LONDON - Warpaint London plc (AIM: W7L), a prominent supplier of color cosmetics, has witnessed a 11.87% rise in its share price to 419.50p following the company's announcement of robust sales in the first quarter of 2024. The company, which owns the W7 and Technic brands, reported a record-breaking Q1 with sales reaching approximately £23.5 million, marking a 28% increase compared to the same period last year, which had sales of £18.4 million.
The strong performance in Q1 builds on the momentum from the last quarter of 2023, where Warpaint London also exceeded sales and profit expectations. The company's margins have continued to strengthen, surpassing those achieved in the previous year. With this substantial growth, Warpaint London has adjusted its financial outlook for the full year 2024, now expecting to outperform current market expectations.
Warpaint London's financial health remains solid, maintaining a debt-free status. As of Sunday, April 2, 2024, the company reported cash balances of £7.5 million, despite making considerable investments in inventory to meet anticipated demand later in the year. This figure is slightly down from the £8.5 million reported on March 31, 2023, reflecting the strategic stock increase.
This update is based on a press release statement from Warpaint London plc.
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