Resultados provisionales
Este anuncio contiene información privilegiada a los efectos del artículo 7 del Reglamento de abuso de mercado (UE) 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de la Unión Europea (Retirada) de 2018 ("MAR"), y se divulga de acuerdo con las obligaciones de la Compañía bajo el Artículo 17 del MAR.
PLC de GRUPO DE BELLEZA DE REVOLUCIÓN
("Revolution Beauty", el "Grupo" o la "Compañía")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2023
H1 24 revenue up 20%, driven by volume growth across all regions and softer prior year comparatives.
Strong improvement in EBITDA, up £14.3m, due to higher sales volumes, gross margins and cost reduction initiatives.
New CEO, CMO and COO appointed, bringing considerable industry experience.
Upgrade to FY24 full year EBITDA guidance.
Revolution Beauty Group plc (AIM: REVB), the multi-channel mass beauty innovator, today announces its unaudited Half Year Results for the six months ended 31 August 2023 ('H1 24').
Finanzas Destacados
Resultados de grupo (No auditado) |
H1 24 £'M
|
H1 23 £'M
|
Cambios £'M |
Cambios % |
Ingresos | 90.4 | 75.3 | 15.1 | 20% |
Beneficio bruto | 44.7 | 31.2 | 13.5 | 43% |
Margen bruto | 49.4% | 41.4% | 8.0pt | 19% |
EBITDA ajustado * | 6.4 | (7.9) | 14.3 | 181% |
EBITDA ajustado% | 7.1% | (10.5%) | 17.6% | n / a |
Pérdida operativa) | (0.5) | (12.5) | 12.0 | 96% |
Beneficio / (Pérdida) antes de impuestos | 0.4 | (13.7) | 14.1 | n / a |
|
| |||
Inventario bruto | 58.6 | 97.5 | (38.9) | (40%) |
efectivo | 8.0 | 11.8 | (3.8) | (32%) |
Neto (deuda) | (23.8) | (15.9) | (7.9) | (50%) |
*Adjusted EBITDA is an alternative performance measure used by management to gauge the underlying performance of the business, adjusting for certain non-cash, non-recurring and normalising items that are not considered to form part of underlying performance (note 8).
· Group revenue increased by 20% driven by growth across all regions and softer H1 23 comparatives.
· Gross margin improved to 49%, with significant improvement in freight rates, improving stock control and more focused New Product Development ('NPD').
· Adjusted EBITDA of £6.4m, increased by £14.3m due to sales performance, improved gross margin and cost control.
· Operating loss decreased to £0.5m (H1 23: £12.5m loss), due to improved performance and a lower level of exceptional costs.
o £2.3m gain on the revaluation of deferred consideration relating to the acquisition of Medichem in October 2021. The amendment to the terms of the payment of the deferred consideration was announced on 7 March 2023 (see note 6).
· Gross inventory reduced by £38.9m due to improved controls over product assortment, alongside a discontinued stock clearance programme.
· As at 10 November 2023, cash balances were £12.3m, with net debt of £19.7m.
o Cash outflow from operations in H123 was £0.4m, including £4.2m of exceptional legal and professional costs and £8.2m of payments principally relating to legacy supplier debts.
o Net bank debt was £23.5m at the end of H1 23, with £32.0m drawn on the RCF and £8.0m of cash.
o Significant headroom on covenants remains.
Aspectos operacionales destacados
· Strengthened and refreshed Board and management team.
o Lauren Brindley appointed Group Chief Executive Officer, bringing significant leadership expertise across retail, beauty, and brands.
o Alison Hollingsworth appointed Chief Marketing Officer, bringing beauty brand development and marketing expertise.
o Steve Vanoli appointed Chief Operating Officer, bringing merchandising and operational experience in the retail sector.
o After engagement with major shareholders, four new Non-Executive Directors have been appointed, bringing relevant and complementary experience to the Board.
· Increased number of doors worldwide through new retail relationships, expansion of existing relationships and entry into new territories.
o US store revenue grew 8% due to a new partnership with Walmart.
o UK stores revenue grew 13% with strong performances across Boots and Superdrug.
o Rest of the world stores revenue up 58%, with growth primarily due to weak H1 23 comparative revenue in Germany and Turkey.
o Distributer revenue grew 65% primarily due to weak prior year comparatives related to overstocking, and new distribution in Middle East.
o Digital wholesale revenue grew 12% reflecting recovery from previous overstocking issues in H1 23. Own web sales declined 18% following strategic reallocation of marketing investment.
· Total D2C contactable database increased 16% year-on-year to 1.98 million; total customer base increased 3%, with returning customers increasing by 6%.
· The Group continued to focus on its distinctive social media presence and successfully leveraged its existing Revolution branded channels, delivering global social channel follower growth of 6% year on year with an increase in engagement rate across all cosmetics channels of 27% year on year.
Outlook
· The strength of the Revolution brand and the beauty markets in which we operate underpins our global growth ambitions.
· The Group has sufficient cash resources and covenant headroom to finance its current organic growth plans.
· Revolution Beauty has made a good start to the second half of FY 24, with revenue and adjusted EBITDA in line with internal forecasts.
· While the crucial Christmas trading period is still to come, the Group is upgrading its guidance for the full year and now expects adjusted EBITDA to be not less than double-digit millions for FY 24 (an increase from the previously guided high single digit millions). The Group continues to expect revenue growth to be in the high single digits in FY 24.
· New CEO to present three-year strategic plan for the Group at a capital markets event early in the new year.
Lauren Brindley, directora ejecutiva del grupo, dijo:
"Since joining Revolution Beauty, I have seen first-hand the strength of the Revolution brand, the brilliance of my colleagues and the enduring relevance of our product offer. It is these aspects which have supported the business over the past 18 months, and which I am confident will unlock future opportunities.
