Revolution Beauty will stop trading in shares this week as it fails to complete its audit and publish its annual results
- Trading in Revolution Beauty shares will be closed from September 1
- The group’s share price has fallen nearly 90% in the past year
Trading in Revolution Beauty shares is to be suspended from September 1 following its failure to publish its annual results in a timely manner.
Revolution Beauty told investors on Tuesday that it “would not be in a position” to publish its audited final results and annual report for 2022 by August 31, as per city rules.
As a result, trading in ordinary shares of the Company shall be suspended with effect from 7:30 AM on 1st September 2022.
Paused: Trading in Beauty Revolution shares to be suspended from September 1
The group said it plans to complete its audit and publish its annual report within weeks of the announcement, after which trading in the company’s shares is expected to resume.
It added: ‘The company will provide further updates as appropriate.’
11, Revolution Beauty flagged certain accounting issues raised by its auditors that, potentially resulting in a material impact on the firm’s 2022 results, could send its shares down 55 percent.
On 19 August, the group said it did not expect to complete its audit for the fiscal year ended February 28 by the August 31 deadline.
Stock matters: A chart showing how Revolution Beauty’s share price has changed over the past year
The company also warned this month that its revenues would be affected as its two key growth markets, Russia and Ukraine, would continue with halted business, negatively impacting annual revenues by up to £9 million.
Earlier this month Boohoo revealed that it had bought a 7.1 percent stake in Revolution Beauty, making it the beauty product maker’s fourth-largest shareholder.
Boohoo already sells Revolution Beauty products through several of the group’s direct-to-consumer brand websites and its online digital department store, Debenhams.
Shares of Revolution Beauty fell slightly today, and were down 0.34 per cent at 17.44p in morning trading, having fallen nearly 90 per cent over the past year.