The Beauty Tech Group, a global leader in the at-home beauty technology market, has said it’s ahead of its expectations in a positive trading update.
It follows the Cheshire company’s appearance on the London Stock Exchange in October with a share price of 271p – valuing it at £300m.
The group, which encompasses CurrentBody Skin, ZIIP Beauty and Tria Laser, has continued to perform strongly through October and into November.
Given the group’s continued strong performance, the board now anticipates that revenue and adjusted EBITDA for the year ending December 31st will be ahead of current market expectations and will be no less than £128m and £32m respectively.
This is up on the previous market expectations of £117m revenue and adjusted EBITDA of £29.7m.
The company’s share price has risen significantly on the news to 240p.
Serena Williams and Kim Kardashian are among the stars to use the company’s products.
Laurence Newman, CEO of The Beauty Tech Group, 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.”
The company was founded in 2009 by Laurence Newman and Andrew Showman.