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Adore Beauty rights ship in FY21 with revenue, customer and profit growth

Adore Beauty has enjoyed a record maiden result, with revenue and active customers hitting peak levels throughout the business’ first year on the ASX, bringing the company into a positive position.

Active customers hit 818,000, up 39 per cent, which drove revenue growth of 48 per cent to $179.3 million. Net profit grew 168 per cent over the course of the year, with the beauty firm eking out a positive result of $845,000 – a slight win, but a big boost on last year’s loss of $1.2 million.

“Adore Beauty has had an exceptional start to listed life, delivering record revenue and profitability in its first full-year result,” chief executive Tennealle O’Shannessy said.

Highlights for the business’ first year as a public company include the launch of its loyalty program, which has seen strong uptake amid its most active customers, the launch of its native iOS and Android apps, as well as the onboarding of 51 new brands to the health and beauty marketplace.

The new year has started off strong, according to the business, with revenue up 26 per cent year-to-date, and plans on reinvesting earnings to drive above market growth moving forward.

“[Our] passionate and dedicated team has made excellent progress on the execution of our growth strategy, further building on our market leadership and strengthening our competitive advantages,” O’Shannessy continued.

“[And] our continued strong returning customer rates and growth in new customers provide strong momentum to drive continued growth in FY22 and beyond.”

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