Business
Full year results 2022
Full year results 2022.
About this update from Revolution Beauty Group Plc
[{"type":"text","content":"\n\n\n\n\n\nFor Immediate Release\n\n\n26 May 2023\n\n\n\n\n \n\n\n \n\n\n\n\n \n \nREVOLUTION BEAUTY GROUP PLC\n(\"Revolution Beauty\", the \"Group\" or the \"Company\")\n \nFull year results 2022\nRevolution Beauty Group plc (AIM: REVB), the multi-channel mass beauty innovator, today announces the publication of its audited full year results for the financial year ended 28 February 2022 (\"FY22\").\nRevolution Beauty's full Annual Report and Accounts for FY22 has been published on the Company's website and can be accessed at the following address (https://revolutionbeautyplc.com/results-and-reports/). This, together with the publication of the interim results within the next two weeks, are important steps towards the lifting of the suspension of its shares.\nThe Board encourages Shareholders to read the Annual Report in its entirety and has not summarised the key elements in this release given the complexity of the matters considered and the connected adjustments and disclosures. The Annual Report sets out several adjustments in respect of issues and errors identified, some of which have been corrected by restating previous financial periods and others which have been corrected in FY22.\nThe Company intends to publish its interim results for the period ended 31 August 2022 within the next two weeks. This announcement will also contain an update on the FY23 financial year, current trading during FY24 to date and provide an update on progress towards the lifting of the suspension of trading in the Group's shares.\nThe Board draws shareholders attention to the form of the Audit Report on the Group financial statements issued by BDO LLP, which contains several important qualifications, including a material uncertainty around going concern. This arises due to potential non-financial breaches of lender covenants arising from the Company's current suspension of shares, and the likely carry forward of certain qualifications into the FY23 Audit Report. The Group continues to enjoy the support of its banking partners and expects this to continue. The Board also draws shareholders attention to the form of the separate Audit Report on the company financial statements.\nThe interim results announcement will also contain details of a capital markets event at which Bob Holt and Elizabeth Lake will outline Revolution ...