Hardman Co - Warpaint London (W7L) Warpaint London Plc (W7L): Trading update: softening UK market

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Hardman & Co

Warpaint London Plc (W7L): Trading update: softening UK market

Warpaint has released a trading update for the year ending 31 December 2018. The company has prudently signalled that group sales for FY2018 are likely to be lower than previously indicated, in the range of Â£48m-Â£52m, with adjusted PBT of Â£8.5m-Â£10m. The company says that trading conditions in the UK remain challenging but that it has seen strong growth in its overseas markets. The share price responded negatively to this trading announcement, plunging by over 45% to 112.5p on the day, from the 206.5p closing price on 26 October. We have lowered FY18E revenue to Â£50.0m, from Â£55.1m, with adjusted PBT of Â£9.1m, from Â£12.4m, but we retain a dividend forecast of 5.5p.

01/11/2018 8 EN

Underlying

Warpaint London

Warpaint London is focused on color cosmetics, which it separates into four categories: Face make-up: foundation, blushers, illuminators, and powders and loose and pressed powders; Eye make-up: eye shadows, eyeliners, eyebrow pencils and mascara; Lip make-up: lipstick and glosses, lip pencils, lip plumpers and palettes; and Nail make-up: nail varnishes, polishes, hardeners and strengtheners, base and top coat. Co. consists of two separate divisions, own-brand, which its W7 brand sells to street retailers, beauty shops, and online sales channel; and close-out, which representing its business, buys and sells close-out and excess stock of branded cosmetics and fragrances from around the world.

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GB00BYMF3676 London Stock Exchange United Kingdom

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Hardman & Co

We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.

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