SkinBioTherapeutics (LSE:SBTX) has published unaudited interim results for the six months ended 31 December 2025, reporting revenue growth of 37.4% to £2.17 million while confirming a series of governance and accounting changes following an investigation into actions taken by its former chief executive.
The increase in revenue was supported by a full six-month contribution from Bio-Tech Solutions, steady performance from the Dermatonics product range, the rollout of AxisBiotix products into more than 180 Superdrug stores and the receipt of initial licensing income. Gross margins remained broadly stable at approximately 56%, while operating losses narrowed modestly compared with the prior period.
The company said trading in its AIM-listed shares will be restored following the publication of the results. Management is continuing to focus on expanding the Dermatonics brand, driving cost-effective growth for AxisBiotix, improving operational performance at Bio-Tech Solutions and advancing Zenakine, which recently received industry recognition.
The reporting period was significantly impacted by the suspension and subsequent resignation of the former CEO after an independent investigation identified fabricated documentation that resulted in the incorrect recognition of approximately £0.77 million in accrued royalty revenue during FY25. The investigation, conducted by FRP Advisory, led to a restatement of FY25 revenue from £4.64 million to £3.87 million and an increase in the reported EBITDA loss.
While investigators found no concerns relating to the company’s cash balances, the review identified weaknesses in governance processes and issues relating to the timing of bonus-related accounting. In response, SkinBioTherapeutics has implemented a number of corrective measures, including board changes, the repayment of certain bonus payments, enhanced financial controls and the appointment of a new audit firm.
The company is also pursuing the recovery of approximately £0.7 million in investigation-related costs and is working to rebuild confidence among shareholders, commercial partners and other stakeholders following the findings of the review.
Although revenue growth remains encouraging and the balance sheet is relatively conservative, the company’s outlook continues to be affected by ongoing losses and weak cash flow generation. Technical indicators also remain negative, with the shares trading below major moving averages and momentum measures remaining under pressure. Valuation support is limited due to the absence of profitability and dividend payments.
More about SkinBioTherapeutics
SkinBioTherapeutics is a UK-based life sciences company focused on developing and commercialising microbiome-based technologies for skin health and wellness applications. Its portfolio includes Dermatonics footcare products, AxisBiotix nutritional supplements for blemish-prone skin, Zenakine cosmetic ingredients and the Bio-Tech Solutions manufacturing and services business. The company distributes products through NHS channels, podiatry specialists and major high street retailers while continuing to expand its presence in the consumer health and beauty sectors.
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