Revolution Beauty has bounced back to profitability, with a pre-tax profit of £11.4 million for the fiscal year, showing a recovery from a previous loss. The company also reported a slight sales increase and is focusing on streamlining operations under new leadership.
Revolution Beauty Returns to Profit Amid Corporate Overhaul
Revolution Beauty announced a return to profitability for the fiscal year ending in February, reporting a pre-tax profit of £11.4 million. This marks a significant recovery from a loss of £33.9 million the previous year. The company also disclosed a mild 2% increase in annual sales, reaching £191.3 million, partially due to selling excess inventory.
The cosmetics retailer, which sells products online and through outlets like Boots and Superdrug, has faced a challenging period. In 2022, auditors declined to approve its financial statements, leading to an investigation and suspension of its shares on the London Stock Exchange. The turmoil also involved disputes with Boohoo, a major shareholder, and culminated in the departure of co-founder Adam Minto, former CEO Bob Holt, and Chairman Derek Zissman.
Lauren Brindley, a former Walgreens executive, was appointed CEO in August and is spearheading efforts to streamline the product range and focus on core cosmetics offerings. Brindley expressed confidence in achieving further growth in the latter half of the year, with ambitions to position Revolution Beauty among the top five mass beauty brands.
