Warpaint London PLC Full Year Trading Update (3084M)
January 11 2023 - 2:00AM
UK Regulatory
TIDMW7L
RNS Number : 3084M
Warpaint London PLC
11 January 2023
11 January 2023
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.
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Full Year Trading Update
Strong trading continued in Q4 2022 - Full Year 2022 results
expected to be ahead of expectations
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands is pleased
to announce a trading update for the year ended 31 December
2022.
The Company announced in its interim results on 21 September
2022 that sales for the year ending 31 December 2022 were expected
to be at least GBP61 million (2021: GBP50.0 million). Following
particularly strong trading in Q4 2022, the Company is pleased to
report sales for the full year have exceeded previous expectations
and are expected to be approximately GBP64 million.
In addition, in its full year results, the Group expects to
report adjusted EBITDA* of approximately GBP11.8 million (2021:
GBP7.6 million) and adjusted profit before tax** of appro ximately
GBP10 million (2021: GBP6.9 million), both of which are ahead of
current market expectations and the board's previous guidance for
adjusted profit before tax**, as outlined in the interim results on
21 September 2022, of in excess of GBP9 million.
The Company continues to have a strong balance sheet with cash
balances as at 31 December 2022 totalling GBP5.8 million (31
December 2021: GBP4.1 million) and no debt.
The Group expects to release its results for the year ended 31
December 2022 in April 2023.
Commenting, Sam Bazini Chief Executive, said: "I am delighted
with the performance of the Group in 2022 and I am pleased to
report that we ended 2022 ahead of expectations, both for sales and
profits. We enjoyed a strong trading performance in Q4 2022 across
the Group, with sales growth in the US and online being particular
highlights. We were also able to improve our margins
year-on-year.
"We expect to see a continuing strong performance in 2023 and I
look forward to updating further at the time of the release of the
Group's results in April."
Note: All figures used in this announcement relating to the
financial year ended 31 December 2022 remain subject to audit.
* Adjusted for foreign exchange movements, share based payments
and exceptional items.
** Adjusted for exceptional items, amortisation of intangible
assets, and share based payments.
Adjusted numbers are close to the underlying cash flow
performance of the business which is regularly monitored and
measured by management.
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
Shore Capital (Nominated Adviser & 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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