Revolution Beauty has increased its EBITDA from between £11m-12m to £12.5m following a "strong operational performance".

The group has also seen a year-on-year improvement in profitability since its capital markets event (CME) and trading update on 8 February.

Alongside this increase in EBITDA, Revolution Beauty also expects to see a 2% increase in revenue for the financial year.

As outlined in the CME, the group is focused on its masterbrand, core categories and select geographies to deliver future growth.

Revolution Beauty said the strategy is working well and while the exit of lower margin products and brands is causing short-term impact on sales, there is "clear evidence that the longer-term benefit to profitability is already materialising”.

It added that coupled with its £10m cost saving programme, it is "well-placed to deliver on future growth ambitions".

Group chief executive officer at Revolution Beauty, Lauren Brindley, said: "It is early days, but we are already seeing positive impacts from the new strategy, including an encouraging response from our major customers and good progress on our cost savings programme. Our focus on driving sales from our more profitable brands is starting to deliver, with double-digit growth in sales of our core "Revolution" Masterbrand versus the second half of FY 2023.

"Our major product launches for 2024 are ahead of plan as we focus on fewer and more impactful new products. We also opened our TikTok shop this week and are preparing to go live with a new direct Amazon US partnership in May 2024. I remain highly confident about our growth prospects and our ability to become a top five mass beauty player."

Revolution Beauty will announce its end-of-year results for the 2024 financial year in June.

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