Warpaint London PLC Trading Update and Notice of Results (0807U)

TIDMW7L

RNS Number : 0807U

Warpaint London PLC

24 March 2023

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 GBP16 million (Q1 2022: GBP13.2 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 GBP7.6 million (31 December 2022: GBP5.8 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                               c/o IFC 
 Sam Bazini - Chief Executive Officer 
 Eoin Macleod - Managing Director 
 Neil Rodol - Chief Financial Officer 
 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 
 

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.

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March 24, 2023 03:00 ET (07:00 GMT)