Revolution Beauty to halt trading in shares this week as it fails to complete its audit and publish its annual results
- Trading in Revolution Beauty shares will be suspended from 1 September
- The group’s share price has fallen by nearly 90% in the past year
Trading in Revolution Beauty shares is to be suspended from 1 September after a failure to publish its annual results on time.
Revolution Beauty told investors on Tuesday it will ‘not be in a position’ to publish its audited final results and annual report for 2022 by 31 August in accordance with City rules.
‘Consequently, trading in the company’s ordinary shares will be suspended with effect from 7:30 a.m. on 1 September 2022,’ it added.
Halted: Trading in Beauty Revolution shares is to be suspended from 1 September
The group said it planned to complete its audit and publish its annual report ‘within a matter of weeks’ of this announcement, after which trading in the company’s shares is expected to resume.
It added: ‘The Company will provide further updates as appropriate.’
On 11 August, Revolution Beauty flagged certain accounting issues raised by its auditors which could, it said, potentially result in a material impact on the firm’s 2022 results, sending its shares down 55 per cent.
On 19 August, the group said it did not expect to complete its audit for the financial year ended 28 February by the deadline of 31 August.
Share matters: A chart showing how Revolution Beauty’s share price has shifted in the past year
The company also warned this month that its revenue would likely take a hit as two of its key growth markets, Russia and Ukraine, continue with halted trading, negatively hitting annualised revenue by £9million.
Earlier this month Boohoo revealed it had snapped up a 7.1 per cent stake in Revolution Beauty, making it the fourth-largest shareholder of the beauty products maker.
Boohoo already sold Revolution Beauty products through several of the group’s direct-to-consumer brand websites and its online digital department store, Debenhams.
Revolution Beauty shares fell slightly today, and were down 0.34 per cent to 17.44p in early morning trading, having slumped nearly 90 per cent in the past year.