"With improved internal controls and the right leadership in place with clearer roles and responsibilities, momentum has built across the business in the first half of the year. Our strengthened financial performance and the return to positive EBITDA represents a significant milestone in the next phase of this business, while new retail partnerships in the US and strengthened retail partnerships elsewhere around the world are representative of our operational progress.
"Looking ahead, I believe there are significant and compelling opportunities for Revolution Beauty within a large and attractive market. While there is still lots to do, we are on the right trajectory, and I am developing a strategic plan with our new executive leadership team to ensure we are best-placed to deliver future growth. I look forward to sharing this vision and more detail on our plans early in the new year."
Presentación
A recorded management presentation from Lauren Brindley, CEO and Elizabeth Lake, CFO is available here: https://stream.brrmedia.co.uk/broadcast/65524fd57cc5473d88694591
Para mayor información por favor contactar:
Relaciones con los inversores Lauren Brindley, directora ejecutiva Elizabeth Lake, directora financiera |
|
Corporativo conjunto Brokers Zeus (Nómada): Nick Cowles/Jamie Peel/Jordan Warburton Liberum: Dru Danford / Edward Thomas / John More / Miquela Bezuidenhoudt |
Tel: + 44 (0) 161 831 1512 Tel: + 44 (0) 203 100 2222 |
Preguntas de los medios Consultoría de cabecera Matt Denham / Will Smith / Antonia Pollock | Tel.: +44 (0) 20 3805 4822
|
Acerca de Revolución Belleza
Revolution Beauty es un negocio masivo global de belleza y cuidado personal que opera una estrategia de múltiples marcas y múltiples categorías y vende sus productos tanto directo al consumidor (DTC) a través de sus operaciones de comercio electrónico como en minoristas físicos y digitales a través de relaciones mayoristas.
En la actualidad, el Grupo tiene una presencia minorista de aproximadamente 17,500 16 puertas en las cadenas minoristas líderes en el Reino Unido, EE. UU. y otros mercados internacionales. Revolution Beauty tiene acceso a una amplia base de clientes, predominantemente de entre 35 y 411 años, a través de sus socios digitales y su propia plataforma DTC. Se ha establecido e invertido para optimizar su cadena de suministro con su propia planta de fabricación en el Reino Unido e instalaciones de almacenamiento de terceros en el Reino Unido, EE. UU. y Australia. El Grupo tiene oficinas en el Reino Unido, EE. UU., Nueva Zelanda y Alemania. Revolution Beauty actualmente emplea a XNUMX personas.
El mercado masivo total de la belleza valía 218 mil millones de dólares en 2022 y se espera que crezca a 255 mil millones de dólares en los próximos 3 años (fuente: Euromonitor). Revolution Beauty ha sido un innovador líder que ha logrado un importante seguimiento global a través de los canales sociales, lo que le ha permitido detectar tendencias y responder rápidamente a la demanda de los consumidores, y traducir esto al comercio minorista de productos de belleza para el mercado masivo.
Revisión del director ejecutivo
This review follows the very recent publication of our FY 23 Annual Report and Accounts on 31 August 2023, and the period under review in this report, H1 24, was before the start of my tenure at Revolution Beauty. However, I am pleased with the financial performance and the operational progress that these results demonstrate. These are figures which underline the resilience and attractiveness of the Revolution brand during a period of well-publicised upheaval for the Group. In addition, the progress achieved during the period represents a step-forward for the Group, strengthening our position as we look towards sustainable future growth.
Since joining the Group in September 2023, I have been impressed by the strength of the brand, the engagement we enjoy with our global customer base, the quality of our retail partner relationships, the pipeline of new product and the passion of our employees.
During my time with the Group, I have been getting to know the business across all the markets in which we operate and focused on developing a growth strategy, which will be anchored in a three-year plan. This is being created in tandem with the wider leadership team and we will provide more detail on this in early 2024.
It is clear there are significant opportunities for growth and for operating excellence across Revolution Beauty, but there is work to be done. We have already taken action to ensure that we can begin to deliver on our potential. This has included: optimising our brand and product portfolio, with a clearer focus on our core products and a reduction in ongoing replenishable SKU count by c.50%; putting in place a more effective operating model, under a new Chief Operating Officer, and taking steps to improve our global supply chain; refreshing the Executive Team, so that we have the right leadership team in place with clearer roles and responsibilities; and evaluating cost saving initiatives which will help to increase profitability and cash generation.
While the crucial Christmas trading period is still to come, the Group is upgrading its guidance for the full year and now expects adjusted EBITDA to be not less than double-digit millions for FY 24 (an increase from the previously guided high single digit millions). The Group continues to expect revenue growth to be in the high single digits in FY 24.
As we look further ahead, we will provide a comprehensive update on the future opportunities we see for Revolution Beauty to all our stakeholders in early 2024.
Financial Review,en
As previously announced the Directors have determined that a provision which was previously disclosed as a contingent liability should have been recognised as a provision during the period ended 31 August 2022. The impact of the correction is set out in note 3.
Ingresos
Revenue for H1 24 was £90.4m, up 20% on H1 23. This growth rate is ahead of the global beauty market and is driven by strong performances in retail globally and the distributer revenue channel. Year on year growth in H2 24 is expected to be lower due to stronger prior year comparatives in H2 23.
Global store group revenue contributed just over half of the growth, with UK store revenue increasing 12% year-on-year through strong sales to Superdrug and Boots, and US store group performance benefitting from new distribution in Walmart.
The growth in distributer revenue accounted for just under half of overall Group revenue growth in the period. This was achieved through extended distribution in the Middle East coupled with stronger performances across a number of distributer customers where the prior year comparisons were particularly weak. International store groups also performed strongly contributing c.25% of the growth, with Turkey and Germany performing particularly well following overstocking in H1 2023.
