Revolution Beauty is back in the black despite disappointing online sales and weaker US performance.
The online beauty retailer grew its pre-tax profit to £11.4m in the year ended February 29, up from a pre-tax loss of almost £34m in the previous year.
Adjusted EBITDA hit £12.6m for the year, up from a loss of £7.5m last year.
Revolution Beauty’s sales edged up 2%, reaching £191.3m during the year compared to £187.8m in the year before, driven by robust performance in international markets, offsetting weaker results in the US and online.
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Back in February, the group launched a new strategy dubbed ‘Reigniting the Revolution’ to focus on its core product categories and deliver long-term profitable growth.
Revolution Beauty said the strategy was “already showing good progress in improving profitability and working capital efficiency” and that it would “enable greater investment in new product development and marketing to return the business to growth”.
Chief executive Lauren Brindley: “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 5 player in the mass beauty market.”
Just over a year ago Brindley joined the retailer as CEO after its former boss Adam Minto resigned amid accusations he breached his fiduciary duty.
Revolution Beauty was shrouded by legal battles and shareholder revolts over 2023, following an accounting scandal which led to its suspension on the London Stock Exchange.
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