Warpaint London plc (LON:W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, has announced a trading update for the year ended 31 December 2023.
The Company announced on 10 November 2023 that sales for the year ending 31 December 2023 were expected to be at least £85 million (2022: £64.1 million). Following continued strong trading in Q4 2023, the Company is pleased to report sales for the full year have exceeded previous expectations and are approximately £89.5 million.
The Group’s gross product margin remains robust and continues to be at a level in excess of that achieved in 2022. Consequently, in its full year results, Warpaint London expects to report profit before tax of not less than £18 million (2022: £7.7 million), which is ahead of current market expectations and the board’s previous guidance for profit before tax, as outlined in the announcement on 10 November 2023, of in excess of £16 million.
Warpaint London continues to have a strong balance sheet with cash balances as at 31 December 2023 totalling £9.0 million (31 December 2022: £5.9 million) and no debt.
The Group expects to release its results for the year ended 31 December 2023 in April 2024.
Note: All figures used here, other than those in respect of the financial year ended 31 December 2022, remain subject to audit.