Digital wholesale revenue grew 12% reflecting recovery from previous overstocking issues in H1 23. Own web sales declined 18% following strategic reallocation of marketing investment.
Margen bruto
Gross margin in the period was 49.4%, significantly ahead of the 41.4% achieved in H1 23.
Approximately half of this increase is due to the reduction in freight rates which has reduced landed costs significantly. Freight rates are now back to pre-pandemic levels.
The gross margin further improved as a result of changes in the value of the stock provision. Approximately 2 percentage points of this improvement is attributable to a more focused approach to new product development, designed to improve quality, relevance, and customer satisfaction as well as stock management and profitability. A further 1 percentage point is due to achieving a selling price above the provisioned cost of slow moving and obsolete stock.
Due to the timing of stock flows in and out of the Group it is anticipated that some of the gains resulting from the release of stock provision will reverse in H2 24 and have a lower positive impact on margin by year end. At the same time the Group remains focussed on clearing old stock and improving buying patterns. Going forward, it is anticipated that margin increases will be driven by price and product mix.
Adjusted EBITDA and Operating Loss
The adjusted EBITDA for the period was £6.4m (H1 23 EBITDA loss £7.9m), an improvement of £14.3m.
The increase is due to revenue and margin growth, coupled with reductions in year-on-year marketing costs, particularly in stand updates, and improvements in direct costs associated with distribution.
Operating loss was £0.5m, against a loss of £12.5m in H1 23. There were material exceptional restructuring and legal and professional costs in the statement of comprehensive income (c.£2.8m, see note 8). In addition, there was an increase in share-based payment charges as a result of the grant of relisting awards as announced on 28 June with the Group's readmission to AIM.
Reported profit after tax was £0.3m against a loss of £13.8m in H1 23. The finance income arises primarily from the revaluation of the deferred consideration due from the acquisition of Medichem, following the Deed of Variation signed on 6 March 2023 amending the timing of the payments. This resulted in a financial gain which is reported in finance income.
efectivo
We ended the period with a cash balance of £8.0m and gross borrowing amounted to £32.0m.
Whilst there was an operating cash outflow of £0.4m in the period, the Group has paid material legal and professional exceptional costs (c.£4.2m) and has paid down material amounts of legacy stock supplier debts (c.£8.2m). A payment plan has been agreed with these stock suppliers to ensure the situation is not repeated in the future. Going forward the level of exceptional costs is expected to materially reduce, and the outflow in working capital is also expected to reduce as a result of actions that have been taken to control stock management and cash collection.
The Group has sufficient cash resources and covenant headroom to finance its current organic growth plans.
Acción del regulador
The Company informed shareholders on 21 July 2023 that the Financial Conduct Authority had notified Revolution Beauty that it had commenced an investigation into potential breaches of the Market Abuse Regulation (EU) 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018) in relation to certain matters in the period from July 2021 to September 2022. Revolution Beauty continues to cooperate fully with the FCA and will provide updates as necessary.
PLC de GRUPO DE BELLEZA DE REVOLUCIÓN
ESTADO DE RESULTADOS INTEGRAL CONSOLIDADO CONDENSADO
FOR THE HALF-YEAR ENDED 31 AUGUST 2023
|
Note | 6 meses finalizados el 31 de agosto de 2023
| 6 months ended 31 August 2022 As restated
| Año terminado el 28 de febrero de 2023 |
|
| Sin auditar | Sin auditar |
|
|
| 000 £ | 000 £ | 000 £ |
|
| |||
Ingresos | 5 | 90,399 | 75,273 | 187,842 |
El costo de ventas |
| (45,733) | (44,088) | (111,958) |
|
|
|
| |
Beneficio bruto |
| 44,666 | 31,185 | 75,884 |
Costos de comercialización y distribución |
| (22,845) | (26,964) | (57,469) |
Gastos administrativos |
| |||
- Gastos administrativos generales | (22,349) | (16,682) | (42,161) | |
- Impairment losses on financial assets | - | - | (204) | |
- Deterioro de propiedades, planta y equipo | - | - | (2,177) | |
- Deterioro del fondo de comercio | - | - | (3,388) | |
- Provisión para casos legales. |
| - | - | (1,066) |
|
|
| ||
Gastos administrativos totales | (22,349) | (16,682) | (48,996) | |
|
|
| ||
Pérdida operativa | (528) | (12,461) | (30,581) | |
Ingresos financieros | 6 | 2,358 | - | 1 |
Costos financieros | (1,464) | (1,192) | (3,294) | |
|
|
| ||
Beneficio / (Pérdida) antes de impuestos | 366 | (13,653) | (33,874) | |
Crédito / (gasto) por impuesto sobre la renta | (21) | (111) | 228 | |
|
|
|
| |
Profit/(Loss) for the year/period |
| 345 | (13,764) | (33,646) |
|
|
|
|
|
|
|
|
| |
Otro gasto integral para el período, neto de impuestos |
|
| ||
| ||||
Diferencias de cambio | 829 | (1,433) | (223) | |
|
|
|
| |
Total utilidad / (pérdida) integral del período |
| 1,174 | (15,197) | (33,869) |
|
|
|
| |
|
| |||
Beneficio por acción (p) | 7 | 0.0 | (4.4) | (10.9) |
Utilidad diluida por acción (p) | 7 | 0.0 | (4.4) | (10.9) |
EBITDA ajustado | 8 | 6,438 | (7,867) | (7,475) |
The total comprehensive loss for the period is entirely attributable to the owners of the parent company.
El estado consolidado de resultados integrales anterior debe leerse en conjunto con las notas adjuntas.
Consulte la Nota 3 para obtener información detallada sobre la corrección de errores de períodos anteriores.
