// Trading in shares of Revolution Beauty is set to be suspended this week
// Auditors flagged accounting issues earlier this month, with adjustments to stock and bad debt provisioning and revenue recognition needing to be fully resolved
Revolution Beauty has said it will suspend trading of its ordinary shares as its auditors struggled to complete its results on time.
In a statement posted this morning, the beauty retailer said: “Revolution Beauty confirms that it will not be in a position to publish its audited final results and annual report for FY22 by 31 August 2022 in accordance with AIM Rule 19.
Consequently, trading in the Company’s ordinary shares will be suspended with effect from 7:30 a.m. on 1 September 2022.”
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On August 19, the beauty and skincare retailer warned that it did not expect to complete its audit for the financial year ended 28 February 2022 by the deadline of 31 August due to accounting issues.
The business said auditors had flagged accounting issues that could have a “material impact” on the annual profits, with potential adjustments needing to be made to stock and bad debt provisioning and revenue recognition.
As a result, the company is now hoping to complete its audit and publish its annual report within a matter of weeks, allowing ordinary shares to continue trading.
It said these needed to be fully resolved and agreed with management but as of today, Revolution Beauty said it had no further update but will provide further updates “as appropriate”.
