Warpaint London PLC Trading Update and Notice of Results (0286I)
12 April 2022 - 8:00AM
UK Regulatory
TIDMW7L
RNS Number : 0286I
Warpaint London PLC
12 April 2022
12 April 2022
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Trading Update and Notice of Results
Strong trading performance continues into Q1 2022
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 current trading ahead of the release of
the Company's results for the year ended 31 December 2021 on
Tuesday 26 April 2022.
Trading Update
As outlined in the Company's 'Full Year Trading Update'
announced on 1 February 2022, the Group experienced strong 2021
trading. The Company is pleased to report that this positive
momentum has continued in the first quarter of 2022. Group sales
for the first three months of 2022 are approximately 60% ahead of
the same period in 2021, with sales increases seen across all of
the Group's brands.
Gross product margin has also improved in the first quarter of
2022, against the level achieved in the year ended 31 December
2021, despite increased costs in the supply chain, particularly in
respect of freight.
Sales of the Group's W7 branded products through Tesco stores
continue to perform well, with more stores and space being
allocated to the Group across the Tesco estate. In February 2022,
the Group successfully launched 45 W7 products in an initial 80
Boots stores and the brand is performing in line with Group
management's and Boots' expectations. The Group has also secured a
significant contract with a further major UK grocer to produce a
range of all year-round products and Christmas gifting.
Warpaint's activities in the USA continue to grow, aided by the
Group having taken on a number of experienced US based salespeople,
resulting in six new accounts being opened in the US and several
Christmas gifting orders being received from new customers, the
most notable being a significant order from CVS to be delivered in
September this year.
Online sales continue to accelerate and for the first quarter of
2022 were 29% ahead of the same period in 2021. The growth in
online sales has been aided by sales of the W7 brand in China,
following the launches in 2021. Online sales in China are growing
month on month and the board believes that over the next 18 months
online revenues in China will make a meaningful contribution to the
Group's online sales.
To aid the Group's focus on the environment and sustainability,
including a drive to reduce plastics and manage the Group's waste,
Kevin Laughton has been appointed as the Group's packaging
technologist and sustainability lead. Kevin is an experienced
technical packaging professional who will be focussed on ensuring
that the Group not only complies with the increasing legislation in
this area, but also that the Group embraces the challenges
proactively and ensures the use of environmentally sustainable
materials while focusing on the core Group strategy of producing
affordable quality cosmetics.
An update on the outlook for the remainder of 2022 will be
provided with the release of the results for the year ended 31
December 2021.
Investor Presentation
Warpaint's management will be hosting an online presentation and
Q&A session on Tuesday 26 April 2022 at 5.30 p.m. BST. This
session is open to all existing and prospective shareholders. Those
who wish to attend should register via the following link and they
will be provided with access details:
https://us02web.zoom.us/webinar/register/WN_RAnJgEoaSdiUqNkdO9yt0w
Participants will have the opportunity to submit questions
during the session, but questions are welcomed in advance and may
be submitted to: warpaint@investor-focus.co.uk.
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.
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
Singer Capital Markets (Nominated Adviser
& Joint Broker)
Shaun Dobson, Tom Salvesen, Jen Boorer,
Alex Bond - Investment Banking 020 7496 3000
Shore Capital (Joint Broker)
Patrick Castle, Daniel Bush - Corporate
Advisory
Fiona Conroy - Corporate Broking 020 7408 4090
IFC Advisory (Financial PR & IR)
Tim Metcalfe, Graham Herring, Florence
Chandler 020 3934 6630
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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END
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