Warpaint London Plc (WL7): 1H’18 interims: delivering the results
Warpaint’s interim results for the six months ending June 2018 showed revenue up 38.7% to £18.4m (1H’17: £13.3m). The company’s two divisions, own-brand and close-out, represented 84% and 16%, respectively, of the total revenue. Exports now account for 56% of sales, of which sales to the EU grew by 110% to £6.7m. Both of the company’s leading brands, W7 and Technic, are 2H-biased due to the nature of the gifting market, and about two thirds of FY revenue will be concentrated in the second half. While costs remain relatively flat, we expect profitability to be very much 2H-weighted also.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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