- Group sales year to year to 31 December, to be at least £85m up from £64.1m
- Profit before tax expected to be ‘in excess’ of £16m, up from £7.7million
Warpaint London shares rose sharply as the cosmetics group lifted full-year profit guidance ahead of market expectations after enjoying ‘significant growth in all geographic areas’.
Group sales for the year are now expected to be at least £85million, up from £64.1 million, with the key pre-Christmas sales period for the company still ongoing.
It also revealed that profit before tax is now expected to be ‘in excess’ of £16 million, up from £7.7million previously.
The firm also revealed that profit before tax is now expected to be ‘in excess’ of £16 million, up from £7.7million in 2022
Warpaint shares were up 7.3 per cent to 335.85p in afternoon trading on Friday.
Warpaint said its gross product margin remains robust and continues to be at a level in excess of that achieved in 2022.
The group also flagged an update to its expansion strategy amid ‘further scheduled launches in 2023 and 2024 with new major retailers and the expansion of the range of products stocked with certain existing customers’.
In a trading update, it said: ‘Launches in November 2023 include a range of W7 products in 400 Etos stores in the Netherlands and 100 Watsons stores in the Philippines, together with a range of Technic products being launched in over 200 Wibra stores in the Netherlands.
‘Further expansion is also scheduled with existing retailers, including W7 being stocked in an additional 372 CVS stores in the US and 102 Boots stores in the UK during Q1 2024.’
In September, the company revealed record sales and profits in its interim results with the group believing it is ‘very well positioned for further growth’.
The company’s group sales increased by 46 per cent to £36.7million for the six months to 30 June, with UK revenue increasing by 28 per cent to £13.3million.
The firm’s adjusted earnings before interest, taxes, depreciation, and amortisation increased to £7.9million, up from £4.4million.
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