Revolution Beauty Group PLC Further update on the Group's audit (6607W)
August 19 2022 - 8:30AM
UK Regulatory
TIDMREVB
RNS Number : 6607W
Revolution Beauty Group PLC
19 August 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For Immediate Release 19 August 2022
REVOLUTION BEAUTY GROUP PLC
("Revolution Beauty", the "Group" or the "Company")
Further Update on the Group's audit for year ended 28 February
2022
Revolution Beauty Group Plc (AIM: REVB) the multi-channel mass
beauty innovator makes the following update on Group's ongoing
audit for the year ended 28 February 2022 ('FY22').
On 11 August 2022 the Company confirmed that it continued to aim
for its audited results for the year ended 28 February 2022 to be
released by 30 August 2022.
Following further discussions with the Group's auditors, and
based on its best estimate of the time required to complete the
audit from this point, the Company has now concluded that it does
not expect to be able to release audited results for FY22 by 31
August 2022. In the event that the Group's audited FY22 results are
not published by 31 August 2022, trading in the Company's shares
will be suspended with effect from 1 September 2022 until such time
as the audited results are released.
At present there is no further update on the previously
disclosed potential issues relating to revenue recognition, stock
provisioning or bad debt provisioning.
The Company will provide further updates as appropriate.
For further information please contact:
Revolution Beauty Investor Relations
Elizabeth Lake / Nic Wing
investor.relations@revolutionbeautyplc.com
J oint Corporate Brokers
Zeus (NOMAD): Nick Cowles /Jamie Tel: +44 (0) 161 831 1512
Peel /Jordan Warburton
Liberum: Clayton Bush / Edward Tel: +44 (0) 203 100 2222
Thomas / Miquela Bezuidenhoudt
Media enquiries:
Headland Consultancy Tel: +44 (0)20 3805 4822
Rosh Field / Will Smith / Marta Revolutionbeauty@headlandconsultancy.com
Parry-Jones
About Revolution Beauty
Revolution Beauty is a global mass beauty and personal care
business which operates a multi brand, multi category strategy and
sells its products both direct-to-consumer (DTC) via its e-commerce
operations, and in physical and digital retailers through wholesale
relationships.
Today, the Group has a retail footprint of c.15,000 doors across
leading retail chains in the UK, USA and other international
markets. Revolution Beauty has access to a wide customer base,
predominantly aged between 16 and 35, through its digital partners
and own DTC platform. It has established and invested to streamline
its supply chain with its own manufacturing facility in the UK, and
third-party warehousing facilities across the UK, USA and
Australia. The Group has offices in the UK, USA, New Zealand and
Germany. Revolution Beauty currently employs 411 people.
The total mass beauty market was worth $219bn in 2019 and is
expected to grow to $274bn over the next 3 years, driven by a new
marketing era dominated by Social Media and influencers. Revolution
Beauty has been a leading innovator building a significant global
following across social channels, enabling it to spot trends and
respond quickly to consumer demand.
Revolution Beauty strategy
Revolution Beauty Group is disrupting the traditional beauty
market through products that are more accessible to more people.
Through its digital-first strategy, Revolution Beauty brings
trend-led products to market faster than competitors. We invest in
innovative marketing strategies designed to appeal to a wider
audience, and offer products combining quality, inclusivity,
innovation and affordability.
- Ends -
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