Coty’s UK and Ireland division has reported a pre-tax loss for 2024.
The Rimmel owner posted a loss of £53.4m for the year ending 30 June 2024, according to documents submitted with Companies House.
This is down on the pre-tax profit of £9.9m it reported for the 2023 financial year.
A one-off impairment charge of £134.7m has been listed in the documents, with a spokeperson for Coty informing Cosmetics Business that the UK&I pre-tax figures referenced are "merely due to the internal reorganisation of legal entities".
“In our past fiscal year, Coty UK&I saw in an increase in both turnover and operating profit, contributing to Coty globally outpacing the beauty market with strong double-digit growth," the spokesperson continued.
Turnover increased by 3.8% from £323m to 325m, while gross margin rose to 41.4% from 39.5% during the financial period.
Operating profit jumped from £8.1m to £8.6m.
“The beauty market in the UK has seen a substantial growth in value in the year and Coty’s sales remain positive and strong,” Coty said in a statement.
It follows parent company Coty Inc releasing its results for Q1 2025 in November 2024.
Coty’s prestige business soared during the first quarter of the year, while its mass beauty offering reported a 3% drop.
Consumer demand for fragrances “across all price points” helped deliver a 5% increase in the beauty giant’s prestige net revenue for the quarter ended 30 September 2024.
This “strong growth in fragrances" included prestige, ultra-premium and mass fragrances, with double-digit like-for-like growth in the majority of Coty's leading perfume brands.
This boost included the 2% negative impact from the company’s divestiture of the Lacoste fragrance licence.