Revolution Beauty has raised its guidance for the year thanks to a surge in profit and sales for the six months to 31 August 2023.
The beauty retailer reported a pre-tax profit of £400,000 in its first-half, up from a loss of £13.7m in its first-half, while its operating losses narrowed from £12.5m to £500,000 over the period due to an “lower levels of exceptional costs”.
Sales for the group surged 20% to £90.4m, up from £75.3m, boosted by “growth across all regions and softer first-half year” trading comparatives.
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Revolution Beauty said it had made a “good start” to the second-half and ahead of Christmas trading, it has upgraded its guidance.
It now expects adjusted EBITDA “to be not less than double-digit millions” for the financial year, an increase from the previously guided high single digit millions, and sales growth “to be in the high single digits”.
Chief executive Lauren Brindley said: “These figures underline the resilience and attractiveness of the Revolution brand during a period of well-publicised upheaval for the group.
“With improved internal controls and the right leadership in place with clearer roles and responsibilities, momentum has built across the business in the first half of the year.
“Our strengthened financial performance and the return to positive EBITDA represents a significant milestone in the next phase of this business, while new retail partnerships in the US and strengthened retail partnerships elsewhere around the world are representative of our operational progress.”
Brindley said that Revolution was now on “the right trajectory” for growth and that she will present a three-year strategic plan “early in the new year”.
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