Revolution Beauty has said it will suspend trading of its ordinary shares as the retailer fails to complete its audit for the financial year.
In a statement posted this morning, the company said: “Revolution Beauty confirms that it will not be in a position to publish its audited final results and annual report for FY22 by 31 August 2022 in accordance with AIM Rule 19.
Consequently, trading in the Company’s ordinary shares will be suspended with effect from 7:30 a.m. on 1 September 2022.”
It comes after the beauty business, which has 15,000 stores worldwide, said on 19 August that it did not expect to complete its audit for the financial year ended 28 February 2022 by the deadline of 31 August.
Revolution Beauty said it now aims to complete its audit and publish its annual report within a matter of weeks, allowing ordinary shares to continue trading.
Shares in the company tanked 57.66 per cent to 26p last month after the makeup seller said that it expected to report a small adjusted EBITDA loss for the six months to August 31.
It also said in a trading update that “management is not aware of any material issues” raised by the auditors.
The British firm warned that revenue would likely be hit as two of its key growth markets, Russia and Ukraine, continue with halted trading, negatively hitting annualised revenue by £9m.
“While the group has been impacted by near-term economic and political headwinds, we remain confident in the strength of our long-term strategy and the significant growth opportunities open to us,” said Adam Minto, chief executive.
“This has been a period in which we have strengthened our market position and built sales across geographies, despite the unprecedented macro-economic backdrop. We secured a second UK retail partner with Boots and launched into 2,800 Walgreen stores.”
Revolution Beauty’s share price is down over 85 per cent in the year to date on the London market.
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