Warpaint London PLC Trading Update (6801Y)

TIDMW7L

RNS Number : 6801Y

Warpaint London PLC

08 September 2022

8 September 2022

Warpaint London PLC

("Warpaint", the "Company" or the "Group")

Trading Update

Strong trading performance continues and results for the year ending 31 December 2022 now expected to be ahead of market expectations

Warpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, is pleased to announce 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 GBP61 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 GBP9 million.

In addition to the strong operating performance referred to above, the Group 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.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Enquiries:

 
 Warpaint London                              c/o IFC 
  Sam Bazini - Chief Executive Officer 
  Eoin Macleod - Managing Director 
  Neil Rodol - Chief Financial Officer 
 Singer Capital Markets (Nominated Adviser 
  & Joint Broker) 
  Shaun Dobson, Jen Boorer, Alex Bond - 
  Investment Banking                          020 7496 3000 
 Shore Capital (Joint Broker) 
  Patrick Castle, Daniel Bush - Corporate 
  Advisory 
  Fiona Conroy - Corporate Broking            020 7408 4090 
 IFC Advisory (Financial PR & IR) 
  Tim Metcalfe, Graham Herring, Florence 
  Chandler                                    020 3934 6630

Warpaint London plc

Warpaint sells branded cosmetics under the lead brand names of W7 and Technic. W7 is sold in the UK primarily to retailers and internationally to local distributors or retail chains. The Technic brand is sold in the UK and continental Europe with a significant focus on the gifting market, principally for high street retailers and supermarkets. In addition, Warpaint supplies own brand white label cosmetics produced for several major high street retailers. The Group also sells cosmetics using its other brand names of Man'stuff, Body Collection, Very Vegan, and Chit Chat.

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September 08, 2022 02:00 ET (06:00 GMT)

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