Revolution Beauty Group (LSE:REVB) has reported audited results for the year ended 28 February 2026, highlighting significant progress in its turnaround strategy despite lower annual revenue. Sales declined to £102.1 million during the year, while the company recorded an adjusted EBITDA loss of £8.2 million. However, performance improved markedly in the second half, with adjusted EBITDA returning to a positive £4.3 million as gross margins strengthened. Under the leadership of returning founders Tom Allsworth and Adam Minto, the business has implemented more than £9 million of annualised cost savings, improved inventory management, reduced net debt and stabilised trading, positioning the company for a renewed focus on sustainable profitability.
Management said the positive momentum has continued into FY27, with trading running ahead of internal expectations. First-quarter sales were broadly flat compared with the prior year, while the company generated positive EBITDA despite the period traditionally being its weakest seasonally. Direct-to-consumer revenue increased 26% year on year, supported by strong performance through TikTok Shop. Revolution Beauty also continues to streamline its product portfolio, invest in new product launches and marketing initiatives, and renegotiate pricing with major US retailers to help offset the impact of tariffs.
Chairman Iain McDonald said the market has yet to fully recognise the progress made in the company’s transformation programme and its long-term growth potential within the global beauty industry. Management believes the return of the founders has strengthened relationships with employees and retail partners, with the business now prioritising consistent profitability, cash generation and disciplined growth rather than relying solely on cost reductions.
The company’s outlook remains constrained by weaker financial fundamentals, including lower annual revenue, recent losses, reduced free cash flow and negative equity. Although the share price has shown signs of improving momentum in the short term, longer-term technical indicators remain less supportive. In addition, the company’s negative earnings mean traditional valuation metrics continue to offer limited support.
About Revolution Beauty Group plc
Revolution Beauty Group plc is a global beauty company specialising in affordable cosmetics, skincare and personal care products. The business operates a portfolio of brands that are sold through direct-to-consumer e-commerce channels as well as major retail partners, with products available in approximately 17,500 stores across the UK, the US and international markets.
The company manufactures part of its product range at its own UK facility while also using third-party logistics and warehousing operations in the UK and the US to support its international distribution network. With a focus on innovation, accessible pricing and digital engagement, Revolution Beauty aims to strengthen its position in the expanding global mass-market beauty sector.
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