Yesterday, Warpaint London PLC (AIM), known for its W7 and Technic brands, announced that it reported revenues of £45.8 million for the first six months, a 25% increase compared to the same period last year. Operating profits surged by 75%, reaching £11 million. The cosmetics company’s profits for the first half of 2024 exceeded expectations, causing its share price to soar by 8%.
The company’s gross profit margin also improved, rising from 39.1% last year to 42.5%. This improvement was attributed to the launch of new products, savings in procurement and volume, increased e-commerce sales, and enhanced profitability in the U.S. market.
Regionally, the UK market contributed £15.5 million in revenue, a 17% increase, while international sales grew by 30%, reaching £30.3 million. The group also noted that direct-to-consumer (D2C) online sales via e-commerce reached £2.3 million, a 31% year-on-year increase.
As of July 1, Warpaint held £6.5 million in cash and announced a 17% increase in its interim dividend, raising it to 3.5p per share. Group CEO Sam Bazini attributed the company’s financial success to its strategy of focusing on global branded product sales and increasing overall profit margins. Bazini also emphasized significant growth opportunities for Warpaint, with sales expected to be even stronger in the second half, driven by Christmas sales and continued momentum.
