9 April 2024
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 and Notice of Results
Strong trading continues in Q1 2024
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 and confirm the date for release of the Group's results for the year ended 31 December 2023.
The Company announced on 12 January 2024 that following continued strong trading in Q4 2023, sales and profit before tax for 2023 had exceeded previous expectations. The Company is pleased to report that the strong trading has continued in Q1 2024. Sales in Q1 2024 are a record first quarter for the Group, with sales to 31 March 2024 of approximately £23.5 million, 28% ahead of the same period in 2023 (Q1 2023: £18.4 million), with margins continuing to be robust and ahead of those achieved in 2023. Accordingly, given this strong start to the year, the outlook for FY 2024 is now expected to be ahead of the market's current expectations.
The Company continues to have a strong balance sheet, with no debt. Cash balances as at 2 April 2024 totalled £7.5 million after investment in a significant increase in stock to satisfy expected demand later in the year (31 March 2023: £8.5 million).
Notice of Results
The Group expects to release its results for the year ended 31 December 2023 on 24 April 2024.
Note: All figures used in this announcement relating to the financial year ended 31 December 2023 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 major 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 under its other brand names of Man'stuff, Body Collection and Chit Chat, each targeting a different demographic.
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