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 | 11 August 2022
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REVOLUTION BEAUTY GROUP PLC
("Revolution Beauty", the "Group" or the "Company")
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.
On 2 August 2022 the Group announced the following;
"The Company will now report its final results for the year ended 28 February 2022 ("FY22") on 30 August 2022. This is due to additional time required to complete the Company's audit. Management is not aware of any material issues that have been raised by the auditors during the audit process to date. The annual report will be sent to shareholders and made available on our website on the 31 August 2022."
The auditors have subsequently raised certain accounting issues with management regarding the audit and these could have a material impact on the results for FY22 that have previously been communicated by the Group. In the event that material adjustments are required, the Group profitability for FY22 could be materially reduced across a number of potential adjustments including stock and bad debt provisioning and revenue recognition. Once these issues have been fully resolved and agreed between the auditors and management a further announcement will be made.
It should be noted the potential changes to the results for FY22 do not impact the net debt position previously notified of £21.2m as at 31 July 2022 and management reiterate they believe that the Group's £40m revolving credit facility provides sufficient liquidity for the future. Management also confirm that guidance for the year ending 28 February 2023, as set out in the announcement on 2 August 2022 remains unchanged.
The Group continues to work constructively with the auditors on the audit process and continues to aim for this to be completed by 30 August 2022. The Company will keep shareholders updated on this process and any revisions to the audit timeline.
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:
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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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