A cosmetics company which sells skincare and make-up products to Boots, Superdrug, Asda and Matalan looks likely to deliver record half-year sales.
In a bullish update ahead of its annual general meeting, Warpaint London hailed its business for ‘delivering high quality cosmetics at affordable prices’.
The AIM-listed firm, which is based in Buckinghamshire, said it expects sales for the six months to the end of June to reach an all-time high of more than £24million, compared with £18million a year earlier.
Record sales: In a bullish update ahead of its agm, Warpaint London said it expects sales for the six months to the end of June to reach an all-time high of more than £24m
This is ahead of the board’s expectations at the start of the year, the company added. Shares shot up 14.6 per cent, or 16.5p, to 129.5p yesterday.
Warpaint’s top brands include W7, which offers a vegan range of products, and gift-focused Technic.
Warpaint said: ‘The group has experienced strong trading in 2022 to date.’
Sales grew most in the UK and continental Europe.
Warpaint said its profit margins are higher than in 2021 despite contending with rising inflation and high transport costs.
The firm expects Christmas shopping and its strong current order book, which is ahead of last year, to produce further growth over the next six months.
Chairman Clive Garston said: ‘I am confident that the group will continue to perform well for the remainder of the year.’
Warpaint proposed to pay shareholders a final dividend of 3.5p per share on July 5.