REG - Warpaint London PLC - Trading Update

Warpaint LondonAnnouncement

15/06/2023 07:00

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RNS Number : 7681C  Warpaint London PLC  15 June 2023

15 June 2023

 

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

 

Strong trading continues in Q2 2023

 

 

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.

 

The Company announced on 26 April 2023, with its results for the year ended 31
December 2022, that the Group had traded strongly in Q1 2023.  The Company is
pleased to report that the strong trading has continued in Q2 2023.

 

Sales for the five months to 31 May 2023 were 45% ahead of the same period
last year, at £29.7 million (five months to 31 May 2022: £20.5 million),
with margins continuing to be robust and ahead of those achieved in 2022.
 Accordingly, driven by the continued strong start to the year, the Board now
expects that the Group's full year 2023 performance will be significantly
ahead of its prior expectations.

 

The Company continues to be cash generative and maintains a strong balance
sheet with cash balances as at 31 May 2023 totalling £7.5 million (31 May
2022: £2.7 million; 31 December 2022: £5.8 million) and no debt.

 

Note: All figures used in this announcement, other than those in respect of
the financial year ended 31 December 2022, 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 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 using its other brand names of
Man'stuff, Body Collection and Chit Chat.

 

 

 

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