Revolution Beauty has reported a revenue slump for the first half of 2025.
Revenue declined by 31.8% to £49.4m, primarily driven by disruption carried over from prior-year strategic and operational issues.
Losses before tax, meanwhile, increased to £18.4m, compared with £10.9m last year.
Despite cost mitigation action being taken to offset the declining sales performance, Revolution Beauty stated this was not enough to prevent a material worsening in Adjusted EBITDA performance.
The final outcome of a loss of £12.5m was also impacted by space and brand changes in certain retailers and new tariffs in the USA.
The make-up brand also slashed 83 roles in March, reducing its headcount from 205 to 123.
"Although I was not part of the business during the six-month reporting period, it is clear that the group faced a number of significant challenges,” said Tom Allsworth, Group CEO.
“I recognise the impact this has had on our people, our partners and our performance.
“However, with the actions taken since the period end, we have laid the foundations for a more disciplined, focused and resilient business.”
Allsworth and founder Adam Minto, who both resigned from the UK make-up brand in October 2022 amid an investigation into accounting issues, returned to the brand in August to “restore growth”.
This new management team is now focused on restoring sales momentum, improving financial discipline, and rebuilding confidence.
Priorities include rebuilding the brand’s ranges, pricing and speed to market to “restore what made Revolution Beauty a success in the first place”, the company stated.
Allsworth added: “I would like to thank all our team for their patience, professionalism and commitment throughout this period of transition.
“Their dedication has been essential in stabilising the business and positioning us for the next phase of growth, and I am pleased that we moved back to generating positive EBITDA in September and October.”
“We are now entering an exciting time for Revolution Beauty as we get back to doing what we do best - delivering innovation, creativity and affordable products to our customers around the world.”
Revolution Beauty’s board recognised the challenges that remain, but said it was encouraged by the progress made and the “more appropriate cost base”.
Iain McDonald, Chairman, said: "Having been asked to join as Chairman during the first half, it was apparent very quickly that the key to restoring the fortunes of Revolution Beauty was to bring the founders back into the business.
“With the announcement of their return and their support of the placing, we were able to gain the confidence of additional investors to support a total £16.5m oversubscribed equity raise.
“This enabled us to agree a new facility with our banking group.
“I would like to give my personal thanks to Tom and Adam, all of those who backed the equity raise and our banking partners.
“With their support, Revolution Beauty now has a firm and stable platform from which to restore profitability and shareholder value."
Revolution Beauty has been plagued by shareholder revolts, legal battles and sinking sales for a number of years.
The brand’s troubles largely began in August 2022, when the cosmetics company failed to release its FY2022 results after auditors had flagged a number of accounting issues.
This led to the British skin care and make-up brand shares being suspended on 1 September and its stocks plummeting by 41%.