The Beauty Tech Group (LON: TBTG), the at-home beauty devices maker behind CurrentBody Skin, ZIIP Beauty and Tria Laser, saw its shares jump after first-half results beat the Board’s own expectations across every key metric.
Shares closed at 350p on Wednesday and opened at 380p this morning, rising as high as 410p in early trade, a new 52-week high above the prior range top of 383p, before trading around 396.36p as of writing, a gain of roughly 13.25% on the day.
Revenue rose 44.3% to £79.7m, but Adjusted EBITDA, a measure of operating profit before depreciation and one-off items, grew faster still, up 53.0% to £21.3m, lifting the margin to 26.7% from 25.2% a year earlier. Profitability grew quicker than sales.
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Gross margin also improved, reaching 64.4% versus 60.8% a year earlier, a half-year record for the Group. Statutory profit before tax rose 250.0% to £17.5m, while adjusted EPS climbed 48.6% to 10.4p.
That combination pushed the Board to raise its full-year Adjusted EBITDA guidance to no less than £48.5m, while reaffirming the £170.0m revenue guidance it had already upgraded on 7 July. The Group also announced an up to £20m share buyback, backed by £52.0m of net cash and no debt.
The guidance upgrade and the buyback were announced together in the same release, alongside the first-half revenue and earnings beat.
At-home beauty technology is the fastest-growing part of the beauty market and we are uniquely positioned to take advantage of it through our three distinct brands: CurrentBody Skin, ZIIP Beauty and Tria Laser. I am pleased to report that in the first half of the year we increased revenue by 44.3%, grew Adjusted EBITDA by 53.0% and ended the period with £52.0m of net cash and no debt.
Laurence Newman, Founder and Chief Executive Officer, The Beauty Tech Group
No interim dividend was declared, with the buyback serving instead as the chosen route for returning capital to shareholders this half.
