Warpaint London PLC on Tuesday said it achieved ‘record’ sales after delivering a double-digit increase in its first quarter.

Shares in Warpaint were up 13% at 421.00 pence each in London on Tuesday morning.

The Buckinghamshire, England-based supplier of colour cosmetics and the owner of the W7 and Technic brands said sales in the three months to March were £23.5 million, a 28% increase from £18.4 million the year before.

As a result, Warpaint expects its outlook for 2024 to be ahead of the market’s current expectations.

The company also reported that it continues to maintain a strong balance sheet, with no debt. However, cash balances at April 2 were £7.5 million, down 12% from £8.5 million.

Back in January, Warpaint raised its sales guidance for 2023, amid strong trading in the final quarter of the year. It anticipated 2023 sales to be around £89.5 million, a jump of 40% from £64.1 million in 2022 and up 5.3% from a guidance of £85 million it gave in November.

Warpaint will publish its 2023 results on April 24.

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