Warpaint sees FY outlook ahead of market views

Warpaint said on Tuesday that its full-year outlook was set to be "ahead" of the market’s current expectations following strong trading in the first quarter of 2024.

The company said in January that following continued strong trading in the final quarter of last year, sales and pre-tax profit for 2023 had exceeded previous expectations. That strong trading continued into the first quarter of 2024, which was a record quarter for sales.

Sales to the end of March came in at around £23.5m, up 28% on the same period a year earlier, with margins continuing to be "robust" and ahead of those achieved in 2023.

"Accordingly, given this strong start to the year, the outlook for FY 2024 is now expected to be ahead of the market's current expectations," the company said.

Warpaint, which sells branded cosmetics under the brand names of W7 and Technic, said the balance sheet remains strong, with no debt.