Warpaint London plc (LON:W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, has announced that at the Annual General Meeting of the Company to be held at 10 a.m. today, Clive Garston, Chairman of the Company, will make the following statement:
“The Group has experienced strong trading in 2022 to date with the Group’s brands’ proposition of delivering high quality cosmetics at affordable prices resonating with customers, both in the UK and internationally. Sales for the six months to 30 June 2022 are anticipated to be in excess of £24 million (H1 2021: £18.4 million), a record level for the Group and ahead of the board’s expectations at the start of the year.
“During the year to date, strong growth in the sales of the Group’s branded products has been achieved in the UK and particularly in continental Europe, with other regions performing in line with the board’s expectations. Whilst delivering sales growth, I am also pleased to report that this is being achieved at improved margins. Despite inflationary headwinds and continued high transport costs, the Group’s gross profit margin for the year to date has been in excess of that achieved for the 2021 full year.
“As in previous years, the Group’s sales are expected to remain second half weighted, reflecting Christmas seasonal sales, and with the Group having a strong current order book, ahead of the level at this time last year, I am confident that the Group will continue to perform well for the remainder of the year.
“As previously announced, pending approval by shareholders at today’s AGM, a final dividend of 3.5 pence per share will be paid on 5 July 2022 to shareholders on the register at 17 June 2022.”