Revolution Beauty, the UK-based mass make-up brand, has released its financial results for the fiscal year ending February 29, 2024. Despite a challenging economic environment, the company achieved a modest 2 percent increase in sales, reaching £191.3 million.
The highlight of the fiscal year was the turnaround in profitability, with Revolution reporting a profit before tax of £11.4 million. This marks a significant improvement compared to the £33.9 million loss reported in FY23.
Looking ahead to FY25, Revolution anticipates a decline in revenues during the first half of the year. However, buoyed by a robust innovation pipeline and opportunities for expanding its product offerings and distribution network, the company expects to resume revenue growth in the latter half of the fiscal year.
CEO Lauren Brindley commented on the results, stating, “FY24 was a pivotal year of strategic and financial progress for Revolution following two challenging years. Our new ‘Reigniting the Revolution’ strategy has already yielded positive results, bolstering our core operations and providing a stronger foundation for growth.”
Brindley further elaborated on the company’s outlook, saying, “As we move forward into the new financial year, we are enthusiastic about the potential of our revitalized innovation pipeline and numerous opportunities to expand our retail footprint globally. With the ongoing implementation of our strategy, we anticipate returning to growth in the second half of the year, positioning us firmly on track to achieve our goal of becoming a top 5 player in the mass beauty market.”
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