Warpaint London plc (LON:W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, announced that at the Annual General Meeting of the Company to be held at 11am today, Clive Garston, Chairman of the Company, will make the following statement:
“Whilst trading conditions remain challenging as a result of the COVID-19 pandemic, sales in the first half of 2020 have been at a higher level than anticipated, albeit significantly below the first half of 2019. There has been an improvement in margin, no erosion of cash and a positive EBITDA for the first 6 months of the current year.
“The Group has a sound financial footing and we are actively implementing our strategy for growth. We look forward to the remainder of the year with cautious optimism.”
Warpaint London plc is made up of two divisions.
The largest division sells cosmetics under the lead brand names of W7, Technic and Body Collection. 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, this division supplies own brand white label cosmetics produced for several major high street retailers. The Group also sells cosmetics using our other brand names of Man’stuff, Vintage, Very Vegan and Chit Chat.
The other division trades in close-out and inventory of branded cosmetics and fragrances from around the world.
