Last checked at 19 Aug 2022 14:30
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For Immediate Release | 19 August 2022
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REVOLUTION BEAUTY GROUP PLC
("Revolution Beauty", the "Group" or the "Company")
Further Update on the Group's audit for year ended 28 February 2022
Revolution Beauty Group Plc (AIM: REVB) the multi-channel mass beauty innovator makes the following update on Group's ongoing audit for the year ended 28 February 2022 ('FY22').
On 11 August 2022 the Company confirmed that it continued to aim for its audited results for the year ended 28 February 2022 to be released by 30 August 2022.
Following further discussions with the Group's auditors, and based on its best estimate of the time required to complete the audit from this point, the Company has now concluded that it does not expect to be able to release audited results for FY22 by 31 August 2022. In the event that the Group's audited FY22 results are not published by 31 August 2022, trading in the Company's shares will be suspended with effect from 1 September 2022 until such time as the audited results are released.
At present there is no further update on the previously disclosed potential issues relating to revenue recognition, stock provisioning or bad debt provisioning.
The Company will provide further updates as appropriate.
For further information please contact:
Revolution Beauty Investor Relations
Elizabeth Lake / Nic Wing investor.relations@revolutionbeautyplc.com
Joint Corporate Brokers
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Zeus (NOMAD): Nick Cowles /Jamie Peel /Jordan Warburton Liberum: Clayton Bush / Edward Thomas / Miquela Bezuidenhoudt
| Tel: +44 (0) 161 831 1512
Tel: +44 (0) 203 100 2222
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Media enquiries:
Headland Consultancy Rosh Field / Will Smith / Marta Parry-Jones | Tel: +44 (0)20 3805 4822 Revolutionbeauty@headlandconsultancy.com |
About Revolution Beauty
Revolution Beauty is a global mass beauty and personal care business which operates a multi brand, multi category strategy and sells its products both direct-to-consumer (DTC) via its e-commerce operations, and in physical and digital retailers through wholesale relationships.
Today, the Group has a retail footprint of c.15,000 doors across leading retail chains in the UK, USA and other international markets. Revolution Beauty has access to a wide customer base, predominantly aged between 16 and 35, through its digital partners and own DTC platform. It has established and invested to streamline its supply chain with its own manufacturing facility in the UK, and third-party warehousing facilities across the UK, USA and Australia. The Group has offices in the UK, USA, New Zealand and Germany. Revolution Beauty currently employs 411 people.
The total mass beauty market was worth $219bn in 2019 and is expected to grow to $274bn over the next 3 years, driven by a new marketing era dominated by Social Media and influencers. Revolution Beauty has been a leading innovator building a significant global following across social channels, enabling it to spot trends and respond quickly to consumer demand.
Revolution Beauty strategy
Revolution Beauty Group is disrupting the traditional beauty market through products that are more accessible to more people. Through its digital-first strategy, Revolution Beauty brings trend-led products to market faster than competitors. We invest in innovative marketing strategies designed to appeal to a wider audience, and offer products combining quality, inclusivity, innovation and affordability.
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