(Alliance News) - 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 GBP23.5 million, a 28% increase from GBP18.4 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 GBP7.5 million, down 12% from GBP8.5 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 GBP89.5 million, a jump of 40% from GBP64.1 million in 2022 and up 5.3% from a guidance of GBP85 million it gave in November.
Warpaint will publish its 2023 results on April 24.
By Sabrina Penty, Alliance News reporter
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Warpaint London (W7L)