Warpaint London PLC on Friday said first quarter sales have improved in 2023, with strong trading continuing from the fourth quarter of 2022.

The Buckinghamshire-based supplier of cosmetics and owner of the W7 and Technic brands said first quarter sales are expected to reach a record level, as sales to March 23 were already in excess of £16 million, up at least 21% from £13.2 million in the full first quarter of 2022.

It said this followed ‘particularly strong’ trading in the fourth quarter of 2022, while its 2022 sales had exceeded previous expectations.

Warpoint London said margins continue to be robust and in line with those achieved across 2022. It now expects full year performance for 2023 to be ahead of previous expectations.

Cash balances as of March 23 totalled £7.6 million, up 31% from £5.8 million from December 31, while the company said it has no debt.

‘I am delighted that the strong performance of the group seen in 2022 has continued into 2023. We are enjoying a strong trading performance across the group, with sales growth in many territories and online,’ said Chief Executive Officer Sam Bazini.

‘We look forward to the remainder of 2023 with confidence and will update further at the time of the release of the group’s results.’

Warpaint London expects to release its 2022 annual results on April 26.

Shares in Warpaint London were up 5.2% to 207.75 pence each in London on Friday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.