W7L Warpaint London Plc

TIDMW7L

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 GBP85 million (2022: GBP64.1 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 GBP89.5 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 GBP18 million (2022: GBP7.7 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 GBP16 million.

The Company continues to have a strong balance sheet with cash balances as at 31 December 2023 totalling GBP9.0 million (31 December 2022: GBP5.9 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) 
  Patrick Castle, Daniel Bush - Corporate 
  Advisory 
  Fiona Conroy - Corporate Broking             020 7408 4090 
 IFC Advisory (Financial PR & IR) 
  Tim Metcalfe, Graham Herring, Florence 
  Chandler                                     020 3934 6630 
 

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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January 12, 2024 02:00 ET (07:00 GMT)

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