Warpaint London raises full year profit guidance
Warpaint London, owner of the W7 and Technic brands, has raised its profit guidance for the full year ending 31 December 2022.
The company has confirmed it saw "strong" trading during H1 and this positive momentum has continued into H2. It is set to release further details in its interim results for the first half of the year on 21 September 2022.
Sales for the year ending 31 December 2022 are now expected to be at least £61 million, with the key pre-Christmas sales period for the group still to come.
Warpaint London's gross product margin "remains robust and continues to be at a level in excess of that achieved in 2021". Adjusted profit before tax for the year is now expected to be in excess of £9 million.
In addition, the group expects to further benefit from favourable foreign exchange gains, through its existing hedging arrangements, although the exact amount will depend on the prevailing exchange rates for the remainder of the year.
Earlier this year, Warpaint London reported sales of £50 million in its trading update for the year ending 31 December 2021. These results were ahead of market expectations.