Shares in Revolution Beauty increased by over 10% after the Financial Conduct Authority (FCA) announced that it had closed its investigation into the company.

The regulator opened an investigation into the cosmetics firm in 2023 after it failed to file its annual earnings on time after auditors raised concerns.

Its stock was suspended from trading on the AIM market in 2022.

The FCA also launched an investigation into the firm’s founders, Adam Minto and Tom Allsworth, leading them to leave the company.

However, the investigation into the pair was discontinued in 2024 and they returned to the firm last year.

Chairman at Revolution Beauty, Iain McDonald, stated: "We are pleased to report that the FCA has ceased its investigation into Revolution Beauty Group plc and that no action will be taken against the company or its founders.

"The company has cooperated fully with the FCA for the last three years and has taken on board any comments with a constructive spirit implementing a wider range of governance and best practice.

"It is fitting to receive this news from the FCA at a time when Tom and Adam are back involved in the business and have reinvigorated it with a clear strategy. The early signs that this strategy is working are very encouraging, and the future is much brighter for the Revolution brand."

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