REVOLUTION BEAUTY GROUP PLC (Company Number: 11666025)
ESTADO DE SITUACIÓN FINANCIERA CONDENSADO CONSOLIDADO
AS AT 31 AUGUST 2023
|
Notas | 31 de agosto de 2023
| 31 agosto 2022 Como se reiteró | 28 de febrero de 2023 |
|
| Sin auditar | Sin auditar |
|
BIENES |
| 000 £ | 000 £ | 000 £ |
Activos no corrientes |
| |||
Activos intangibles |
| 5,116 | 9,956 | 5,728 |
Propiedad, planta y equipo. | 7,399 | 8,945 | 7,928 | |
Activos por derecho de uso | 1,501 | 3,602 | 2,310 | |
Activo de reembolso | 3 | - | 3,586 | - |
|
| 14,016 | 26,089 | 15,966 |
Activos circulantes |
|
| ||
Los inventarios | 10 | 42,320 | 55,200 | 47,606 |
Cuentas comerciales y otras cuentas por cobrar | 11 | 43,370 | 53,144 | 52,708 |
Impuesto sobre Sociedades por Cobrar |
| 340 | - | - |
Activo de reembolso | 3 | 4,079 | - | 4,079 |
Efectivo y equivalentes de efectivo |
| 8,006 | 11,754 | 11,044 |
|
|
|
|
|
Total de activos corrientes | 98,115 | 120,098 | 115,437 | |
|
|
| ||
Pasivo circulante | ||||
Pasivos por arrendamiento | (1,204) | (2,046) | (2,060) | |
Comerciales y otras cuentas a pagar | 12 | (65,889) | (83,062) | (82,707) |
Consideración diferida | 6 | - | (5,083) | (10,910) |
Provisiones | 3 | (6,815) | - | (7,060) |
Préstamos | 9 | (31,807) | (27,637) | (31,721) |
Impuesto de sociedades por pagar | - | (311) | (28) | |
|
|
| ||
Total pasivo corriente | (105,715) | (118,139) | (134,486) | |
|
|
| ||
Activos corrientes netos | (7,600) | 1,959 | (19,049) | |
|
|
| ||
Activos totales menos pasivos corrientes | 6,416 | 28,048 | (3,083) | |
|
|
| ||
Pasivos no corrientes | ||||
Pasivos por arrendamiento | (708) | (1,974) | (954) | |
Consideración diferida | 6 | (16,137) | (13,778) | (9,098) |
Pasivos por impuestos diferidos |
| 91 | (28) | `- |
Provisiones | 3 | - | (6,151) | - |
|
|
| ||
Total pasivo no corriente | (16,754) | (21,931) | (10,052) | |
|
|
| ||
Activos netos | (10,338) | 6,117 | (13,135) | |
|
|
|
| |
Equidad | ||||
Capital social |
| 3,183 | 3,097 | 3,097 |
Compartir premium | 103,487 | 103,487 | 103,487 | |
Reserva de autorización | 7,239 | 7,239 | 7,239 | |
Reserva de fusión | 14,860 | 14,860 | 14,860 | |
Reserva de traducción | 1,275 | (764) | 446 | |
Ganancias retenidas | (140,382) | (121,802) | (142,264) | |
|
|
|
| |
Equidad total | (10,338) | 6,117 | (13,135) | |
|
|
|
|
Consulte la Nota 3 para obtener información detallada sobre la corrección de errores de períodos anteriores.
PLC de GRUPO DE BELLEZA DE REVOLUCIÓN
ESTADO DE CAMBIOS EN EL PATRIMONIO CONDENSADO CONSOLIDADO
FOR THE HALF-YEAR ENDED 31 AUGUST 2023
|
| Capital social |
Compartir Premium |
Reserva de autorización | Reserva de fusión | Reserva de traducción | Ganancias retenidas | Total equidad |
|
| 000 £ | 000 £ |
| 000 £ | 000 £ | 000 £ | 000 £ |
|
|
|
|
|
|
|
|
|
Balance at 1 March 2022 - como se reiteró | 3,097 | 103,487 | 7,239 | 14,860 | 669 | (108,921) | 20,431 | |
Loss for the period - como se reiteró | - | - | - | - | - | (13,764) | (13,764) | |
| ||||||||
Other comprehensive income net of taxation: | ||||||||
Operaciones en el extranjero - diferencias de conversión de moneda extranjera | - | - | - | - | (1,433) | - | (1,433) | |
|
|
|
|
|
|
| ||
Pérdida integral total del período | - | - | - | - | (1,433) | (13,764) | (15,197) | |
Transacciones con propietarios en su calidad de propietarios: | ||||||||
Pagos basados en acciones | - | - | - | - | - | 883 | 883 | |
|
|
|
|
|
|
| ||
Total de transacciones con propietarios | - | - | - | - | - | 883 | 883 | |
|
|
|
|
|
|
|
| |
Balance at 31 August 2022 - como se reiteró | 3,097 | 103,487 | 7,239 | 14,860 | (764) | (121,802) | 6,117 | |
|
|
|
|
|
|
| ||
|
Consulte la Nota 3 para obtener información detallada sobre la corrección de errores de períodos anteriores.
