Warpaint London PLC on Wednesday said profit more than doubled last year, as revenue rose and margin improved.

Warpaint is a Buckinghamshire, England-based cosmetics supplier which owns W7 and Technic makeup brands.

Pretax profit multiplied in 2022 to £7.7 million from £3.7 million in 2021, driven by a 28% increase in revenue to £64.1 million from £50.0 million.

Gross profit margin improved to 36.4% from 33.8%, ‘despite continued supply-side price inflation’, the company said.

Warpaint recommended a final dividend of 4.5 pence per share, up 29% from 3.5p in 2021, which brought the total dividend for 2022 to 7.1p per share, up from 6.0p.

Looking ahead, Warpaint said trading has remained strong so far in 2023. Revenue in the first quarter was £18.5 million, up 40% from £13.2 million a year before, while margin improved on the 2022 full-year result.

Chief Executive Officer Sam Bazini said: ‘To date the group has been largely able to mitigate supply side inflation with a price rise implemented in January 2022, sourcing product from new factories, and new product development, all of which are ongoing. In 2023, together with significantly reduced transport costs, we remain confident that margins can be maintained.’

Shares in Warpaint were up 9.6% at 214.80 pence each in London on Wednesday midday.

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