Warpaint London PLC (AIM:W7L) shares rose in early trade on Thursday after it said that, as a result of a continued strong start to the year, its board now expects the group's full-year 2023 performance to surpass previous expectations by a significant margin.
In a trading update, the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, said recent strong trading has continued in the second quarter of 2023, with sales for the five months ending on 31 May reaching £29.7mln, an increase of 45% compared to the £20.5mln recorded in the same period last year.
The company also added that its margins remain robust and ahead of 2022 figures.
Warpaint noted that it continues to be cash generative and maintains a strong balance sheet with cash balances as of 31 May 2023 totalling £7.5mln (31 May 2022: £2.7mln; 31 December 2022: £5.8mln) and no debt.
Around 8.50am in London, Warpaint shares were 7.9% higher at 272.50p.