The Boutique Group LON: TBTG outlined record FY2025 results and reiterated confidence in its growth strategy as founder and CEO Laurence Newman presented the company’s first full-year performance since listing on the London Stock Exchange in October. Newman was joined by CFO and COO Samuel Glynn.
Newman traced the group’s development from its origins in 2009, when he and co-founder Andrew Showman launched CurrentBody as a platform selling home-use beauty devices, to a shift toward building proprietary brands and technology beginning in 2019. He said the group now addresses four core “in-clinic” technologies—LED, radiofrequency, microcurrent, and laser/IPL—through three brands: CurrentBody Skin, ZIIP Beauty, and Tria Laser.
FY2025 results: revenue up 60% and adjusted EBITDA up more than 60%
Management said FY2025 was “a record year across every metric throughout the P&L and balance sheet.” The group reported revenue of GBP 141 million, representing 60% growth from continued operations versus the prior year’s GBP 88 million. Adjusted EBITDA was GBP 37.5 million, also up more than 60% year over year, with an adjusted EBITDA margin of 26%.
Following the IPO, Glynn said the company restructured its balance sheet and ended the year with net cash of GBP 40 million and no debt. The group also highlighted its low capital expenditure needs and said adjusted EBITDA to cash flow conversion was 92% in FY2025.
The company emphasized that it uses adjusted reporting to reflect what it described as the “comparable and forward-looking reality” of the P&L and cash flow. It identified two non-recurring adjustments in the year: GBP 7.5 million of exceptional IPO-related costs and GBP 6 million of interest costs related to the group’s pre-IPO loan notes, preference shares, and leverage debt. Management added that ongoing share-based payments have been moved below adjusted EBITDA to align with listed peers’ accounting presentation.
Brand performance: CurrentBody Skin led growth; ZIIP and Tria in earlier stages
Newman said the FY2025 revenue total was “entirely driven from the three brands in the group,” each at different stages of development:
- CurrentBody Skin (launched 2020) covers anti-aging technology and hair regrowth. Newman said the brand delivered a record absolute uplift year over year, adding GBP 46 million of revenue and growing 59% in 2025 despite being the most mature brand.
- ZIIP (acquired 2022) posted GBP 13 million of revenue in 2025 and grew 47% versus the prior year. Newman said a supply chain and product pipeline transformation is underway and is not expected to complete until H2 2026.
- Tria Laser (acquired end of 2024) generated GBP 2 million of revenue in 2025 from what Newman described as older products acquired with the brand. He said updated versions launched in Q1 2026, while the Tria product pipeline is expected to take until the end of 2028 to mature.
Newman also described what he called four “hygiene factors” underpinning sustainable growth: a three-year product pipeline, patent and IP protection, clinical studies to demonstrate efficacy, and a de-risked dual-source supply chain. He said CurrentBody Skin and ZIIP have all four in place, while Tria’s product pipeline launched in Q1 2026 and “dual manufacturing will follow post-launch.”
Margins, cost structure, and cash generation
The group said gross profit margin has improved continuously over the last four years, driven by three factors Newman outlined: discontinuing third-party distribution, increasing product prices alongside technology improvements (which he said shows pricing elasticity for “medical and performance-driven products”), and supply chain improvements.
Management highlighted ZIIP margin expansion specifically, stating ZIIP margins improved by “over 12 percentage points” year over year to reach 70% in 2025.
On profitability, Newman said adjusted EBITDA rose to GBP 37.5 million (+64% year over year). He attributed the EBITDA margin improvement to higher gross profit, noting that a six-point improvement in gross profit was partially offset by one point in marketing and one point in fixed overhead, resulting in a net +4% EBITDA margin improvement in 2025.
In discussing the bridge from gross profit to profit before tax, management described the ongoing cost structure as GBP 32 million of variable costs and GBP 19.5 million of fixed costs. Depreciation and amortization were broken into two components: GBP 3.4 million tied to operating cash-incurred D&A, and GBP 2.4 million per year of amortization related to brand and IP created through historical transactions.
