30th Mar 2023 13:12
(Alliance News) - Revolution Beauty Group PLC on Thursday said it is working with its auditor BDO LLP to publish its missing annual results by the end of April.
In addition, Revolution Beauty said it plans to release its unaudited interim financial statements for the six-month period to August 31, 2022, at the same time as results for the year ended February 28, 2022.
The beauty products retailer explained that work on the audit remains ongoing. In February, the company said it was hoping to publish its results on or around March 30.
Revolution Beauty said it will continue to work with its nominated advisor towards lifting the suspension of trading in its shares "as soon as possible" following the release of its financial 2022 accounts.
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.
Separately on Thursday, Revolution Beauty said it has secured an amended facility agreement with its banking partners. As part of the amended facility agreement, the overall size of the facility has been agreed at GBP32 million, reduced from GBP40 million, and is fully drawn.
"This reflects the group's cash requirements, and gives the business sufficient liquidity as it continues delivering its strategy," the company explained.
By Sophie Rose, Alliance News reporter
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