Brand Architekts Group announced that it anticipates its revenue for fiscal 2023 to surpass the previous year’s figures. The U.K. beauty-and-wellness company projects a 41% growth in sales, reaching £20.1 million ($26.0 million) for the year ending June 30. This increase is largely attributed to the acquisition of InnovaDerma, although revenue still rose by 7% even excluding this factor, thanks to strong international sales offsetting weaker performance in the U.K. markets.
In fiscal 2022, Brand Architekts recorded an operating loss of £3.9 million. However, the company expects to improve its full-year loss as it focuses on targeted advertising and promotions, effectively reducing its operating loss in the latter half of the year. Additionally, the group had approximately £8.2 million in cash reserves at the end of the period.
Quentin Higham, Chief Executive of Brand Architekts, expressed optimism about the future and recognized the growth potential within their performance-driven portfolio.
Furthermore, Brand Architekts disclosed that it has reached a settlement regarding a legal claim brought against it by its joint venture counterparty and co-shareholder in Mr Haircare. This claim alleged a breach of the shareholders’ agreement related to Brand Architekts’ 2018 acquisition of Fish. The settlement involves a payment of £200,000, along with £250,000 in legal costs.
Moreover, Brand Architekts plans to acquire Jamie Stevens Media’s 55% stake in Mr Haircare. The transaction will be carried out for cash and will be assessed by an external valuer. It is expected to conclude before the end of 2023.