Revolution Beauty sees revenue fall following accounts scandal

2nd June 2023 | Jack Oliver

Revolution Beauty saw a fall in revenue in the first half of its 2023 financial year, as the brand recovers from an accounting scandal which led to the departure of multiple members of its senior leadership team.

In the six months to August 31 2022, the beauty retailer’s group revenue decreased by 4.2% to £75.3m, down from £78.6m recorded the previous year.

However, the group’s operating loss narrowed from £23.7m in FY22 to £12.1m in FY23, which Revolution said was primarily due to reduced stock provision and a lack of IPO fees.

Revolution’s UK store revenue did see an increase of 21%, aided by new distribution in Boots stores and good performance across Superdrug stores.

The group said it had seen an improving trend in the second half of the financial year, with full year revenue expected to deliver single digit growth on 2022.

Revolution added that trading in the current period had been “encouraging”.

The retailer’s shares are currently still under suspension by the London Stock Market, after an investigation into the company’s audit found a number of wrongdoings.

In May, Revolution’s new chief executive, Bob Holt, criticised “unacceptable business practices” within the group.

He said that the latest set of results were an “important step” in lifting the suspension of the retailer’s shares.

He added: “The half was one where our digital business was impacted by consumers moving back to bricks-and-mortar retail stores post-pandemic, but where Revolution’s omni-channel retail strategy mitigated the decline, with solid retail performances in our key markets. Our future growth is first and foremost via a global retailer strategy.”


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