Warpaint hails record full-year profits and sales

24th Apr 2024 09:40

(Sharecast News) - Warpaint - the owner of the W7 and Technic brands - hailed record full-year sales and profits on Wednesday following "significant" growth in all its geographic regions.

In the year to the end of December 2023, pre-tax profit rose 136% to £18.1m and earnings before interest, tax, depreciation and amortisation increased 74% to £20.4m.

Group sales were up 40% to £89.6m. EU revenue rose 60.5% to £45.1m while UK and US revenue pushed up 17.6% and 36.8% respectively to £32.4m and £7.3m.

Warpaint said significant growth in all geographic regions reflected "the focus on growing sales of the group's branded products", which rose 47% during the year to £84.8m. This was driven by lead brand W7.

The company recommended a final dividend of 6p per share, taking the total dividend for the year to 9p, up 27%.

Chairman Clive Garston said: "I am very pleased with the group's strong performance in 2023 and that this has continued into 2024, with record first quarter sales. This reflects the delivery of Warpaint's consistent and focused strategy. The key to our growth has been, and will continue to be, expanding our presence in large retailers globally, by growing our sales with existing customers, entering into relationships with new ones and increasing our online presence.

"Notwithstanding the continuing volatile economic environment and challenges facing our customers, I am optimistic that the strong performance we have seen in 2022, 2023 and now into 2024 will continue and that we have the right offering and strategy in place to continue to deliver profitable future growth."

At 1035 BST, the shares were up 5.2% at 494.20p.