In a trading update for the full year, Revolution Beauty said that the group has continued to deliver a strong operational performance and year-on-year improvement in profitability since its capital markets event (CME).
As a result, the board now expects to report adjusted EBITDA of at least 12.5 million pounds and revenue growth of approximately 2 percent for FY 2024 compared to the previous guidance of adjusted EBITDA of between 11 million pounds and 12 million pounds and revenue growth of low single digits.
Commenting on the updated outlook, Lauren Brindley, group chief executive officer, said: “Our focus on driving sales from our more profitable brands is starting to deliver, with double-digit growth in sales of our core “Revolution” masterbrand versus the second half of FY 2023.”
“Our major product launches for 2024 are ahead of plan as we focus on fewer and more impactful new products. We also opened our TikTok shop this week and are preparing to go live with a new direct Amazon US partnership in May 2024,” added Brindley.
As outlined at its CME, the group is focusing on its masterbrand, core categories and select geographies to deliver future growth. The company added that the strategy is progressing well, and while the exit of lower margin products and brands is causing a short-term impact on sales as expected, there is clear evidence that the longer-term benefit to profitability is already materialising.
