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Revolution Beauty has announced that it expects its full-year adjusted EBITDA to hit £12.5m higher than its previous guidance of between £11m-£12m.
Alongside this, the company stated it expects revenue growth of approximately 2%, in line with its expectation of low single digit growth.
This news comes as the company embarks on its turnaround plan, focussing on its masterbrand, core categories and select geographies.
Revolution stated that whilst 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.
This news is coupled with the group’s £10m cost saving programme, which is “progressing well”, meaning the company believes it is well-placed to deliver on its future growth ambitions.
The company expects to report its full FY24 results in June 2024.
Group CEO Lauren Brindley said: “It is early days, but we are already seeing positive impacts from the new strategy, including an encouraging response from our major customers and good progress on our cost savings programme. 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. I remain highly confident about our growth prospects and our ability to become a top five mass beauty player.”
