Yesterday, colour cosmetics specialist Warpaint London released its financial report of 2023. Bolstered by successful deals with Superdrug and New Look, the company reported strong performance for fiscal 2023. Its sales for the six months ending 30 June expected to reach approximately £46 million, an increase from £36.7 million in the same period last year.
Chairman Clive Garston announced that the group “continues to trade strongly.” with Garston highlighted that the company’s margins “continue to be robust and ahead of those achieved in 2023.” He noted that, in line with previous years, sales are anticipated to be second-half weighted due to Christmas gifting orders and ongoing momentum.
Warpaint London said that the company is making further progress in expanding its presence in larger retailers globally and sees significant opportunities to grow sales with both new and existing customers. This growth is expected to be driven by several planned product rollouts to additional stores in the second half of the year. Warpaint London is also engaged in “active discussions” with numerous UK and overseas retailers about stocking its products.
The company is targeting growth in North America and began trading its shares on the OTCQX Best Market in the US in May. This region represents a growing market for Warpaint’s key brands, including The W7 and Technic.
Today’s announcement underscored Warpaint’s ongoing expansion with major retailers. In the UK, the company’s products are available at New Look, Superdrug, Boots, and Morrisons. In the US, its products are sold at Walmart, Five Below, and CVS. In Europe, Warpaint is “ramping up expansion” in its largest sales region.
In the past year, Warpaint London opened its products in 71 Superdrug sites and extended its reach to an additional 200 New Look locations following its launch in 2022. Next month, the company plans to open in another 63 Superdrug stores.
