SBTX announced its FY25 full year results today which were in line with SCM forecasts as well as delivering a year of material operational progress across all business units. Revenues up 284% to £4.6m (SCMe £4.6m) reflecting contribution from AxisBiotix direct sales and royalty revenues, a full year trading of Dermatonics and nine months sales of BTS. This tremendous growth in revenue was accompanied by improved margins driven by operational efficiencies. A key highlight was the strengthening of the commercial agreement with Croda, following the official launch of ZenakineTM (the brand name of Skinbiotix®). Management state that initial signs for FY26 are very positive, anticipating a new generation of cosmetics products with Zenakine included and further High Street exposure for AxisBiotix as the Superdrug nationwide roll-out continues. We make no material changes to forecasts and reiterate our PT of 29p.
