(Alliance News) - Warpaint London PLC on Wednesday said it expects annual profit growth to be in line with guidance, as it announced plans for a retail expansion.
The stock was trading 3.8% higher at 83.00 pence each on Thursday morning in London.
The colour cosmetics firm said it expects to report 2019 pretax profit of GBP5.2 million on revenue of GBP49.3 million. For 2018, the company posted pretax profit of GBP4.7 million on revenue of GBP48.5 million.
Full results for 2019 will be published during the week commencing April 20.
In a separate statement, Warpaint said it will be working with a "leading" UK supermarket group to sell a range of over 100 of its W7 branded makeup products, in over 50 stores across the UK. The products will be displayed in bespoke free-standing display units located in the store's cosmetics aisles.
"We are delighted that the group's products are going to be stocked by a leading UK supermarket group and we look forward to both developing our relationship with them and to seeking further new relationships with other large retailers, both in the UK and internationally," said Warpaint Chair Clive Garston.
The Iver-based company also said it has hired Ward & Hagon Management Consulting LLP to assist the company in accessing new retail channels as part of its strategy to grow its UK market share and develop its business in the US.
Warpaint Non-executive Director Paul Hagon is a partner of Ward & Hagon. He has been appointed the role of interim strategy and business development director, while his partner Martyn Wardhas been hired as interim commercial and transformation director. Both roles are non-board roles and will last an initial period of one year.
Hagon and Ward are both experienced executives in the retail and wholesale sectors, Warpaint said, adding that they have worked with major branded suppliers to develop and deliver business plans, together with appropriate sales and marketing strategies.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Warpaint London (W7L)