Warpaint London PLC (AIM:W7L), which sells cosmetics under the W7 and Technic brands, said its full-year results are now expected to be ahead of market expectations as its strong trading performance has continued.
Adjusted pretax profit for the year to end-December 2022 is expected to be in excess of £9mln, the company said in a trading update ahead of its interim results due to be released on September 21.
Group sales for the year are now expected to be at least £61mln with the key pre-Christmas sales period still to come, it added, while its gross product margin remains robust and continues to be at a level above that achieved in 2021.
The company announced in June that it had experienced strong trading in the first half.
READ: Warpaint London PLC says improved margins to help record sales
“In addition to the strong operating performance referred to above, the group expects to potentially further benefit from favourable foreign exchange gains, through its existing hedging arrangements, although the exact quantum will depend on the prevailing exchange rates for the remainder of the year,” Warpaint said in the latest update.
Warpaint shares were up 14% at 126p in mid-morning trading.