PLC de GRUPO DE BELLEZA DE REVOLUCIÓN
ESTADO DE CAMBIOS EN EL PATRIMONIO CONDENSADO CONSOLIDADO
FOR THE HALF-YEAR ENDED 31 AUGUST 2023
|
| Capital social |
Compartir producto de más alta calidad. |
Reserva de autorización | Reserva de fusión | Reserva de traducción | Ganancias retenidas | Total equidad |
|
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
|
|
|
|
|
|
|
|
|
Saldo al 1 de marzo de 2023 | 3,097 | 103,487 | 7,239 | 14,860 | 446 | (142,264) | (13,135) | |
| ||||||||
Beneficio del período | - | - | - | - | - | 345 | 345 | |
Other comprehensive expense net of taxation: | ||||||||
Operaciones en el extranjero - diferencias de conversión de moneda extranjera | - | - | - | - | 829 | - | 829 | |
|
|
|
|
|
|
| ||
Pérdida integral total del período | - | - | - | - | 829 | 345 | 1,174 | |
Transacciones con propietarios en su calidad de propietarios: | ||||||||
Emisión de acciones, neto de costos de transacción | 86 | - | - | - | - | - | 86 | |
Pagos basados en acciones | - | - | - | - | - | 1,537 | 1,537 | |
|
|
|
|
|
|
| ||
Total de transacciones con propietarios | 86 | - | - | - | - | 1,537 | 1,623 | |
|
|
|
|
|
|
| ||
Saldo al 31 de agosto de 2023 | 3,183 | 103,487 | 7,239 | 14,860 | 1,275 | (140,382) | (10,338) | |
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|
|
|
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|
|
El estado consolidado de cambios en el patrimonio neto anterior debe leerse junto con las notas adjuntas.
PLC de GRUPO DE BELLEZA DE REVOLUCIÓN
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO CONDENSADO
FOR THE HALF-YEAR ENDED 31 AUGUST 2023
| 6 meses finalizados el 31 de agosto de 2023
| 6 months ended 31 August 2022 Como se reiteró | Año terminado el 28 de febrero de 2023 |
| Sin auditar | Sin auditar |
|
| 000 £ | 000 £ | 000 £ |
flujos de efectivo por actividades operacionales | |||
Pérdida del ejercicio económico | 345 | (13,764) | (33,646) |
Ajustes para: | |||
Taxation | 21 | 111 | (228) |
Costos financieros | 1,464 | 1,192 | 3,294 |
Ingresos financieros | (2,358) | - | (1) |
Depreciación de propiedades, planta y equipo | 2,100 | 2,638 | 8,369 |
Deterioro de inmuebles, planta y equipo. | - | - | 2,177 |
Amortización de activos intangibles | 462 | 787 | 1,933 |
Deterioro de activos intangibles | - | - | 3,388 |
Pérdida / (ganancia) por enajenación de propiedades, planta y equipo | 5 | 197 | 62 |
Gasto por pago basado en acciones liquidado por acciones | 1,537 | 884 | 303 |
Movimiento de provisiones | (245) | 336 | 1,565 |
| |||
Movimientos de capital circulante: | |||
Movimiento de inventarios | 5,285 | (10,517) | (2,923) |
Movimiento de cuentas por cobrar | 9,339 | 1,638 | 1,814 |
Movimiento en cuentas por pagar | (18,346) | 12,060 | 11,934 |
|
|
| |
Efectivo utilizado en actividades operativas | (391) | (4,438) | (1,959) |
Impuesto sobre la renta devuelto/(pagado) | (516) | 1,564 | 1,898 |
|
|
| |
Efectivo neto utilizado en actividades operativas | (907) | (2,874) | (61) |
Flujos de efectivo de actividades de inversión | |||
Compra de activos intangibles | (128) | (449) | (1,018) |
Compra de propiedad, planta y equipo | (896) | (2,767) | (7,496) |
Ingresos financieros | - | - | 1 |
|
|
| |
Efectivo neto utilizado en actividades de inversión | (1,024) | (3,216) | (8,513) |
Flujos de efectivo de actividades de financiación | |||
Pago interesado | (1,199) | (873) | (1,175) |
Producto de préstamos | - | 4,000 | 8,000 |
Pago de pasivos por arrendamiento | (1,102) | (1,066) | (2,127) |
|
|
|
|
Efectivo neto generado por actividades de financiamiento | (2,301) | 2,061 | 4,698 |
|
|
| |
Efectivo y equivalentes de efectivo | |||
Net (decrease) in the period | (4,232) | (4,029) | (3,876) |
Efectivo y equivalentes de efectivo al comienzo del período | 11,044 | 15,619 | 15,619 |
Efectos de las variaciones del tipo de cambio | 1,194 | 164 | (699) |
|
|
| |
Efectivo y equivalentes de efectivo al final del período | 8,006 | 11,754 | 11,044 |
|
|
|
PLC de GRUPO DE BELLEZA DE REVOLUCIÓN
NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 AUGUST 2023
1. Información General
Revolution Beauty Group Plc ("the Company") is a company limited by shares and is registered and incorporated in England and Wales. The registered office is 201 Temple Chambers, 3-7 Temple Avenue, London EC4Y 0DT.
The group ("the Group") consists of Revolution Beauty Group Plc and all of its subsidiaries.
The Board of Directors approved this unaudited interim financial information on 13 November 2023.
2. Políticas contables significativas
These consolidated condensed financial statements for the interim half-year reporting period ended 31 August 2023 have been prepared in accordance with IAS 34 'Interim Financial Reporting'. These interim financial statements do not constitute full financial statements and do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 28 February 2023. The FY 23 numbers included in this report are not statutory accounts for that year (but have been derived from the statutory accounts). The FY 23 statutory accounts contain a qualified audit report which can be found on the Group's website https://revolutionbeautyplc.com/results-and-reports/.
The annual financial statements of the Group are prepared in accordance with UK-adopted International Accounting Standards ("IFRSs"). The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 28 February 2023 annual financial statements. There are no new and amended standards and/or interpretations that will apply for the first time in the next annual financial statements that are expected to have a material impact on the Group.
Tax charged within the 6 months ended 31 August 2023 has been calculated by applying the effective rate of tax which is expected to apply to the Group for the year ending 28 February 2024 as required by IAS 34.
