Revolution Beauty, a makeup firm that has been through a chaotic period in recent months, has returned to profit in the first half of its financial year.
The company made a profit of £400,000 ($489,940), a stark contrast from a £13.4 million ($16.4 million) loss a year earlier, as sales grew by 20% to more than £90 million ($110.2 million).
That prompted the group to upgrade its guidance, now seeing underlying profits of more than £10 million ($12.2 million) for the year.
Revolution’s shares were suspended from trading last year after auditors raised questions over its accounts. As a result, audit costs played a major role in last year’s losses. The company also ended up in a dispute with top shareholder Boohoo, which led to CEO Bob Holt stepping down.
In February, Revolution Beauty expanded into Walmart and introduced a new brand.
Holt’s replacement Lauren Brindley said: “Since joining Revolution Beauty, I have seen first-hand the strength of the Revolution brand, the brilliance of my colleagues and the enduring relevance of our product offer. It is these aspects which have supported the business over the past 18 months, and which I am confident will unlock future opportunities.
“Looking ahead, I believe there are significant and compelling opportunities for Revolution Beauty within a large and attractive market. While there is still lots to do, we are on the right trajectory, and I am developing a strategic plan with our new executive leadership team to ensure we are best-placed to deliver future growth. I look forward to sharing this vision and more detail on our plans early in the new year.”
The company made a profit of £400,000 ($489,940), a stark contrast from a £13.4 million ($16.4 million) loss a year earlier, as sales grew by 20% to more than £90 million ($110.2 million).
That prompted the group to upgrade its guidance, now seeing underlying profits of more than £10 million ($12.2 million) for the year.
Revolution’s shares were suspended from trading last year after auditors raised questions over its accounts. As a result, audit costs played a major role in last year’s losses. The company also ended up in a dispute with top shareholder Boohoo, which led to CEO Bob Holt stepping down.
In February, Revolution Beauty expanded into Walmart and introduced a new brand.
Holt’s replacement Lauren Brindley said: “Since joining Revolution Beauty, I have seen first-hand the strength of the Revolution brand, the brilliance of my colleagues and the enduring relevance of our product offer. It is these aspects which have supported the business over the past 18 months, and which I am confident will unlock future opportunities.
“Looking ahead, I believe there are significant and compelling opportunities for Revolution Beauty within a large and attractive market. While there is still lots to do, we are on the right trajectory, and I am developing a strategic plan with our new executive leadership team to ensure we are best-placed to deliver future growth. I look forward to sharing this vision and more detail on our plans early in the new year.”
