The beauty retailer’s accounting probe is coming to an end, with the company set to file results for the full year ended 28 February 2022 next month
Revolution Beauty will publish its audit and accounts for the financial year ending 28 February 2022 next month
The fast-beauty retailer said it will provide an update on the independent accounting investigation on or around 30 March 2023.
The company said it “will continue to work with its nominated adviser towards lifting the suspension of trading in its shares as soon as possible” following the release.
An accounting probe by the company’s auditor, BDO, was launched in September 2022 after Revolution Beauty failed to publish its final results for FY22.
The independent investigation has so far uncovered a string of serious accounting and management failures.
This included data which showed co-founders Adam Minto and Tom Allsworth had made personal loans of around £1m to distributors and a senior employee.
Former CEO Adam Minto stepped down in November 2022 during the middle of the company’s accounting probe.
He was succeeded by Bob Holt in October 2022, who is “confident” in the company's future despite the ongoing probe.
Non-Executive Directors Gita Samani and Edward Rumsey also resigned during the process.
Revolution Beauty is also working towards the publication of its unaudited interim financial statements for the six-month period to 31 August 2022.
Revolution Beauty intends to issue these at the same time.