The financial statements have been prepared on the historical cost basis except for, where disclosed in the accounting policies, certain financial instruments that are measured at fair value. The financial statements are prepared in Sterling, which is the functional currency and presentational currency of the parent Company and primary operating subsidiary. Monetary amounts in these financial statements are rounded to the nearest £1,000.
Preocupación continua
As reported in note 2 of the FY 23 Annual Report and Accounts, the Directors have completed a full assessment of forecast and banking arrangements to consider going concern.
The Group's revenue growth, margin improvement and return to positive adjusted EBITDA in H1 all represent key improvement in the Group's financial stability since the previous assessment. Steps taken with regard to the deferral and renegotiation of the Medichem consideration and the amendment of the Group's lending arrangements and reductions in payables are significant in strengthening liquidity and providing a base from which to grow.
Having considered the information available and recent changes to the business, the directors are satisfied that the base case supports the application of the going concern assumption in preparation of the financial statements.
However, the directors also recognise the challenges the business has faced since its listing on AIM and the underperformance of sales versus previous expectations, as well as the uncertainty in the wider economy. The strength of the Group's brand and recent reductions in expenditure and a more refined stock purchasing process have enable continued growth through a challenging period. The Directors are working to build on this period of stabilisation with a renewed strategy that keeps the Group on a stable financial footing on a long term basis.
In the event that revenue falls below the level forecast in the base case scenario, the Directors are also confident that they are able to take mitigating actions to reduce controllable costs further on a timely basis, in order to maintain compliance with the Adjusted EBITDA and minimum liquidity covenant tests.
The Directors acknowledge that, in the event either a financial or non-financial covenant were to be breached, due to either a downturn in operational activity or the impact or timing of settlement of any financial commitments, known or otherwise, arising from legacy issues, the Group would be reliant on its lenders not requiring immediate repayment of the outstanding loan or obtaining alternative finance in order to continue to operate as a going concern. The lenders have provided a waiver in respect of the covenant relating to the Auditors qualifications of their audit report on the FY 23 financial statements. Notwithstanding that the audit for the year ending 28 February 2024 has not yet commenced, the Directors anticipate that certain qualifications will be carried into the Auditors opinion on the FY2 4 financial statements. The Lenders have also confirmed their present intention to waive any further Event of Default which might occur as a result of the audit report to be issued by the Parent's Auditor in respect of the financial year of the Group ending 28 February 2024 containing qualifications which are substantially the same as qualifications on these financial statements.
The Group's Revolving Credit Facility matures in October 2024. The Group is currently in discussion with its banking partners to extend the facility on terms consistent with the existing agreement for a period of 12 months beyond the current maturity. The board is confident that the discussion will result in an extension of the facility. Whilst the board has confidence in the process and lenders remain supportive, there is uncertainty in the extension of the current facility until a further agreement is signed. Were an agreement for an extension not to be reached the Group would need to find additional financing upon maturity of the RCF, the board is confident that this would be achievable.
These factors, in conjunction with the sensitivity identified in the severe but plausible downside scenario with respect to the recently agreed Adjusted EBITDA covenant, represent material uncertainty which may cast significant doubt over the Group's ability to continue to operate as a going concern. The financial statements do not include the adjustments that would be required should the going concern basis of preparation no longer be appropriate.
3. Correction of prior period errors
The Directors have determined that a provision which was previously disclosed as a contingent liability should have been recognised as a provision during the period ended 31 August 2022 as the process of reaching a settlement of the case had reached a stage whereby it had been established that a material settlement was likely, and a value could have been accurately estimated.
El Grupo ha publicado o vuelto a publicar videoclips en las redes sociales que contienen grabaciones de sonido y composiciones musicales de la biblioteca musical de la plataforma de redes sociales correspondiente. En otoño de 2020 se recibió una carta de dos propietarios de música, alegando infracción de derechos de autor. Las cartas que plantean este tipo de acusaciones son comunes en otros sectores empresariales involucrados en las redes sociales. El Grupo, financiado por sus aseguradoras, defiende firmemente las acusaciones y, adoptando un enfoque cauteloso, ha tratado de eliminar cualquier publicación supuestamente ofensiva sobre la que el Grupo tenga control. A pesar del tiempo transcurrido, los propietarios de la música no han iniciado ningún procedimiento judicial.
The Directors have taken formal legal advice from specialist US intellectual property attorneys and engaged in a mediation process with the claimants. Based on that advice and the ongoing mediation process and settlement offers made to date, the Group believes that a liability of £4.9m should have been provided for at 31 August 2022.
In addition, it has been determined that reimbursement assets of £3.6m should have been recognised in respect of insurances and reimbursements the Group will receive when a settlement is ultimately paid. The reimbursement assets recognised relate to an insurance policy and indemnities. £2.3m has been recognised in respect of the indemnities. Further detail relating to the indemnities has not been disclosed on the grounds that such disclosure is considered to be seriously prejudicial.
The impact on the Statement of Profit or Loss for the period ended 31 August 2022 is a net charge in respect of the legal case of £336k. In addition, £0.2m in legal costs were settled on behalf of the Group by its insurance during the period ended 31 August 2022. Deferred tax assets totalling £432k should have been recognised as a result, with a corresponding credit in the Statement of Profit or Loss.
