Update on timing of FY22 Results and Financing

RNS Number : 6929U

Revolution Beauty Group PLC

30 March 2023

 

This announcement contains inside information for the purposes of Article 7 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 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For immediate release

30 March 2023

REVOLUTION BEAUTY GROUP PLC

("Revolution Beauty", the "Group" or the "Company")

Update on timing of FY22 Results and Group Financing

Revolution Beauty Group plc (AIM: REVB), the multi-channel mass beauty innovator today provides an update on the timetable for publishing its FY22 accounts, together with amendments to the Group's banking facilities.

Further to the announcement on 21 February 2023, BDO have updated the company with respect to the audit of the Group's FY22 accounts. Work on the audit remains ongoing and it is now expected that Revolution Beauty's audited FY22 accounts will be published by the end of April 2023. 

The Company will continue to work with its Nominated Adviser towards lifting the suspension of trading in its shares as soon as possible following the release of its FY22 accounts. In addition, the Company continues to work towards the publication of its unaudited interim financial statements for the 6-month period to 31 August 2022, which it intends to issue at the same time.

Update on Group Financing

Separately, the Group is pleased to announce that it has secured an amended facility agreement with its banking partners. As part of the amended facility agreement, the overall size of the facility has been agreed at £32m, reduced from £40m, and is fully drawn. This reflects the Group's cash requirements, and gives the business sufficient liquidity as it continues delivering its strategy. Revised covenants have been agreed with its banking partners, and will be tested quarterly. As at 28 February, the Group's cash balance was £11m.

For further information please contact:
Revolution Beauty Investor Relations
Bob Holt / Elizabeth Lake	[e-mail]
J oint Corporate Brokers
Zeus (NOMAD): Nick Cowles /Jamie Peel /Jordan Warburton	Tel: [phone]
Liberum: Clayton Bush / Edward Thomas / Miquela Bezuidenhoudt	Tel: [phone]
Media enquiries:
Headland Consultancy Rosh Field / Will Smith / Marta Parry-Jones	Tel: [phone] [e-mail]

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