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