Revolution Beauty to suspend trading of ordinary shares

Revolution Beauty is set to suspend the trading of its ordinary shares, the company announced in a release, as its auditors failed to complete its results on time.

The suspension comes in regards to the beauty retailer’s annual FY22 report, which it has not been able to complete for August 31, in accordance with AIM Rule 19.

It comes after the retailer warned on August 19 that it did not expect to complete its audit for the financial year ended 28 February 2022 by the deadline due to accounting issues.

In the initial announcement, the company said that auditors had flagged accounting concerns that could have had a material impact on the annual profits, adding that adjustments may have needed to be made to stock and bad debt provisioning and revenue recognition.

The beauty retailer said the suspension will come into effect on September 1, with it hoping to complete and publish its annual report within a “matter of weeks”, after which its ordinary shares will continue trading.