REG - Warpaint London PLC - Trading Update

Warpaint LondonAnnouncement

12/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240112:nRSL4581Za&default-theme=true

RNS Number : 4581Z  Warpaint London PLC  12 January 2024

12 January 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

 

Strong trading performance continues and results for the year ending 31
December 2023 now expected to be ahead of market expectations

 

Warpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics
and owner of the W7 and Technic brands, is pleased to announce a trading
update for the year ended 31 December 2023.

 

The Company announced on 10 November 2023 that sales for the year ending 31
December 2023 were expected to be at least £85 million (2022: £64.1
million).  Following continued strong trading in Q4 2023, the Company is
pleased to report sales for the full year have exceeded previous expectations
and are approximately £89.5 million.

 

The Group's gross product margin remains robust and continues to be at a level
in excess of that achieved in 2022.  Consequently, in its full year results,
the Group expects to report profit before tax of not less than £18 million
(2022: £7.7 million), which is ahead of current market expectations and the
board's previous guidance for profit before tax, as outlined in the
announcement on 10 November 2023, of in excess of £16 million.

 

The Company continues to have a strong balance sheet with cash balances as at
31 December 2023 totalling £9.0 million (31 December 2022: £5.9 million) and
no debt.

 

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

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTSFUFAFELSESF