon, CEO


+44 (0) 7340 055 643

SPARK Advisory Partners Limited

(Nominated Adviser)


Neil Baldwin/Andrew Emmott

+44 (0) 113 370 8974

Turner Pope Investments (TPI) Limited (Broker)

Andy Thacker

+44 (0) 20 3621 4120


About Integumen:


Integumen is a vertically integrated business, collaborating their Labskin technology platform with partners in artificial intelligence, clinical research, medical device and life science. These collaborators are building their own technology on top of the Labskin AI backbone. Labskin allows skin-care, health-care, pharmaceutical manufacturers and cosmetic companies to test their products on human-like skin in a real-world environment with full access to multiple state-of-the-art partner technologies.


The Company combines data analytics with access to therapeutic operational expertise and offers solutions to our clients, from regulatory approvals, right through to marketing fully tested ingredients that have been certified on our Laboratory grown living human tissue.



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