15 June 2023
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Trading Update
Strong trading continues in Q2 2023
Warpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, is pleased to provide an update on current trading.
The Company announced on 26 April 2023, with its results for the year ended 31 December 2022, that the Group had traded strongly in Q1 2023. The Company is pleased to report that the strong trading has continued in Q2 2023.
Sales for the five months to 31 May 2023 were 45% ahead of the same period last year, at £29.7 million (five months to 31 May 2022: £20.5 million), with margins continuing to be robust and ahead of those achieved in 2022. Accordingly, driven by the continued strong start to the year, the Board now expects that the Group's full year 2023 performance will be significantly ahead of its prior expectations.
The Company continues to be cash generative and maintains a strong balance sheet with cash balances as at 31 May 2023 totalling £7.5 million (31 May 2022: £2.7 million; 31 December 2022: £5.8 million) and no debt.
Note: All figures used in this announcement, other than those in respect of the financial year ended 31 December 2022, remain subject to audit.
Enquiries:
| Warpaint London Sam Bazini - Chief Executive Officer Eoin Macleod - Managing Director Neil Rodol - Chief Financial Officer | c/o IFC
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| Shore Capital (Nominated Adviser & 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
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Warpaint London plc
Warpaint 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, Warpaint supplies own brand white label cosmetics produced for several major high street retailers. The Group also sells cosmetics using its other brand names of Man'stuff, Body Collection and Chit Chat.
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