The owner of cult fake tan brand Skinny Tan is expanding in some unusual new directions.
InnovaDerma has cleared another hurdle in plan to launch a product which tackles premature ejaculation, City A.M. can reveal.
The company gained approval from Australia's Therapeutic Goods Administration (TGA) last night for Prolong, a vibrator which claims to help men last up to 11 times longer in bed.
The product has already been green-lit by America's FDA, clearing the way for a launch in the USA. This will be followed by a push into Australia, and the company expects to bring the product to the UK in 2018.
The news comes as the London-listed firm reveals today that its portfolio of health and beauty products have netted it twice as much revenue this year as the year before.
Once two more of its products have been officially added to the portfolio, "we will literally have our fingers in every beauty pie in retail", founder Haris Chaudhry told City A.M. this morning.
Flagship brand Skinny Tan has become the bestselling product in its category in Superdrug, and became the number two product at Boots Ireland just one month after going on the shelves.
The exponential growth of Skinny Tan helped the group to double its revenue for the year ending 30 June to more than £8.8m and triple pre-tax profits to just over £1m.
The company has also made significant savings by moving its manufacturing from Australia to the UK, reducing overseas freighting costs and shortening lead times.
Chaudhry said that InnovaDerma will now focus on launching its other products, including Stevie K Cosmetics, Charles + Lee men's skincare and an anti-hair loss helmet called HeadMaster.
"We want to keep replicating the success of Skinny Tan with new brands," he said. We have done that with [Skinny Tan spin-off] Body Glow, which has traded above expectations."
He added that the company's ultimate goal was not yet clear, because it was focusing on growing products from the ground up.
"We don't have the ambition to be the biggest player, we have the ambition to keep growing and keep making the products that people want to use," Chaudhry said.
"We're in a position to grow, and we don't see the growth slowing for the next two or three years. Our costs are very low because we outsource all the development we acquire early stage products and create excitement around them.
"By the end of next year we'll be in a position to say what our long-term goals will be."
Shares in the company dropped as much as nine per cent today, despite the upbeat results.
Analysts at FinnCap said the company had created a "blueprint" for successful growth with Skinny Tan, which it expected would deliver growth for new products.
But FinnCap also said that cash was set to lag behind profits. "While the balance sheet is clean and absent of debt or pension liabilities, we forecast cash in bank of only £200,000 for FY17, which does leave limited margin for error."