Warpaint reports robust trading in first half

26th Jun 2024 10:47

(Sharecast News) - Cosmetics supplier Warpaint London, owner of the W7 and Technic brands, reported a robust trading performance ahead of its annual general meeting on Wednesday.

The AIM-traded firm said it expected sales for the first half of 2024 to reach about £46m, a significant increase from £36.7m in the same period last year.

Margins were also reported to be strong, surpassing those achieved in 2023.

Chairman Clive Garston noted that the company's sales were traditionally stronger in the second half of the year due to Christmas gifting orders and sustained business momentum.

He said Warpaint was continuing to make significant strides in expanding its presence in larger global retailers, presenting substantial opportunities for future sales growth with both new and existing customers.

Looking ahead, Warpaint said it had a number of product rollouts planned for additional stores in the second half of the year.

The group said it was also engaged in ongoing discussions with various UK and international retailers regarding the inclusion of its products, underscoring its optimistic outlook for continued expansion.

"As previously announced, pending approval by shareholders at today's AGM, a final dividend of 6p per share will be paid on 5 July to shareholders on the register at 14 June," Garston said.

At 1020 BST, shares in Warpaint London were down 0.97% at 584.28p.

Reporting by Josh White for Sharecast.com.