Warpaint London plc (LON: W7L) will later today hold it’s Annual General Meeting where Clive Garston, Chairman of the Company, will make the following statement:
I am pleased to report that the Company continues to trade in line with expectations. So far in 2017, we have seen encouraging growth across all our sales territories worldwide, apart from Europe where sales remain similar to the corresponding period in 2016. I am particularly pleased that our sales strategy for the US, which is the world’s largest colour cosmetics market, has delivered double-digit sales growth compared to the same period last year.
We recently launched our new Very Vegan range of products and early sales, whilst modest in the context of the Group, have been encouraging. We will continue to innovate and look for further opportunities to introduce new products into our mix.
Our E-commerce strategy remains on track and is a growing contributor to the Group. Supported by celebrity endorsements, particularly through social media, we expect the importance of on-line sales to continue to grow.
I am pleased with the performance of the Group since admission to AIM in November last year. Being quoted on AIM has been a positive experience for the Company, in particular helping the recognition and development of the W7 brand globally.
We look forward to updating the market at the time of the release of our interim results in September 2017.
Warpaint London Plc is a colour cosmetics business, based in Iver, Buckinghamshire. It is made up of two divisions: close-out and own-brand. The second and larger own-brand division consists primarily of the Group’s flagship brand, W7 – an extremely creative, design-focused cosmetic brand proposition with a focus on the 16-30 age range, delivering high-quality cosmetics at affordable prices. W7 brand has grown organically since its inception in 2002 and now contains over 500 items which are sold into high street retailers and independent beauty shops across the UK, Europe, Australia and the US. In 2016, W7 was supplied to over 250 customers in more than 50 countries.