Warpaint London PLC Full Year Trading Update (9255L)
18 Enero 2021 - 1:00AM
UK Regulatory
TIDMW7L
RNS Number : 9255L
Warpaint London PLC
18 January 2021
18 January 2021
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Full Year Trading Update
Strong H2 trading and results expected to be ahead of previously
stated guidance
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands, is pleased
to announce an update on trading for the year ended 31 December
2020.
As a result of stronger than previously anticipated trading in
the second half, the board now expects sales for the year ended 31
December 2020 to be not less than GBP40 million. This is ahead of
the board's expectation of sales of at least GBP37 million as
announced at the time of the release of the Company's interim
results for the six months ended 30 June 2020 on 23 September
2020.
The Company's board expects unaudited adjusted profit from
operations*, excluding a non-cash accounting charge on forward
foreign exchange options for 2021, to now be in excess of GBP2.6
million. The Group imports most of its finished goods from China
paid for in US Dollars and to help mitigate risk, forward foreign
exchange options are entered into. The Pound/US Dollar exchange
rate at the end of December 2020 will result in a non-cash charge
and as a result it is the board's expectation that, subject to
audit, adjusted profit from operations* for the year ended 31
December 2020 will be in excess of GBP2.2 million. This is at least
10% ahead of its previously stated guidance of GBP2 million (and
c.30% ahead excluding the foreign exchange related accounting
charge).
The Company's net cash** balances as at 31 December 2020
totalled GBP4.9 million (31 December 2019: GBP1.5 million).
The Company is also pleased to announce that following
successful initial sales of a range of 15 W7 cosmetics products in
209 Tesco Express stores from November 2020, these products will
now be stocked in a further 469 Tesco Express stores starting at
the end of February 2021. This is in addition to, as previously
announced, the core range of 190 of the Group's W7 products being
sold in 56 Tesco Extra stores and the four new lines currently
being introduced by Tesco into 605 Tesco Extra stores and Tesco
supermarkets, together with a further four new lines which will be
shortly stocked in 96 of these stores.
The Group expects to release its results for the year ended 31
December 2020 in April 2021.
* Adjusted for exceptional costs, amortisation of intangible
assets, and share based payments
** Net cash consists of cash and cash equivalents less invoice
and stock finance lines
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
N+1 Singer (Nominated Adviser & Joint
Broker)
Shaun Dobson, Jen Boorer, Alex Bond -
Corporate Finance
Tom Salvesen - Corporate Broking 020 7496 3000
Shore Capital (Joint 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 is made up of two divisions.
The largest division 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, this division
supplies own brand white label cosmetics produced for several major
high street retailers. The Group also sells cosmetics using our
other own brand names of Man'stuff, Body Collection, Vintage, Very
Vegan, and Chit Chat.
The other division trades in close-out and excess inventory of
branded cosmetics and fragrances from around the world.
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END
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