Warpaint London PLC Trading Update and Notice of Results (9568V)
20 Abril 2021 - 01:00AM
UK Regulatory
TIDMW7L
RNS Number : 9568V
Warpaint London PLC
20 April 2021
20 April 2021
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Trading Update and Notice of Results
Strong trading performance continues into Q1 2021
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 recent trading ahead of release of the
Company's results for the year ended 31 December 2020 on 28 April
2021.
Trading Update
As outlined in the Company's trading update announced on 18
January 2021, trading in the second half of 2020 was stronger than
previously anticipated and the Company is pleased to report that
improved trading has continued to be experienced in the first
quarter of 2021.
Despite much of the world having some level of lockdown during
the first three months of 2021 and the continued enforced temporary
closure of a number of the Group's customers' retail outlets, the
Group is pleased to report that sales for the first three months of
2021 are ahead of the same period in 2020, a period that was only
impacted by Covid-19 related lockdowns in its last few weeks.
Product gross margin has also improved in the first quarter of 2021
versus the same period in 2020.
Sales of the Group's W7 branded products through Tesco stores in
the UK continue to perform well, with Tesco stocking an additional
15 W7 product lines in over 600 Tesco Extra Stores and Supermarkets
from the end of May 2021, and a substantial Christmas order has
been placed by Tesco for delivery later in the year.
The Group's activities in the USA have been successfully
refocused and restructured with the aim of increasing margin,
reducing costs and building sales. Following a successful trial
with store group Five Below, W7 products are now being stocked in
over 1,000 of their stores in the USA.
As part of its focused efforts on its e-commerce strategy during
2020 the Group placed an increased emphasis on driving online sales
via the Company's own websites and launched Amazon FBA (Fulfilment
by Amazon) in the UK and USA . The positive momentum in e-commerce
sales achieved in 2020 has continued to accelerate in 2021 with a
further launch onto Amazon EU planned to be implemented in the near
future.
The Company's net cash* balances as at 31 March 2021 totalled
GBP5.2 million (31 March 2020: GBP3.0 million).
An update on the outlook for the remainder of 2021 will be
provided with the release of the results for the year ended 31
December 2020.
* Net cash consists of cash and cash equivalents (31 March 2021:
GBP5.4 million) less a small amount of hire purchase and other debt
(31 March 2021: GBP0.2 million)
Investor Webinar
Warpaint's management will be hosting an online presentation and
Q&A session at 5.30 p.m. BST on Wednesday 28 April 2021. This
session is open to all existing and prospective shareholders. Those
who wish to attend should email warpaint@investor-focus.co.uk and
they will be provided with access details. Participants will have
the opportunity to submit questions during the session, but
questions are welcomed in advance and may be submitted to:
warpaint@investor-focus.co.uk .
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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