Revolution Beauty’s (REVB’s) FY24 results demonstrated the new management team’s progress on its updated strategy. Although revenue growth was relatively muted at c 2%, the streamlining of the brand and product portfolio and improvement in inventory turnover led to a swing back to profitability. Due to REVB’s refocused product portfolio and stock clearance, management expects FY25 Masterbrand run-rate revenue to be c £167m, although with a return to revenue growth in H225. Adjusted EBITDA is expected to be ‘at least in line’ with FY24 but H225 weighted.