Beauty Tech sees FY profit, revenue ahead of expectations

(Sharecast News) - The Beauty Tech Group shares sparked on Wednesday after the at-home beauty technology market said full-year profit and revenue were set to beat market expectations. In an update for the year to the end of December, the company - which floated last month - said it continued to perform "strongly" through October and into November.

"This performance is a result of the ever-increasing awareness of the At-Home beauty device sector and the group's market leading products driving strong sales growth across its core business and across all key markets," it said.

As a result, Beauty Tech now expects full-year revenue and adjusted earnings before interest, tax, depreciation and amortisation to be ahead of current market expectations and to be "no less than" £128m and £32m, respectively. Market expectations are for revenue of £117m and adjusted EBITDA of £29.7m.

Chief executive Laurence Newman said: "I am pleased to report that the strong trading momentum the group experienced in Q3 has continued into Q4. There is no doubt that the successful IPO has added to the growing awareness of both The Beauty Tech Group and the At-Home beauty device sector in which we operate.

"We are excited to enter the important Black Friday and Christmas trading period in a strong financial and operational position, and I look forward to updating shareholders on our full year performance in January."

At 0950 GMT, the shares were up 9% at 243p.

Russ Mould, investment director at AJ Bell, said: "Recent IPO Beauty Tech rallied after saying it would beat market expectations. That's positive not just for the company but also the reputation of the UK market.

"Several other names to have floated recently in London have yet to capture the market's interest, so Beauty Tech serving up good news offers a reason to stay positive on new listings."