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.
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 £29.7 million (five months to 31 May 2022: £20.5 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 £7.5 million (31 May 2022: £2.7 million; 31 December 2022: £5.8 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.
