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
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
|
c/o IFC
|
|
|
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 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.