Report and Accounts, and Provision Update

RNS Number : 6937K

SkinBioTherapeutics PLC

23 December 2022

 

SkinBioTherapeutics plc

("SkinBioTherapeutics" or the "Company")

Annual Report and Accounts

Amendment to provisions and update to Operating Loss

23 December 2022 -  SkinBioTherapeutics plc (AIM: SBTX or the "Company"), a life science company focused on skin health, announces that a copy of its Annual Report and Financial Statements for the year ended 30 June 2022, is now available from the Company's website https://www.skinbiotherapeutics.com/investor-relations/financial-reports .  Hard copies of the 2022 Annual Report and Financial Statements have also been posted to shareholders.

During the finalisation of the FY 2022 Annual Report & Accounts, the Group became aware of an adjustment to inventories which impacts the Group's financial results for the year ending 30th June 2022. A provision of £266k has been made to restate inventories to net realisable value, and as a result the operating loss has increased from £2,716k (as per the unaudited full year results of 15 December 2022) to £2,982k. This has no impact on the Group's year end net cash position of £1.8 million, as announced.

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 For more information, please contact:

SkinBioTherapeutics plc Stuart J . Ashman, CEO Manprit Randhawa, CFO	Tel: [phone]
Cenkos Securities Plc (Nominated Adviser & Broker) Giles Balleny, Max Gould (Corporate Finance) Dale Bellis, Tamar Cranford-Smith (Sales)	Tel: [phone]
Instinctif Partners (financial press) Melanie Toyne-Sewell / Tim Field	Tel: [phone] SkinBioTherapeutics @instinctif.com
REX Retail	[e-mail]

Notes to Editors

About SkinBioTherapeutics plc

SkinBioTherapeutics is a life science company focused on skin health. The Company's proprietary platform technology, SkinBiotix®, is based upon discoveries made by Professor Catherine O'Neill and Professor Andrew McBain.

The Company is targeting a number of skin healthcare sectors, the most advanced of which are cosmetic skincare and food supplements to modulate the immune system by harnessing the gut-skin axis. In each area SkinBioTherapeutics plans to exemplify its technology through human studies. The Company's first product, AxisBiotix-Ps™, a food supplement to address the symptoms of mild to moderate psoriasis.

The Company listed on AIM in April 2017 and is based in Manchester, UK. For more information, visit: www.skinbiotherapeutics.com .  

 

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