MAV Beauty Brands exceeds 2018 revenue guidance; announces executive reshuffle
Following a busy year which saw it launch an IPO and acquire two new brands, Canadian beauty group MAV Beauty Brands Inc. reported increases in its quarterly and annual revenues on Thursday and announced two new executive appointments.
The company, which acquired cruelty-free self-care brand Cake Beauty in January 2018 and plant-based beauty label Renpure in March of the same year, reported revenue of $29.0 million for the fourth quarter ended December 31, 2018, compared to $12.2 million in the prior-year period. Pro forma quarterly revenue increased 41% from $20.5 million to $29.0 million.
MAV Beauty Brands’ pro forma figures take into account its acquisition of Renpure, the refinancing of the company’s credit facilities and the changes to share capital resulting from its IPO.
Net income for the quarter was $1.1 million, down from $1.5 million in the equivalent period in the previous year, while pro forma income totaled $2.1 million, compared to $4.0 million.
Full-year revenue totaled $94.0 million, compared to $42.4 million in fiscal 2017, while pro forma revenue increased 36% to $102.6 million, up from $75.7 million. MAV had formerly given revenue guidance of between $95 million and $100 million.
The company reported an annual net loss of $10.4 million, compared to net income of $2.0 million in the previous year. Pro forma net income was $9.0 million, up from $8.9 million.
“It was a transformative year for MAV Beauty Brands, we acquired and integrated two on-trend, high-growth brands and we completed an initial public offering on our path to building a global personal care company,” said MAV Beauty Brands founder, president and CEO Marc Anthony Venere in a release. “Strong fourth-quarter sales, with 42% pro forma growth, helped us exceed our annual revenue target and underscores the robust consumer and retailer demand for our brands.”
Along with its acquisitions and IPO, the company also entered 10 new markets in 2018, meaning that the group, which aside from Cake Beauty and Renpure, also owns the Marc Anthony True Professional haircare brand, now distributes its products in 29 countries outside of North America.
Looking forward to 2019, MAV Beauty Brands expects revenue to be between $115 million and $120 million.
The company also announced that it has named Judy Adam as its new chief financial officer, effective April 5, 2019. The University of British Columbia graduate and chartered professional accountant brings 25 years of experience in public companies to her new role, having most recently served as SVP finance at Corus Entertainment.
Adam will succeed Chris Doyle, who has been appointed to the newly created position of chief strategy officer. In his new role, Doyle will be responsible for leading business development, focusing on acquisition sourcing, due diligence, analysis and integration, in line with the company’s current strategy.
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