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BWX results have healthy glow

derma-sukinThere may be no money in oil these days, but there is in skin and hair care, especially if the products contain green vegetables, herbs and algae.

Skin and hair care products supplier BWX, whose brands include Sukin, DermaSukin, Uspa, Edward Beale and Renew Skincare, has reported a 61.5 per cent lift in first-half net profit to $6.3 million.

BWX listed on the Australian share market in November 2015, and since then its share price has climbed from $1.50 to a high of $4.68 during trading on Wednesday.

“Our maiden profit result as a listed company is a great beginning and reflects the significant growth in the sales of Sukin products for the first half of the financial year,” BWX chief executive John Humble said.

“Sales efforts have been concentrated on the domestic market while we continue to establish our growth platform to support export strategies.”

Most of BWX’s sales growth came from local sales of the Sukin brand as more retail outlets stock it.

BWX also focused on digital media to promote the brand.

About 10 per cent of sales came from the new Sukin “Super Greens” product range – containing a blend of kale, parsley, spirulina and chlorella – launched in March 2015.

BWX said it was engaged in “regeneration” programs for its Edward Beale and Uspa brands.

On its outlook for the 2016 full financial year, BWX expects revenue to lift 18.8 per cent to $53.6 million, and a 29.2 per cent lift in net profit to $12.4 million – 11.7 per cent above prospectus forecasts.

The company expects to pay its first dividend at the conclusion of the full financial year.

BWX shares were up 12 cents, or 3.1 per cent, at $3.99 at 1341 AEDT.

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