Last checked at 24 Mar 2023 07:00
24 March 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 and Notice of Results
Strong trading continues in Q1 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 and confirm the date for release of the Group's results for the year ended 31 December 2022.
The Company announced on 11 January 2023 that following particularly strong trading in Q4 2022, sales for 2022 had exceeded previous expectations. The Company is pleased to report that the strong trading has continued in Q1 2023. Sales in Q1 2023 are expected to be a record first quarter for the Group, with sales to 23 March 2023 already in excess of £16 million (Q1 2022: £13.2 million), with margins continuing to be robust and in line with those achieved in 2022. Accordingly, given this strong start to the year, the outlook for FY 2023 is now expected to be ahead of the board's previous expectations.
The Company continues to have a strong balance sheet with cash balances as at 23 March 2023 totalling £7.6 million (31 December 2022: £5.8 million) and no debt.
Notice of Results
The Group expects to release its results for the year ended 31 December 2022 on 26 April 2023.
Commenting, Sam Bazini Chief Executive, said: "I am delighted that the strong performance of the Group seen in 2022 has continued into 2023. We are enjoying a strong trading performance across the Group, with sales growth in many territories and online. We also continue to enjoy healthy margins. We look forward to the remainder of 2023 with confidence and will update further at the time of the release of the Group's results in April."
Note: All figures used in this announcement relating to 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
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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, Very Vegan, and Chit Chat.