26th May 2023 10:40
Revolution Beauty Group PLC - beauty products retailer - Belated results show revenue of GBP184.6 million for the year ended on February 28, 2022, up 35% from GBP136.7 million the year before. Pretax loss, however, widens to GBP44.9 million from GBP17.8 million. Books an impairment of property, plant and equipment of GBP1.9 million, an impairment of goodwill of GBP13,000, as well as initial public offering related costs of GBP8.9 million during the year. Looking ahead, says that in the event of a covenant breach arising from share suspension, the firm would be "reliant on its lenders not requiring immediate repayment of the outstanding loan or obtaining alternative finance in order to continue to operate as a going concern".
Chief Executive Officer Bob Holt says: "Revolution Beauty is a much-loved brand with strong partner distribution networks, and I believe that we have the right strategy, people and customer offering to thrive in the long-term. The culture of the business continues to be based on providing affordable beauty around the world, and we are well positioned in the current environment, to continue to adapt and respond to changing consumer trends."
Trading in the company's shares has been suspended since September 1 after it failed to deliver its first audit by August 31. The company floated in July 2021.
In September, the company's auditor BDO said it had a "number of serious concerns" regarding the audit for the 2022 financial year, concluding that it was not able to sign an audit report. It recommended that Revolution Beauty appoint independent external advisors to conduct an investigation.
By Xindi Wei, Alliance News reporter
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