SkinBioTherapeutics (AIM:SBTX) said the restatement relates to the year ended 30 June 2025 following a privileged report by FRP Advisory and that no other revenue issues were identified.
For the six months to 31 December 2025 (HY26) the Group reported revenue excluding intercompany up 37.4% to £2.17m (HY25: £1.58m), gross margin steady at 55.6%, and an operating loss slightly reduced to £1m (HY25: loss £1.03m), while the FY25 restatement widened adjusted EBITDA loss to £1.40m from £0.41m.
Dermatonics sales were broadly static at £0.98m (HY25: £1m), BTS contributed £1.2m (HY25: £0.4m) after a full six months of trading, AxisBiotix launched Skin Clear into more than 180 Superdrug stores, Zenakine licensing continued, and cash was £3.1m at 31 December 2025 (30 June 2025: £4.78m; 31 May: £1.5m).
FRP concluded supporting documentation for the £0.77m accrual was fabricated by the former CEO, the Board identified governance weaknesses and mis-timed bonus and consultancy payments (some of which have been repaid), investigation costs to date are c.£0.7m and Saffery was appointed to audit the restated FY25 accounts.
"We can now confirm that all material issues have been identified," Alyson Levett, Interim Chair, said, and the Board said trading on AIM has been restored, it will pursue recovery of costs and will issue new market guidance later in the year.
