Revolution Beauty has looked to soothe investor jitters with a trading update today after an attempted boardroom coup from e-commerce Boohoo earlier this week.
London-listed beauty group Revolution has been embroiled in a row with Boohoo after a “hostile” attempt from the firm to place its own candidates on its board earlier this week.
The firm offered a trading update to the market today in a bid to settle concerns from investors, with sales up 60 per cent year on year in the first quarter, and gross margins at 48.2 per cent from 41.7 per cent in the same period last year.
Revolution’s earnings before deductibles came it at £3.5m for the period, while cash on hand was £15.4m.
“The excellent trading performance in the first quarter of the year is testament to the quality of our offer and the strength of our leadership team, and shows that we are delivering on our global retailer strategy. This has been achieved at the same time as fixing the historical issues overseen by previous management and putting in place improved cost controls and processes across the business.,” said chief Bob Holt.
“This has been achieved at the same time as fixing the historical issues overseen by previous management and putting in place improved cost controls and processes across the business.”