Warpaint London PLC Trading Update (7681C)

TIDMW7L

RNS Number : 7681C

Warpaint London PLC

15 June 2023

15 June 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

Strong trading continues in Q2 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.

The Company announced on 26 April 2023, with its results for the year ended 31 December 2022, that the Group had traded strongly in Q1 2023. The Company is pleased to report that the strong trading has continued in Q2 2023.

Sales for the five months to 31 May 2023 were 45% ahead of the same period last year, at GBP29.7 million (five months to 31 May 2022: GBP20.5 million), with margins continuing to be robust and ahead of those achieved in 2022. Accordingly, driven by the continued strong start to the year, the Board now expects that the Group's full year 2023 performance will be significantly ahead of its prior expectations.

The Company continues to be cash generative and maintains a strong balance sheet with cash balances as at 31 May 2023 totalling GBP7.5 million (31 May 2022: GBP2.7 million; 31 December 2022: GBP5.8 million) and no debt.

Note: All figures used in this announcement, other than those in respect of 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 and Chit Chat.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTSFLFULEDSEEM

(END) Dow Jones Newswires

June 15, 2023 02:00 ET (06:00 GMT)