Revolution Beauty: Shake-up of top team gives stability with revenue up 20 per cent
Troubled make-up brand Revolution Beauty has posted a 20 per cent rise in revenue, as a shake-up of its top team appears to have provided some stability for the brand after a volatile few months.
In the six months to August, the cosmetics maker said that adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also reached £14.3m up from £6.4m in the same period last year as the firm was bolstered by strong performance in the UK.
The firm raised its guidance for the full year to not be less than double-digit millions, an increase from the previously guided high single-digit millions.
Over the summer the cosmetics maker was involved in a public spat with its largest shareholder Boohoo over the skill set of some of its top executives, which resulted in two of them stepping down.
The brand has since appointed former Walgreens executive Lauren Brindley as chief executive and former Charlotte Tilbury director Alison Hollingswort as chief marketing officer.
Revolution has also recently just begun trading on the London Stock Exchange again, after its shares were suspended for 10 months due after the company’s auditor flagged concerns about its accounts and Revolution failed to publish its financial results.
Brindley said:”Since joining Revolution Beauty, I have seen first-hand the strength of the Revolution brand, the brilliance of my colleagues and the enduring relevance of our product offer.
“It is these aspects which have supported the business over the past 18 months, and which I am confident will unlock future opportunities.”
“Looking ahead, I believe there are significant and compelling opportunities for Revolution Beauty within a large and attractive market.
He added: “While there is still lots to do, we are on the right trajectory, and I am developing a strategic plan with our new executive leadership team to ensure we are best-placed to deliver future growth. I look forward to sharing this vision and more detail on our plans early in the new year.”