(Sharecast News) - Revolution Beauty lifted its full-year outlook on Wednesday after continued strong trading.
In an update for the year to 29 February 2024, the company said it had continued to deliver "a strong operational performance" and year-on-year improvement in profitability since its capital markets event and trading update on 8 February.
As a result, it now expects to report adjusted earnings before interest, tax, depreciation and amortisation of at least £12.5m and revenue growth of around 2% for FY 2024. This compares to the previous guidance of adjusted EBITDA of £11m to £12m and revenue growth of low single digits.
Chief executive Lauren Brindley said: "It is early days, but we are already seeing positive impacts from the new strategy, including an encouraging response from our major customers and good progress on our cost savings programme.
"Our focus on driving sales from our more profitable brands is starting to deliver, with double-digit growth in sales of our core 'Revolution' Masterbrand versus the second half of FY 2023.
"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 (REVB)