REG - Warpaint London PLC - Trading Update and Notice of Results

Warpaint LondonAnnouncement

09/04/2024 07:00

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RNS Number : 7583J  Warpaint London PLC  09 April 2024

9 April 2024

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

Warpaint London PLC

("Warpaint", the "Company" or the "Group")

 

Trading Update and Notice of Results

 

Strong trading continues in Q1 2024

 

Warpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics
and owner of the W7 and Technic brands is pleased to provide an update on
current trading and confirm the date for release of the Group's results for
the year ended 31 December 2023.

 

The Company announced on 12 January 2024 that following continued strong
trading in Q4 2023, sales and profit before tax for 2023 had exceeded previous
expectations.  The Company is pleased to report that the strong trading has
continued in Q1 2024.  Sales in Q1 2024 are a record first quarter for the
Group, with sales to 31 March 2024 of approximately £23.5 million, 28% ahead
of the same period in 2023 (Q1 2023: £18.4 million), with margins continuing
to be robust and ahead of those achieved in 2023.  Accordingly, given this
strong start to the year, the outlook for FY 2024 is now expected to be ahead
of the market's current expectations.

 

The Company continues to have a strong balance sheet, with no debt.  Cash
balances as at 2 April 2024 totalled £7.5 million after investment in a
significant increase in stock to satisfy expected demand later in the year (31
March 2023: £8.5 million).

 

Notice of Results

 

The Group expects to release its results for the year ended 31 December 2023
on 24 April 2024.

 

Note: All figures used in this announcement relating to the financial year
ended 31 December 2023 remain subject to audit.

 

Enquiries:

 

 Warpaint London                                    c/o IFC

 Sam Bazini - Chief Executive Officer

 Eoin Macleod - Managing Director

 Neil Rodol - Chief Financial Officer
 Shore Capital (Nominated Adviser & Broker)         020 7408 4090

 Patrick Castle, Daniel Bush - Corporate Advisory

 Fiona Conroy - Corporate Broking

 IFC Advisory (Financial PR & IR)                   020 3934 6630

 Tim Metcalfe, Graham Herring, Florence Chandler

Warpaint London plc

 

Warpaint sells branded cosmetics under the lead brand names of W7 and Technic.
W7 is sold in the UK primarily to major retailers and internationally to local
distributors or retail chains. The Technic brand is sold in the UK and
continental Europe with a significant focus on the gifting market, principally
for high street retailers and supermarkets.  In addition, Warpaint supplies
own brand white label cosmetics produced for several major high street
retailers.  The Group also sells cosmetics under its other brand names of
Man'stuff, Body Collection and Chit Chat, each targeting a different
demographic.

 

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