Warpaint London PLC (AIM:W7L), a UK-based supplier of cosmetics, said in a trading update today that a quarter of strong trading has put it ahead of market expectations.
The company said in November that sales for the year ending 31 December 2023 were expected to be at least £85 million, up from £64.1 million a year earlier.
Now, after a fourth quarter of "strong trading", the company said its unaudited full-year sales have exceeded previous expectations at approximately £89.5 million.
The owner of the W7 and Technic brands said its gross product margin remains robust and continues to be "in excess" of its margin in 2022.
Warpaint said it expects to report profit before tax of at least £18 million for 2023, more than double the £7.7 million clinched in 2022.
That pre-tax profit figure is ahead of market expectations and the board's previous guidance from November that pre-tax profit would total £16 million.
The company said it continues to have a strong balance sheet with cash of £9 million at the end of the year, more than the £5.9 million it had a year earlier, and no debt.
It will release its annual results in April.