Warpaint London PLC Trading Update and Notice of Results (0807U)
24 March 2023 - 6:00PM
UK Regulatory
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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END
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