Revolution Beauty will be investigated over audit failure

Economy
By Liam

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Struggling revolution Beauty will be examined because it doesn’t complete the audit fast enough

By Daily Mail City & Finance Reporter

Published: 22:04 BST, 23 Sep 2022 | Updated: 22:04 BST, 23 Sep 2022

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Struggling Revolution Beauty will be investigated for not completing the audit soon enough.

Law firm Macfarlanes and consultants Forensic Risk Alliance will launch an investigation into the company after the accountant, BDO, expressed “serious concerns” about the inability to publish an accountant’s report for the latest fiscal year.

Revolution’s shares were suspended from the London Stock Exchange last month after financial results slowed further.

Probe: Revolution's shares were suspended from the London Stock Exchange last month after financial results slowed further

Probe: Revolution’s shares were suspended from the London Stock Exchange last month after financial results slowed further

The investigation will also look at the validity of certain commercial agreements made by the beauty brand, and is expected to last several months.

Derek Zissman, a non-executive director, and chief financial officer Elizabeth Lake will form a committee to lead the process with independent advisors.

He said: “We will continue to keep investors and stakeholders fully informed as the process progresses.”

The company warned that its financial results will be significantly below market expectations.

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