Revolution Beauty has warned that its shares could be suspended from the start of next month due to delays in the audit of its full-year financial results.
Revolution Beauty, which was listed on the AIM division of the London stock market in 2021, said it “does not expect to be able to release audited results” for the year ended February 28, 2022, as scheduled on August 30.
The value beauty brand said “based on its best estimate of the time required to complete the audit from this point” it would not be able to release its financial results by the end of this month.
Revolution Beauty said it “continued to aim” to release its audited full-year financial results as scheduled but if it is unable to do so by August 31, shares will be suspended from September 1 “until such a time as audited results are released”.
The beauty etailer said: “At present, there is no further update on the previously disclosed potential issues relating to revenue recognition, stock provisioning or bad debt provisioning.”
The announcement comes just days after fast-fashion titan Boohoo more than doubled its stake in Revolution Beauty from 3% to 7.1%, which the business said “reflects Boohoo’s belief in the growth potential of Revolution Beauty”.
Revolution Beauty’s share price has fallen approximately 90% since its stock market debut last year, despite the business reporting strong revenue growth in its full-year trading update in May.
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