Revenues jumped to £655,000 in the six months to the end of June, compared with just £54,000 a year earlier.
Since taking over a year ago, chief executive Gerry Brandon has adapted and improved Integumen’s flagship product, Labskin – a lab-grown skin which cosmetic companies can use to test their latest products in a real-world setting.
Rather than selling one-off skin-testing kits, Integumen now offers a fully-fledged testing platform. As a result, it can now charge significantly more for customers to use its services.
Last year, a customer would sign contracts worth as little as £1,500, but now, Integumen is commanding upwards of £30,000. In one case, it struck a deal worth £210,000.
Among the new clients are a couple of “blue-chip household names”, Integumen said.
Boss has been busy
“We are delighted to see that the major changes made to our strategy are bearing fruit already,” said CEO Brandon.
“In addition to a growing customer base and accelerated high-margin sales, we have taken steps to reduce company indebtedness by eliminating more than £2mln 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 £3mln 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.”
Shares were up 1% to 1.99p in early deals on Monday.
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