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Revolution Beauty closer to share suspension reversal as loss narrows

2nd Jun 2023 09:27

(Alliance News) - Revolution Beauty Group PLC on Friday said its half year loss narrowed in 2022, accompanied by a considerable revenue decrease, and that publishing these results was "an important step on the journey" towards its share suspension being lifted.

Revolution Beauty is a Kent, England-based beauty products retailer. Trading in its shares has been suspended since September 1 after it failed to deliver its first audit by August 31. The company floated in July 2021.

For the six months ended August 31, 2022, the company reported a pretax loss of GBP13.3 million, narrowed from a GBP28.8 million loss a year prior.

Total revenue decreased 4.2% to GBP75.2 million from GBP78.6 million. Store revenue increased 0.2% to GBP56.8 million from GBP56.7 million, while digital revenue decreased 16% to 18.5 million from GBP21.9 million due to overstocking issues.

Marketing and distribution costs rose by 20% to GBP27.0 million from GBP22.5 million, while total administrative expenses dropped 32% to GBP16.3 million from GBP24.2 million. Finance costs also decreased 77% to GBP1.2 million from GBP1.5 million.

Revolution Beauty said its performance had improved in the second half of the year, and expected to report full year revenue of low single digit growth.

"The publication of these H1 figures...represents an important step as we work towards lifting the suspension of Revolution Beauty shares," Chief Executive Bob Holt commented.

Revolution Beauty also said that it had seen "encouraging trading" in the current financial year, ending February 2024, despite the cost-of-living crisis.

It said that revenue in the first quarter has fallen in line with previous guidance, adding that it expects the current year to deliver high single digit revenue growth.

"Revolution Beauty continues to have a highly relevant and attractive customer offer, providing consumers with quality products at the right price. This, combined with the strength of our customer partnerships and global retailer strategy, underpins our confidence," Holt assured investors.

By Emma Curzon, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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