MAKEUP DISASTER REVOLUTION LOSES MORE

LOSSES at Revolution Beauty widened to £45 million as the beleaguered makeup retailer finally published its annual results today after months of turmoil that saw auditor warnings over “serious concerns” in its accounts, the departure of its top execs and the suspension of its shares.

Chair Derek Zissman said: “Preparing Revolution Beauty’s first annual report and accounts has, to say the least, been a stressful challenge for all those involved.” The results show revenue climbed 34% to £185 million while losses ballooned from £18 million to £45 million in the year to February 2022.

That comes after £9 million had to be wiped from its reported revenues after the firm confessed that “sales were only undertaken for the purposes of meeting sales targets … and not all of the products ordered were required by the distributors.”