Beauty Tech Group profit triples as LED masks boom
The Beauty Tech Group has more than tripled its first-half profit as booming demand for at-home beauty devices helped sales jump more than 40 per cent. The London-listed owner of Currentbody Skin, ZIIP Beauty and Tria Laser reported pre-tax profit of £17.5m for the six months to the end of June, up from £5m a [...]
The Beauty Tech Group has experienced a significant increase in profit, with first-half earnings more than tripling to £17.5 million in the six months to June. This growth was driven by a 40 percent surge in sales, as the company capitalized on the rising demand for at-home beauty devices. The London-listed company, which owns Currentbody Skin, ZIIP Beauty, and Tria Laser, reported a pre-tax profit of £17.5 million, up from £5 million a year earlier.
Revenue increased by 44.3 percent to £79.7 million, while gross profit rose 52.8 percent to £51.3 million. The Manchester-founded company, which floated on the London Stock Exchange last October at a valuation of around £300 million, has seen its best-known products, including CurrentBody's LED face masks, boom in popularity. These LED masks use various wavelengths of light to improve skin health and have become a staple in home beauty routines.
The company expects full-year revenue to reach at least £170 million, up from £79.7 million in the first half. CEO Laurence Newman attributes the company's success to its unique position in the fast-growing at-home beauty technology sector, which still accounts for only about one percent of consumer beauty spending.
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