By Revolution Beauty, a London-listed beauty group, has announced a narrower pretax loss for fiscal 2023, along with revenue growth and lower costs. The company’s pretax loss for the year ended Feb. 28 was £33.9 million ($43.1 million), compared to a loss of £45.9 million in the same period last year. Revenue increased to £187.8 million from £184.6 million.
The positive performance was attributed to operational and commercial changes implemented by the new management team, and the current performance is said to be exceeding board expectations.
Revolution Beauty restated its fiscal 2024 guidance of high single-digit revenue growth and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the high single-digit millions. The guidance excludes exceptional and other one-off items.
In addition to these updates, Revolution Beauty announced the appointment of Lauren Brindley as its new chief executive effective from September 18. This follows the resignation of Robert Holt in July due to a dispute with major shareholder Boohoo Group.
The company has also added Colin Henry and Chris Fry as nonexecutive directors, effective immediately.
Comments