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Warpaint beats expectations after strong fourth quarter
(Sharecast News) - Colour cosmetics specialist Warpaint London issued a positive trading update for the financial year just ended on Friday. The AIM-traded firm, in its previous update on 10 November, had anticipated sales for the year ended 31 December to be a minimum of £85m, surpassing the 2022 figure of £64.1m.
However, following a strong performance in the fourth quarter, Warpaint said its full-year sales for 2023 had exceeded that, reaching £89.5m.
The group said it maintained a robust gross product margin, surpassing the levels achieved in 2022.
As a result, it expected to report a profit before tax of at least £18m for the year - a significant increase compared to the prior year's £7.7m.
The performance exceeded both market expectations and the board's prior guidance of profit before tax in excess of £16m, as announced on 10 November.
Warpaint London said it maintained a strong financial position, with cash balances at the end of December totalling £9m - an increase from £5.9m year-on-year.
The company also had no outstanding debt.
Warpaint said it would release its full-year results for the year ended 31 December in April.
At 0856 GMT, shares in Warpaint London were up 2.02% at 389.7p.
Reporting by Josh White for Sharecast.com.
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