Impacto en el Estado de Resultados y Otros Resultados Integrales
Extraer |
| Período de 6 meses terminado 31 de agosto de 2022 |
| Período de 6 meses terminado 31 de agosto de 2022 |
|
| reportado | Ajustes | Replanteado |
| 000 £ | 000 £ | 000 £ | |
Gastos administrativos | (16,346) | (336) | (16,682) | |
|
|
| ||
Pérdida antes de impuestos | (13,317) | (336) | (13,653) | |
|
|
| ||
Pérdida del período | (13,428) | (336) | (13,764) | |
|
|
| ||
Pérdida integral total del período | (14,861) | (336) | (15,197) | |
|
|
| ||
Beneficio por acción (p) | (4.3) | (0.1) | (4.4) | |
Utilidad diluida por acción (p) | (4.3) | (0.1) | (4.4) | |
EBITDA ajustado | (7,531) | (336) | (7,867) |
Impacto en el Estado de Situación Financiera
Extraer |
| 31 de agosto de 2022 |
| 31 de agosto de 2022 |
|
| reportado | Ajustes | Replanteado |
|
| 000 £ | 000 £ | 000 £ |
Activo de reembolso | - | 3,586 | 3,586 | |
Provisiones (no corrientes) | (1,210) | (4,941) | (6,151) | |
Pasivos por impuestos diferidos | (460) | 432 | (28) | |
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|
| ||
Activos / (pasivos) netos | 7,040 | (923) | 6,117 | |
|
|
| ||
Ganancias retenidas | (120,879) | (923) | (121,802) | |
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| ||
Equidad total | 7,040 | (923) | 6,117 | |
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|
4. Información segmentada
IFRS 8 Operating Segments requires that operating segments be identified on the basis of internal reporting and decision-making. The Group identifies operating segments based on internal management reporting that is regularly reported to and reviewed by the board of directors, which is identified as the chief operating decision maker. Management information is reported as one operating segment, being revenue from sales of products.
5. Ingresos
Un análisis de los ingresos del Grupo es el siguiente: | 6 month period ended 31 August 2023 | 6 month period ended 31 August 2022 | Año terminado el 28 de febrero de 2023 |
Sin auditar | Sin auditar |
| |
| 000 £ | 000 £ | 000 £ |
Ingresos analizados por clase de negocio | |||
Recursos | 18,098 | 18,486 | 51,008 |
Store Groups | 72,301 | 56,787 | 136,834 |
|
|
| |
90,399 | 75,273 | 187,842 | |
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|
| |
Revenue analysed by geographical location | |||
Reino Unido | 31,397 | 28,231 | 66,974 |
Estados Unidos de América | 23,619 | 22,704 | 51,961 |
Resto del mundo | 35,383 | 24,338 | 68,907 |
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|
| |
90,399 | 75,273 | 187,842 | |
|
|
|
6. El 7 de marzo de 2023, el Grupo anunció que había llegado a un acuerdo con respecto al calendario de pagos de la contraprestación diferida por su adquisición de Medichem Manufacturing Limited.
A Deed of Variation dated 7 March 2023 was signed which amends the terms of the deferred consideration and completion net asset adjustment, adjusting the timing of the payments as outlined below.
· £3.625 million payable on 21 October 2025 (being the £5.125 million consideration reduced by the £1.5 million loan due from one of the Sellers companies, Walbrook Investments Ltd)
· £5.125 millones pagaderos el 21 de octubre de 2026
· £5.125 millones pagaderos el 21 de octubre de 2027
· £5.125 millones pagaderos el 21 de octubre de 2028 Los intereses se acumulan sobre los saldos pendientes a una tasa del 2.5% anual
The modification was deemed by management to be substantial. This was determined by recalculating the amortised cost of the modified deferred consideration by discounting the modified contractual cash flows using the original effective interest rate and resulting in a movement in amortised cost of greater than 10% of the original. The variance between the fair value of the modification and the amortised cost of the original deferred consideration resulted in a net gain of £2,370k, which has been recognised in the profit or loss as finance income at the date of the modification.
7. Beneficio por acción
El Grupo informa ganancias básicas y diluidas por acción ordinaria. La utilidad básica por acción se calcula dividiendo la utilidad atribuible a los accionistas comunes de la Compañía por el número promedio ponderado de acciones comunes en circulación durante el período.
Las ganancias por acción diluidas se determinan ajustando las ganancias atribuibles a los accionistas ordinarios por el número promedio ponderado de acciones ordinarias en circulación, teniendo en cuenta los efectos de todas las acciones ordinarias potencialmente dilutivas, incluidas las opciones.
6 month period ended 31 August 2023 | 6 month period ended 31 August 2022 | Año terminado el 28 de febrero de 2023 | |
Sin auditar | Sin auditar |
| |
| |||
Loss attributable to shareholders (£'000) | 345 | (13,764) | (33,646) |
Número medio ponderado de acciones | 311,776,151 | 309,737,250 | 309,737,250 |
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|
| |
Utilidad básica por acción (p) | 0.0 | (4.4) | (10.9) |
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|
| |
| |||
Total comprehensive expense attributable to the owners of the company (£'000) | 345 | (13,764) | (33,646) |
Número medio ponderado de acciones | 311,776,151 | 309,737,250 | 309,737,250 |
Efecto diluyente de las opciones sobre acciones | - | - | - |
|
|
| |
Utilidad diluida por acción (p) | 0.0 | (4.4) | (10.9) |
|
|
|
Pursuant to IAS 33, options whose exercise price is higher than the value of the Company's security were not taken into account in determining the effect of dilutive instruments. The calculation of diluted earnings per share does not assume conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect on earnings per share.
8. Adjusted performance measures
El Grupo utiliza una serie de Medidas Alternativas de Desempeño ("MAP") además de aquellas medidas reportadas de acuerdo con las NIIF. Dichas APM no son términos definidos según las NIIF y no pretenden sustituir ninguna medida NIIF. Los Directores creen que las APM son importantes a la hora de evaluar el desempeño financiero y operativo subyacente del Grupo.
The APMs are used internally in the management of the Group's business performance, budgeting and forecasting, and for determining Executive Directors' remuneration and that of other management throughout the Group. The APMs are also presented externally to meet investors' requirements for further clarity and transparency of the Group's financial performance. Where items of profits or costs are being excluded in an APM, these are included elsewhere in our reported financial information as they represent actual income or costs of the Group.
