Last checked at 27 Mar 2024 07:00
For immediate release
27 March 2024
Revolution Beauty Group plc
("Revolution Beauty", the "Group", or the "Company")
Trading Update
Revolution Beauty (AIM: REVB), the multi-channel mass beauty innovator, provides a trading update for the year ended 29 February 2024 ("FY 2024").
The Group has continued to deliver a strong operational performance and year-on-year improvement in profitability since its Capital Markets Event ("CME") and Trading Update on 8 February 2024. As a result, the Board now expects to report adjusted EBITDA of at least £12.5m and revenue growth of approximately 2% for FY 2024. This compares to the previous guidance of adjusted EBITDA of between £11m and £12m and revenue growth of low single digits.
As outlined at its CME, the Group is focusing on its Masterbrand, core categories and select geographies to deliver future growth. This strategy is progressing well, and whilst the exit of lower margin products and brands is causing a short-term impact on sales as expected, there is clear evidence that the longer-term benefit to profitability is already materialising. Coupled with the Group's £10m cost saving programme, which is progressing well, Revolution Beauty remains well-placed to deliver on its future growth ambitions.
The Group expects to report its FY 2024 results in June 2024. An update will be made nearer the time confirming the final date.
Lauren Brindley, Group Chief Executive Officer, commented: "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."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.
For further information, please contact:
Investor Relations
Lauren Brindley, CEO
Neil Catto, CFO
Investor.Relations@revolutionbeautyplc.com
Joint Corporate Brokers
Liberum (NOMAD): Edward Thomas / Dru Danford / John More
Tel: +44 (0) 203 100 2222
Zeus: Nick Cowles / Jamie Peel / Jordan Warburton
Tel: +44 (0) 161 831 1512
Media enquiries
Headland Consultancy: Matt Denham / Antonia Pollock
Tel: +44 (0)20 3805 4822
Revolutionbeauty@headlandconsultancy.com