Warpaint London PLC (AIM:W7L) expects annual results to be ahead of market expectations, with profits more than doubled, after continued strong trading in the second half of the year.
The specialist supplier of colour cosmetics and owner of the W7 and Technic brands said trading was strong, with significant growth in all geographic areas.
Group sales for the year ending December 2023 are now expected to be at least £85 million, up from £64.1 million a year ago, with the key pre-Christmas sales period still ongoing.
Gross product margin remains robust and continues to be at a level in excess of that achieved in 2022, the company said.
Pre-tax profit for the year is now expected to be in excess of £16 million, more than double last year’s £7.7 million.
Further launches are scheduled in 2023 and 2024 with new major retailers and the expansion of the range of products stocked with certain existing customers.
Launches in November 2023 include a range of W7 products in 400 Etos stores in the Netherlands and 100 Watsons stores in the Philippines, together with a range of Technic products being launched in over 200 Wibra stores in the Netherlands.
Further expansion is also scheduled with existing retailers, including W7 being stocked in an additional 372 CVS stores in the US and 102 Boots stores in the UK during the first quarter of 2024, the company said.