Coty’s UK and Ireland business has filed its accounts for the year to June 2024 with the company reporting a loss of over £50 million.

The beauty giant, which is the owner of key brands such as Rimmel London and Max Factor, swung from a pre-tax profit for £9.9 million to a loss of £53.4 million this time, its first pre-tax loss since 2020 when the numbers were impacted by an impairment review of its investment holdings. 

It didn’t give an explanation of the loss for the latest year but the accounts statement does list a £134.7 million one-off impairment charge for the year. 

Aside from that, Coty UK’s gross margin rose to 41.4% from 39.5% and operating profit was £8.6 million, up from £8.1 million.

And as far as turnover is concerned, things looked good with an increase to £335.3 million from £323.1 million last time. That came as the company said that “the beauty market in the UK has seen a substantial growth in value in the year and Coty’s sales remain positive and strong”.

The company’s American parent company reported net revenue rising to $6.11 billion from $5.55 billion in the same financial year and operating income rose from $543.7 million to $546.7 million.