(Correcting that Revolution Beauty previously predicted low-single digit growth and that financial 2023 revenue was GBP187.8 million)
(Alliance News) - Revolution Beauty Group PLC on Wednesday said it expects to meet earnings consensus for its financial year, despite forecasting low-single digit revenue growth.
Shares in Revolution Beauty rose 9.0% to 30.00 pence each in London on late Wednesday morning.
For the financial year ended February 29, the London-based cosmetics retailer said it expects to report adjusted earnings before interest, tax, depreciation and amortisation of at least GBP12.5 million.
This would be dramatically improved from an adjusted Ebitda loss of GBP7.5 million in financial 2023 and is in line with guidance provided in November of GBP11 million and GBP12 million.
In addition, Revolution Beauty forecast revenue growth of approximately 2% from GBP187.8 million in financial 2023.
The firm had previously predicted low-single digit growth.
Revolution Beauty said it will report its financial 2024 results in June 2024.
Looking ahead, the company said it remains well-placed to deliver on its future growth ambitions.
Chief Executive Officer Lauren Brindley said: "Our major product launches for 2024 are ahead of plan as we focus on fewer and more impactful new products. We also opened our TikTok shop this week and are preparing to go live with a new direct Amazon US partnership in May 2024. I remain highly confident about our growth prospects and our ability to become a top five mass beauty player."
Revolution Beauty has had a tempestuous past few months, including the threat of legal action by a former shareholder, Chrysalis Investments Ltd, and a highly public dispute with another shareholder, boohoo Group PLC.
Last month, Revolution Beauty told a capital market event that it is aiming for GBP1 billion in annual retail brand sales by 2030, which would make it a "top five mass beauty brand globally", even as it plans to cut costs by GBP10 million over the next three years.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Revolution Beauty (REVB)
Chrysalis Inves (CHRY)
Boohoo (BOO)