Warpaint London PLC Update regarding Covid-19 (7056G)
19 Marzo 2020 - 1:00AM
UK Regulatory
TIDMW7L
RNS Number : 7056G
Warpaint London PLC
19 March 2020
19 March 2020
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Update regarding Covid-19
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands , confirms
that it is continuing to closely monitor developments and make
appropriate adjustments to its business following the outbreak and
spread of Covid-19.
Whilst the Company is aware of disruption in the retail
environment, particularly in Europe, caused by the restrictions in
place, temporary shop clousures and changes in shopping behaviour,
to date the impact on Group sales has been limited. However, the
Company is closely monitoring the evolving impact of the current
situation on demand on a country-by-country and
retailer-by-retailer basis. Whilst the outbreak will inevitably
have a negative impact on the business, given the uncertainty and
rapidly evolving government and central bank response, it remains
too early to determine the level of impact on the Company's results
for the current financial year.
To date there have been no material issues with the Company's
supply chain, Chinese suppliers are returning to normal levels of
production and the Company is maintaining healthy levels of
stock.
The Directors believe the Company's business model remains
robust, with sales globally underpinned by a strong balance sheet
with net cash.
The Company is also taking all necessary steps to protect its
staff members. All those that can are working from home. For those
that can't, the Company is focused on taking appropriate steps to
ensure the health and wellbeing of its workforce which in turn will
hopefully allow for an uninterrupted service to customers.
The Company will provide a further update at the time of
announcing its results for the year ended 31 December 2019,
expected to be on 22 April 2020.
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
Shore Capital (Nominated Adviser and Joint
Broker)
Antonio Bossi - Corporate Advisory
Daniel Bush - Corporate Advisory
Fiona Conroy - Corporate Broking 020 7408 4090
N+1 Singer (Joint Broker)
Shaun Dobson - Corporate Finance
Alex Bond - Corporate Finance 020 7496 3000
IFC Advisory (Financial PR & IR)
Tim Metcalfe
Graham Herring
Florence Chandler 020 3934 6630
Warpaint London plc
Warpaint London plc is made up of two divisions.
The largest division sells cosmetics under the lead brand names
of W7 and Technic. W7 is sold in the UK primarily to discount
retailers and internationally to local distributors or retail
chains. The Technic brand is sold in the UK and the rest of Europe
with a significant focus on the gifting market, principally for
high street retailers and supermarkets. In addition, this division
supplies white label cosmetics produced for several major high
street retailers. The Group also sells cosmetics using the smaller
brand names of Man'stuff, Body Collection, Vintage, Outdoor Girl,
Very Vegan, Chit Chat, Smooch, Copy Cat and Taxi.
The second division trades in close-out and excess stock of
other branded cosmetics and fragrances from around the world.
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 or visit www.rns.com.
END
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