Warpaint London plc (LON:W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, has announced an update on current trading ahead of the release of the Company’s interim results for the six months ended 30 June 2022 on 21 September 2022.
As outlined in the Company’s ‘AGM Statement’, announced on 27 June 2022, the Group experienced strong trading in the first half of 2022. The Company is pleased to report that this positive momentum has continued since the end of the first half and consequently the results for the year ending 31 December 2022 are now expected to be ahead of market expectations.
Group sales for the year ending 31 December 2022 are now expected to be at least £61 million, with the key pre-Christmas sales period for the Group still to come. The Group’s gross product margin remains robust and continues to be at a level in excess of that achieved in 2021. Adjusted profit before tax* for the year ending 31 December 2022 is now expected to be in excess of £9 million.
In addition to the strong operating performance referred to above, Warpaint London expects to potentially further benefit from favourable foreign exchange gains, through its existing hedging arrangements, although the exact quantum will depend on the prevailing exchange rates for the remainder of the year.
An update on the outlook for the remainder of 2022 will be provided with the release of the interim results for the six months ended 30 June 2022.
* Adjusted for exceptional costs, amortisation of intangible assets and share based payments. Adjusted numbers are close to the underlying performance of the business which is regularly monitored and measured by management.
