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Revolution Beauty losses narrow despite revenue decline

Revolution Beauty has announced a decline in half year revenue in the delayed publication of its interim results. In the six months to 31 August 2022,… View Article

HEALTH AND BEAUTY NEWS

Revolution Beauty losses narrow despite revenue decline

Revolution Beauty has announced a decline in half year revenue in the delayed publication of its interim results.

In the six months to 31 August 2022, the company saw its group revenue drop by 4.2% to £75.3 million, although its operating loss narrowed from the previous year’s £23.7 million to £12.1 million. Meanwhile adjusted EBITDA came in at a loss of £7.5 million compared to a loss of £9.5 million in the same period in the prior year.

UK stores revenue climbed by 21% in the period after Revolution Beauty benefited from new distribution in Boots and a strong performance across Superdrug stores. However, the company’s own online sales declined by 8%.

Bob Holt, Revolution Beauty chief executive, said: “Overall, performance was resilient in the first half of FY23 financial year, and the group narrowed previous losses, and saw significant margin expansion.  The half was one where our digital business was impacted by consumers moving back to bricks-and-mortar retail stores post-pandemic, but where Revolution’s omnichannel retail strategy mitigated the decline, with solid retail performances in our key markets.”

The company said its performance improved throughout the second half of the financial year.

Hole added: “Post period end, the momentum in H2 and encouraging recent trading demonstrates that 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 confidenceAs we look ahead, we remain confident, and expect single digit revenue growth in both the FY23 financial year, and the current FY24 financial year.”

The company said the publication of the delayed results was an important first step in work towards lifting its shares suspension.

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