Warpaint London raises profit guidance as strong momentum continues
Beauty specialist Warpaint London’s trading update on Thursday showed continued strength at the company with current trading looking good and its results for the 2022 full year now expected to be ahead of market expectations.
The owner of the W7 and Technic brands will release its interim results for the first half of the year on 21 September, but ahead of that it said it saw buoyant trading during H1 and the positive momentum has continued into H2.
Group sales for the year ending 31 December are now expected to be at least £61 million, with the key pre-Christmas sales period for the group still to come. Its gross product margin “remains robust and continues to be at a level in excess of that achieved in 2021”.
Adjusted profit before tax for the year is now expected to be in excess of £9 million.
It also expects to “potentially further benefit from favourable foreign exchange gains, through its existing hedging arrangements”, although the exact amount will depend on the prevailing exchange rates for the rest of the year.
Back in June, the company had said that sales for the first half were at a record level and strong growth in sales of the group's branded products has been achieved in the UK and particularly in continental Europe.
And the company was able to achieve improved margins, despite inflationary headwinds and continued high transport costs.
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