Warpaint London (W7L): FY’18 sales: remains profitable despite weak UK market
Warpaint, the UK-based colour cosmetics specialist, announced its full-year results for 2018. Revenue increased by 49.2% to £48.5m (FY’17: £32.5m); however, on a like-for-like basis, revenue was down 3.2% if we assume a full-year contribution from Retra in 2017. A weak UK retail market affected sales. Internationally, though, revenue increased by 8% on a like-for-like basis; growth was particularly strong in the US and Europe. Gross margin was down by 3.3% to 35.5% for FY’18 (FY’17: 38.8%) due to product mix sold across the group during the year. Cash generation remains healthy with free cashflow of ca.£3.9m in FY’18. Warpaint announced a full-year dividend of 4.4p, up 10% on FY’17.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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