Beauty Tech Group, which owns Currentbody Skin, has reported a significant increase in its first-half profit, which more than tripled to £17.5m. This comes as the London-listed firm's revenue rose by 44.3% to £79.7m in the six months leading up to June.
The Manchester-founded group, which sells at-home beauty devices, saw its shares climb by over 13% to 395p on Thursday. Gross profit for the period also increased by 52.8% to £51.3m.
Laurence Newman, boss of Beauty Tech Group, dismissed concerns about competition from 'cheap beauty devices', stating that customers are not comparing products in that price range. He also noted that the company has observed little evidence of customers reducing spending despite household budget pressures, describing the products as 'price inelastic'.
The company has maintained its full-year revenue guidance of at least £170m and has raised its profit expectations. Beauty Tech Group also announced a £20m share buyback, having ended June with £52m in cash and no debt.
Newman welcomed the entry of larger competitors into the beauty tech market, suggesting it increases product searches. The group plans to open its own laboratory in early 2027 and is collaborating with the University of Manchester on research into LED treatment effects on skin.