Revolution Beauty Group plc
Revolution Beauty Group plc is a mass-market, multi-brand beauty company (Revolution Beauty masterbrand plus BH Cosmetics and other brands) selling make-up, skincare and haircare to a predominantly Gen Z/value-conscious customer base. Products are developed via an in-house fast-track NPD process (16-20 weeks) and sold through wholesale/retail store groups and digital (own e-commerce and third-party platforms such as Amazon and TikTok Shop) across the UK, US and c.75 other markets. The Group is listed on AIM and reported FY26 revenue of £102.1m, down from £142.6m, with a statutory loss before tax of £30.6m.
6 annual reports read, FY2021 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (6)
FY2027Next report expected 27 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
Revolution Beauty Group plc sells low-cost make-up, skincare and haircare in the UK, US and around 75 other markets. In the year to 28 February 2026, revenue fell to £102.1m from £142.6m, and the loss before tax grew to £30.6m from £16.8m. The report blames heavy discounting in the first half, when the previous management cleared stock to raise cash ahead of a refinancing. Changes at some US retailers and new US tariffs also hurt. Online sales fell after the company cut its product range and marketing. One-off costs, including restructuring, legal and advisory fees and a loss on changing its bank loan, added to the loss. The company raised £15.5m from new shares. It ended the year with £5.9m of cash and £30.5m of borrowings, and paid no dividend. Management said trading improved late in the year, and that early FY27 trading was broadly flat on the year before and ahead of its expectations. However, the auditor flagged a material uncertainty over whether the company can continue trading. That depends on delivering cost savings and meeting the conditions of its bank loan.
From the reportevery line sits on the page it namesWhat drove revenueStore group (B2B wholesale/retail) sales, 82% of FY26 revenue
Store group revenue £83.7m of £102.1m total revenue (FY25: £113.9m)
page 14AndDigital sales (own e-commerce + third-party digital retailers)
Digital revenue £18.4m, 18% of total, down 36% YoY due to SKU rationalisation and reduced marketing spend
page 14What moved the marginheadwindH1 clearance activity ahead of refinancing, increasing markdowns
Gross margin fell to 36.9% (FY25: 38.2%) due to clearance activity by prior management team to generate cash ahead of refinancing
page 14AndtailwindH2 margin recovery under new management
Gross margin recovered materially in H2 to 42.5%
page 14One-offs in the year£1.6m charge: Restructuring and redundancy costs (senior management/workforce rightsizing)
page 81What management saidChairman: 'The return of the founders has brought renewed focus to the business, with encouraging improvements in trading in the latter part of the year.'
page 6After the year endAfter 28 February 2026, the Group was notified of legal proceedings commenced by a former customer relating to historical commercial trading arrangements; management considers the matter appropriately reflected within trade and other payables at the reporting date
page 103The dividendNo ordinary dividends paid during FY26 and no final dividend recommended (FY25: £nil). Consistent with IPO guidance, the Group does not envisage paying dividends in the foreseeable future and intends to re-invest surplus funds in the business.
page 16Going concern and the auditAuditor MHA issued an unmodified opinion but drew attention to a material uncertainty relating to going concern (Note 2): the going concern assessment period runs to 31 July 2027 and depends on delivery of cost savings, working capital improvement and compliance with amended RCF covenants, which are not wholly within the Group's control; a severe-but-plausible downside scenario would result in a covenant breach absent further mitigating action. Key audit matters: revenue recognition accuracy, slow-moving/new-product inventory provision valuation, and impairment of stand assets valuation.
page 57The risks it names first- North America: limited brand awareness requiring marketing investment; loss of a significant retail customer; US tariffs increasing raw material/packaging costs and pressuring margins/pricingp.24
- Failure of new product introductions / concentration of sales in a small number of product types, channels or countriesp.24
- Environmental risk: inability to adapt ingredients/packaging quickly enough; potential delisting or increased costs from environmental legislationp.25
- Key personnel risk: continued recovery depends on retaining the new leadership team (CEO Tom Allsworth, consultant Adam Minto); loss of key personnel could affect stakeholder confidence, relationships, reputation and funding accessp.25
Read from C001093-AR-2026-ch.
- FY2023Year to 28 Feb 2023 Opens with a free accountThe report, its reading and its figures
- FY2022Year to 28 Feb 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 28 Feb 2021 Opens with a free accountThe report, its reading and its figures