On cash flow, the company reiterated 92% adjusted free cash flow conversion. Glynn said there is “no interest expected in 2026 outside the lease interest” due to the debt-free balance sheet. Management noted working capital was positive in 2025 but may vary with product development cycles, and that cash tax payments were elevated due to a shift from paying in arrears to paying quarterly installments upfront. Capital expenditure included GBP 2 million of office upgrades, which management said should be sufficient for the short to medium term.
With excess cash generation, management said it will keep capital allocation policies “such as buybacks and dividends” under review.
Outlook: FY2026 revenue in line with expectations; profitability guidance raised
Following what Newman called “continued momentum into the first quarter of FY 2026,” the group said it expects FY2026 revenue to be in line with current market expectations. It also said FY2025 gross margin improvements are expected to be sustained and guided to an improvement in profitability relative to current market expectations.
Management also stated the group is “currently not experiencing and does not anticipate any material impact on its financial performance” from geopolitical disruption in the Middle East.
Market positioning: conversion from topicals and clinics to at-home devices
Newman framed the company’s opportunity around at-home devices occupying a “sweet spot” between topical skincare and clinical procedures. He described efficacy as a spectrum, placing topicals at “0 to 4,” at-home devices at “4 to 7,” and clinical devices or invasive procedures at “9 to 10.” The company’s goal, he said, is to convert topical skincare consumers into “higher efficacy, technology-driven solutions.”
Citing an OC&C report, Newman said beauty tech has a broad demographic spread similar to topical skincare and is “not a niche.” He added that the core customer is female aged 25–54, with 86% in medium to high affluence. He also pointed to survey signals he said were strong, including: 82% of users saying they would buy another device, 79% using their device weekly or more, and 48% having purchased a different technology device. Average prices were described as ranging from GBP 275 to GBP 780 depending on category, and the group estimated 5–7 lifetime device purchases per customer over an “active life” of four years.
Newman said the at-home beauty device market represents about 1% of the wider beauty market, highlighting what he described as significant adoption potential. He also outlined low device penetration in three target areas:
- Anti-aging: 70% of women use topical anti-aging products, while 2%–5% have purchased a device.
- Hair removal: within a GBP 13 billion hair removal and hair care market, penetration is 2%–4%, which the group plans to address with Tria.
- Hair regrowth: device penetration is 1%–2%, which Newman called the “biggest untapped opportunity.”
Operationally, Newman emphasized what he called “dual moats,” particularly supply chain resilience built on multi-supplier components, dual-source manufacturing in two countries per brand, and seven localized warehouses that can each serve customers globally. He also said brand strength is reflected in 78% of revenue being driven by customer searches for the company’s brands.
On marketing, Newman said the group works with doctors, dermatologists, and beauty influencers as key opinion leaders, and generated more than 5,000 revenue-producing pieces of content in 2025. He added that revenue is diversified across its creator base, with no material concentration risk from any single KOL relationship.
Closing the presentation, Newman said Q1 2026 was a “record quarter,” attributing performance to brand momentum, product pipeline execution, and international growth. He highlighted the U.S. as the company’s largest territory since 2024 and described it as “the single biggest growth lever,” while noting the U.K. now accounts for 20% of group revenue.
About The Boutique Group LON: TBTG
The Boutique Group LON: TBTG is a publicly listed provider of flexible workplace solutions, primarily operating in the United Kingdom. The company focuses on the creation, management and operation of serviced offices, coworking spaces, meeting rooms and related business support services for small and mid-sized enterprises as well as corporate clients. It positions itself as a hospitality-led operator that combines property management with office services to deliver turnkey workspace solutions.
Its commercial activities include letting fully furnished private offices on flexible terms, offering membership-based coworking and hot-desking, and providing ancillary services such as reception and administrative support, IT and telephony provisions, virtual office addresses and meeting- and event-space hire.
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