Warpaint London PLC Full Year Trading Update (2266A)
01 Februar 2022 - 7:59AM
UK Regulatory
TIDMW7L
RNS Number : 2266A
Warpaint London PLC
01 February 2022
1 February 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Full Year Trading Update
Strong 2021 trading and results expected to be ahead of market
expectations
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands is pleased
to announce an update on trading for the year ended 31 December
2021.
The Company announced in its trading update on 2 November 2021,
sales for the year ending 31 December 2021 were expected to be
similar to those achieved in 2019 (2020: GBP40.3 million, 2019:
GBP49.3 million), the most recent financial year that experienced
no impact from the Covid-19 pandemic. Following completion of the
year, the Company is now pleased to report that unaudited sales for
the year ended 31 December 2021 have exceeded those achieved in
2019 at GBP50 million.
Gross margins for the year ended 31 December 2021 were
maintained ahead of those achieved in 2020 and 2019 at
approximately 33.8% (2020: 31.1%, 2019: 33.5%), despite increased
costs in the supply chain, particularly in respect of freight.
For the year ended 31 December 2021, subject to audit, the
Group's Adjusted EBITDA*is expected to be approximately GBP7.7
million (2020: GBP4.2 million, 2019: GBP7.0 million) and Adjusted
Profit Before Tax** (2020: GBP2.3 million, 2019: GBP5.2 million) is
expected to be approximately GBP6.6 million, both of which are
ahead of market expectations.
The Company's cash balances as at 31 December 2021 totalled
GBP4.1 million (31 December 2020: GBP4.9 million) and the Company
had no debt, after significant stock purchases to satisfy
anticipated Q1 2022 demand.
The Group expects to release its results for the year ended 31
December 2021 in April 2022.
* Adjusted for foreign exchange movements, share based payments
and exceptional items.
** Adjusted for exceptional costs, amortisation of intangible
assets, and share based payments. Adjusted numbers are close to the
underlying cash flow performance of the business which is regularly
monitored and measured by management.
Commenting, Sam Bazini Chief Executive, said: "I am pleased to
report that we ended 2021 ahead of current market expectations. In
2021 we enjoyed particularly strong sales growth in the UK,
significant growth internationally and further increases in online
sales. It was pleasing that we were able to maintain our margins at
pre-pandemic levels, despite some inflationary headwinds,
particularly with freight costs.
"We expect to see a continuing improvement in performance in
2022 and have started the year strongly. In line with our stated
strategy we have significant opportunities for further growth, both
with our existing retailers, and those such as Boots where we are
expecting to launch very shortly, together with others that we are
in discussions with. I look forward to providing further updates at
the time of the release of the Group's results in April."
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Finance Officer
Singer Capital Markets (Nominated Adviser & Joint
Broker) 020 7496 3000
Shaun Dobson, Tom Salvesen, Jen Boorer, Alex
Bond - Investment Banking
Shore Capital (Joint Broker) 020 7408 4090
Patrick Castle, Daniel Bush - Corporate Advisory
Fiona Conroy - Corporate Broking
IFC Advisory (Financial PR & IR) 020 3934 6630
Tim Metcalfe
Graham Herring
Florence Chandler
Warpaint London plc
Warpaint sells branded cosmetics under the lead brand names of
W7 and Technic. W7 is sold in the UK primarily to retailers and
internationally to local distributors or retail chains. The Technic
brand is sold in the UK and continental Europe with a significant
focus on the gifting market, principally for high street retailers
and supermarkets. In addition, Warpaint supplies own brand white
label cosmetics produced for several major high street retailers.
The Group also sells cosmetics using its other brand names of
Man'stuff, Body Collection, Very Vegan, and Chit Chat.
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