SkinBioTherapeutics plc has appointed both its interim CEO and chair on a permanent basis as it recovers from a crisis earlier this year.
The Newcastle firm, developing gut-based products which promote skin health, is showing signs of recovery after also reporting its full-year results.
Rachel Parsonage (pictured) has agreed to become permanent CEO while former acting chair Alyson Levett has also been appointed on a permanent basis.
Last month the Newcastle firm appointed a new interim CFO following the departure of Emily Bertram, who triggered a probe into the actions of ex-CEO Stuart Ashman.
FRP Advisory was appointed to investigate on behalf of the board while Parsonage, who ran her own advisory consultancy, was brought in to take the CEO role on an interim basis.
The probe’s published findings said accrued royalty revenue of £770,000 had been inappropriately recognised in the audited FY25 financial statements, necessitating a downward adjustment from £4.64m to £3.87m.
Documentation provided to back up the inflated royalty revenue was identified by FRP as fabricated by the former CEO; it said that nobody else was involved or aware of the fabrication.
Other issues around the award, payment and timing of accounting for bonuses and associated consultancy payments in both FY24 and FY25 were also identified, with board members Martin Hunt and Dr Cathy Prescott subsequently repaying these voluntarily.
Chairman Hunt and former CEO Dr Cathy Prescott, then a non-executive director, stepped down from the board, with the role of interim chair passing to Levett.
That left Parsonage, Levett and Bertram as the sole members of the board – but Bertram decided to leave the company at the end of June, with Parsonage hailing her “diligence and professional integrity” in identifying and escalating issues to the board.
Last month Anita Slater was appointed interim CFO – a non-board role – for an initial six-month term.
The company said this morning that it is in advanced discussions to appoint an additional non-executive director to the board.
For the year ended 30th June 2026, SkinBioTherapeutics expects to report revenue growth of approximately 20.5% to £4.7m (FY25: £3.9m restated).
This growth is predominantly driven by a full year’s trading from Bio-Tech Solutions (BTS) which is expected to contribute revenue of £2.1m (FY25: £1.4m over nine months), representing an underlying increase in turnover of approximately 10% (this excludes intercompany sales).
Revenue from the rest of the group’s operations also delivered modest growth.
The adjusted EBITDA loss is expected to be £1.6m (FY25: loss £1.7m restated). Adjusted EBITDA is stated before exceptional costs of £1.2m – comprising £700k of direct investigation costs and £500k of other one-off costs, including legal and employment-related costs, arising from the circumstances of the investigation.
Cash as at 30 June 2026 was £1.5m (2025: £4.8m).
The group says it has sufficient cash reserves to support its current operations and planned activities, adding that trading in the early months of FY27 has been ahead of management’s internal expectations.
“I am delighted that Rachel has agreed to become CEO on a permanent basis. She has provided stability and leadership during an exceptionally challenging period and has begun implementing the operational changes the group requires,” said Levett.
“With Anita Slater joining as interim CFO and discussions regarding an additional independent non-executive director at an advanced stage, we are continuing to strengthen both the executive team and the board.”