Warpaint lifts outlook for the year

AIM-listed cosmetics company Warpaint said on Friday that the outlook for FY2023 is now expected to be ahead of its previous expectations, as the strong trading seen last year has continued into the first quarter.

The group, which owns the W7 and Technic brands, said in January that sales for 2022 had exceeded previous expectations following particularly strong trading in the final quarter of the year.

That strong trading has continued in Q1 2023, it said, with sales for the period expected to be a record first quarter. Warpaint said sales to 23 March were already in excess of £16m, versus £13.2m in the same period a year earlier, with margins continuing to be robust and in line with those achieved in 2022.

"Accordingly, given this strong start to the year, the outlook for FY 2023 is now expected to be ahead of the board's previous expectations," it said.

Chief executive Sam Bazini said: "We are enjoying a strong trading performance across the Group, with sales growth in many territories and online. We also continue to enjoy healthy margins. We look forward to the remainder of 2023 with confidence and will update further at the time of the release of the group's results in April."