Business
FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2024
FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2024.
About this update from Revolution Beauty Group Plc
[{"type":"text","content":"\n\nFor immediate release\n26 June 2024\nRevolution Beauty Group plc\n(\"Revolution Beauty\", the \"Group\", or the \"Company\")\nAUDITED FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2024\nReturn to profitability and good progress with Reigniting the Revolution strategy\nRevolution Beauty (AIM: REVB), the multi-channel mass beauty innovator, today announces its Full Year Results for the year ended 29 February 2024 (\"FY 2024\" or the \"Period\").\n\n\n\n\n\n\n\n2024\n£ million\n\n\n2023\n£ million\n\n\n \nChange\n\n\n\n\nRevenue\n\n\n191.3\n\n\n187.8\n\n\n+2%\n\n\n\n\nGross profit\n\n\n88.4\n\n\n75.9\n\n\n+16%\n\n\n\n\nGross margin\n\n\n46.2%\n\n\n40.4%\n\n\n+5.8ppts\n\n\n\n\nOperating costs1\n\n\n75.8\n\n\n83.4\n\n\n-9%\n\n\n\n\nAdjusted measures2\n\n\n \n\n\n \n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n12.6\n\n\n(7.5)\n\n\n+£20.1m\n\n\n\n\n% of revenue\n\n\n6.7%\n\n\n(4.0%)\n\n\n+10.7ppts\n\n\n\n\nAdjusted EBIT\n\n\n7.4\n\n\n(23.4)\n\n\n+£30.8m\n\n\n\n\n% of revenue\n\n\n3.9%\n\n\n(12.5%)\n\n\n+16.4ppts\n\n\n\n\nAdjusted profit before tax\n\n\n4.3\n\n\n(26.7)\n\n\n+£31.0m\n\n\n\n\nStatutory measures\n\n\n \n\n\n \n\n\n\n\n\n\n\nProfit before tax\n\n\n11.4\n\n\n(33.9)\n\n\n+£45.3m\n\n\n\n\nDiluted earnings/(loss) per share\n\n\n3.2p\n\n\n(10.9p)\n\n\n+14.1p\n\n\n\n\nCash and cash equivalents\n\n\n8.6\n\n\n11.0\n\n\n-£2.4m\n\n\n\n\nNet debt excluding lease liabilities\n\n\n(23.1)\n\n\n(20.7)\n\n\n-£2.4m\n\n\n\n\nNotes:\n(1) Operating costs is defined as Distribution & Administrative costs excluding depreciation, amortisation, exceptional items & share based compensation\n(2) Adjusted measures, which are not statutory measures, show the underlying performance of the Group excluding large, non-cash and exceptional items.\nFinancial highlights\n· Sales up 2% year on year to £191.3m, including the impact of significant product clearance activity in the first half\no Strong performance in Rest of World more than offset weakness in US and e-commerce.\n· Gross margin of 46.2% (FY23: 40.4%) up 5.8 percentage points with a focus on inventory management and profitability.\n· Adjusted EBITDA of £12.6m - adjusted EBITDA margin of 6.7% (FY23: negative 4.0%) as a result of the improved gross margin, controlled reductions in marketing spend and red...