Cosmetics retailer Revolution Beauty is back in the black after making “strategic and financial progress” during the year.
Revolution reported a 2% increase in revenue for the full year to February 29, 2024, to reach £191.3m.
Adjusted EBITDA at the beauty retailer reached £12.6m for the year, up from a loss of £7.5m last year, marking the retailer’s return to profitability.
Revolution hailed the success of its ‘Reignite the Revolution’ business strategy, which aims to direct the business towards the top five global players in the mass beauty sphere.
The company also said it had expanded its retail distribution across key regions during the year, as well as launching a new product development strategy which puts efficiency at its core.
Nevertheless, it has continued to feel the impact of shoppers returning to the high street, seeing a decline in online sales over the course of the year.
Looking ahead, Revolution said it exepects revenues to decline in the first half “at a slightly higher rate” than the second half. It also anticipates a return to revenue growth during the second half and adjusted EBITDA to fall “at least in line” with the 2024 full year.
Chief executive Lauren Brindley said: “FY24 was a year of great strategic and financial progress following two challenging years. I am extremely proud of what Team Revolution has achieved.
“Our new Reigniting the Revolution strategy is already delivering improvements across the business, strengthening our core and providing a much firmer platform from which to grow.
“As we progress through the new financial year, I am excited about the potential of our reinvigorated pipeline of innovation and the number of opportunities to expand our retail distribution globally. As the strategy continues to take effect, we expect to see a return to growth in the second half of the year.
“That will put us firmly on the right trajectory to achieving our ambition of being a top five player in the mass beauty market.”
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