Warpaint London plc (LON:W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, has provided an update on current trading and confirm the date for release of the Group’s results for the year ended 31 December 2023.
The Company announced on 12 January 2024 that following continued strong trading in Q4 2023, sales and profit before tax for 2023 had exceeded previous expectations. The Company is pleased to report that the strong trading has continued in Q1 2024. Sales in Q1 2024 are a record first quarter for the Group, with sales to 31 March 2024 of approximately £23.5 million, 28% ahead of the same period in 2023 (Q1 2023: £18.4 million), with margins continuing to be robust and ahead of those achieved in 2023. Accordingly, given this strong start to the year, the outlook for FY 2024 is now expected to be ahead of the market’s current expectations.
The Company continues to have a strong balance sheet, with no debt. Cash balances as at 2 April 2024 totalled £7.5 million after investment in a significant increase in stock to satisfy expected demand later in the year (31 March 2023: £8.5 million).
Notice of Results
Warpaint London expects to release its results for the year ended 31 December 2023 on 24 April 2024.
Note: All figures used in this announcement relating to the financial year ended 31 December 2023 remain subject to audit.
