Beauty Tech raises earnings target and plans £20 million buyback

The Beauty Tech ($TBTG) Group reported first-half revenue of £79.7 million, up 44.3%, and adjusted EBITDA of £21.3 million, up 53%. The adjusted EBITDA margin increased to 26.7%, while statutory pre-tax profit reached £17.5 million. Management raised its full-year adjusted EBITDA expectation to at least £48.5 million and retained a revenue floor of £170 million.

The group ended the half with £52 million of net cash and no debt. It also announced plans for a share buyback of up to £20 million, expected to begin within four weeks. The stronger £11.5 million first-half free-cash-flow result partly reflects inventory purchasing shifting into the second half, so it should not be extrapolated without considering seasonality. The buyback is an intended program, not a completed capital return.

Sources:

• The Beauty Tech Group — interim results, RNS
• The Beauty Tech Group — intended buyback, RNS