The Group's Alternative Performance Measures are set out below.
EBITDA ajustado
El EBITDA ajustado se define como beneficio operativo ajustado por depreciación y amortización, deterioros y reversiones de deterioros, ganancias y pérdidas por enajenación de activos, cargos y liberaciones basados en acciones y partidas excepcionales.
6 month period ended 31 August 2023 | 6 month period ended 31 August 2022 | Año terminado el 28 de febrero de 2023 | |
Sin auditar | Sin auditar |
| |
| 000 £ | 000 £ | 000 £ |
| |||
Pérdida operativa | (528) | (12,461) | (30,581) |
Amortización de activos intangibles | 462 | 787 | 1,933 |
Deterioro de activos intangibles | - | - | 3,388 |
Depreciación de propiedades, planta y equipo | 2,100 | 2,638 | 8,369 |
Deterioro de inmuebles, planta y equipo. | - | - | 2,177 |
Pérdida por enajenación de activos | 5 | - | 62 |
Pagos basados en acciones | 1,640 | 884 | 303 |
Operación de artículos excepcionales: | |||
Costo de adquisición | - | 76 | 262 |
Costos de reestructuración | 440 | 209 | 1,310 |
Provision for settlement of legal cases | - | - | 1,474 |
Honorarios legales excepcionales | 2,319 | - | 3,528 |
Exceptional audit fees | - | - | 300 |
|
|
| |
EBITDA ajustado | 6,438 | (7,867) | (7,475) |
|
|
|
Operación de artículos excepcionales
As announced on 23 September 2022, the Company's auditor wrote to the Board on 21 September 2022 to identify a number of serious concerns that had arisen during the course of its work on the audit of the Company's accounts for the year ended 28 February 2022. The Board appointed independent external advisors to undertake an independent investigation, and the Company appointed Macfarlanes (lawyers), Rosenblatt (lawyers) and FRA (forensic accountants) on 23 September 2022. As a result of issue identified through this process, exceptional legal and professional fees were incurred at a cost of £896k (FY 23: £3.5m).
During the period a major shareholder of the Group, boohoo Group Plc ("boohoo"), requisitioned a General Meeting with certain resolutions to be voted upon, the details of which are available on the Group's website. On 18 July 2023, prior to the General Meeting taking place, the Group announced a settlement agreement with boohoo. The terms of the settlement included the resignation of directors Bob Holt and Derek Zissman and the appointment of Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallet. Included within exceptional legal fees are £577k of cost associated with legal and professional support associated with this process.
On 20 June 2023 the Group announced that it had sent a letter of claim to one of its former directors, the claim alleges that the director breached his fiduciary, statutory, contractual and/or tortious duties to the Company, included within exceptional legal fees are £670k associated with advice in relation to this claim.
During the period the Group settled legal claims in the US totalling £176k.
During the period the Group incurred £440k in restructuring and redundancy costs. Thes included £211k paid to Bob Holt, the former CEO, £76k of costs incurred in closing one of the Group's warehouse units and £153k on restructuring undertaken at Revolutions Beauty Labs, the Group's manufacturing subsidiary.
9. Préstamos
31 de agosto de 2023 | 31 de agosto de 2022 | 28 de febrero de 2023 | |
Sin auditar | Sin auditar |
| |
| 000 £ | 000 £ | 000 £ |
| |||
Facilidad de crédito revolvente del banco | 31,807 | 27,637 | 31,721 |
|
|
| |
31,807 | 27,637 | 31,721 | |
|
|
| |
Pagadero dentro de un año | 31,807 | 27,637 | 31,721 |
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|
|
10. Inventarios
31 de agosto de 2023 | 31 de agosto de 2022 | 28 de febrero de 2023 | |
Sin auditar | Sin auditar |
| |
| 000 £ | 000 £ | 000 £ |
| |||
Bienes terminados y bienes para reventa | 42,320 | 55,200 | 47,606 |
|
|
| |
Stock written down/(written back) during period | (14,926) | 3,510 | (5,986) |
|
|
|
The total cost of inventories recognised as an expense in cost of sale in the period was £45,673,000 (Period ended August 2022: £43,984,000, full year ended February 2023: £111,861,000).
11. Trade and Other Receivables
31 de agosto de 2023 | 31 de agosto de 2022 | 28 de febrero de 2023 | |
Sin auditar | Sin auditar |
| |
| 000 £ | 000 £ | 000 £ |
Cuentas por cobrar comerciales | 40,909 | 46,016 | 50,715 |
Otros ingresos | 364 | 2,527 | 452 |
Prepagos | 2,097 | 4,601 | 1,541 |
|
|
| |
43,370 | 53,144 | 52,708 | |
|
|
|
12. Trade and Other Payables
31 de agosto de 2023 | 31 de agosto de 2022 | 28 de febrero de 2023 | |
Sin auditar | Sin auditar |
| |
| 000 £ | 000 £ | 000 £ |
Acreedores comerciales | 38,995 | 59,295 | 56,233 |
Other Taxation and Social Security | 1,044 | 1,467 | 826 |
Otras cuentas por pagar | 60 | 503 | 51 |
Accruals and Contract Liabilities | 25,790 | 21,797 | 25,597 |
|
|
| |
65,889 | 83,062 | 82,707 | |
|
|
|
13. Contingent Liabilities
In February 2023 the Group terminated an arrangement with its Polish agent. The agent has submitted a claim for lost commission and costs as a result of the termination. The Group believes that is has performed its obligation under the arrangement and that no further commission is payable. The directors have taken legal advice with regard to this matter and currently believe that it is not probable that a material liability will arise.
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