Commenting, Sam Bazini and Eoin Macleod, Warpaint London PLC LON:W7L Joint Chief Executives said: “We have had a positive first half of 2017 as the business continues to grow revenue and generate cash with no debt to service. The W7 brand continues to increase in global awareness, in particular as we execute our e-commerce and social media marketing strategy.
“We remain confident of the opportunities in front of us and look forward to growth in both sales and profits in the second half of 2017.”
Warpaint London PLC (AIM: W7L), the specialist supplier of colour cosmetics and owner of the W7 brand, has given DirectorsTalk its unaudited interim results for the six months ended 30 June 2017.
Highlights
-- Sales up 3.7% to GBP13.3 million in the half
year from GBP12.8 million in H1 2016
-- 8.3% growth in W7 sales
-- Gross profit up 3.9% to GBP5.2 million from
GBP5.0 million in H1 2016
-- Operating profit of GBP2.9 million after additional
costs of GBP0.6 million in the half year relating
to PLC, staff, PR and amortisation
-- Net cash of GBP2.5 million at 30 June 2017
(30 June 2016: GBP1.2 million)
-- Interim Dividend declared of 1.4p per share
-- W7 brand continues sales growth year on year
in all our regions
-- Second half has started well with significantly
increased Christmas orders to be delivered
-- E-commerce strategy for the UK exceeding expectations
with the USA now soft launched and China to
be implemented by the end of this year
-- Very Vegan range successfully launched with
initial sales encouraging
-- New senior management appointments in sales
and product development have integrated successfully
into the W7 branded cosmetics business
H1 2016 numbers are proforma with an explanation in the Financial Review
Outlook
With our strong Christmas orders, which are significantly ahead of last year, we are well positioned and confident that we can deliver improving shareholder returns through increased organic growth and improved margins. The business continues to generate cash with no debt to service and the W7 brand continues to grow in global awareness.
Our e-commerce strategy, the launch of the Very Vegan range and increased Christmas business will strengthen our growth plans for this year and beyond, whilst new senior management roles that have been created will ensure we are able to deliver on growth as the business expands further.
