Warpaint in new W7 collaboration with 'leading' UK supermarket
Warpaint London reiterated its full-year guidance on Thursday as it announced a new collaboration with a "leading" UK supermarket to sell a core range of more than 100 of its W7 branded cosmetics.
The products will be sold in more than 50 stores across the UK. Warpaint said the collaboration is a "significant" step forward in its strategy to grow UK market share through sales from new retail outlets. The company said it is also in detailed talks with a number of other "large" UK retailers to stock its products.
For the year to the end of December 2019, the company continues to expect revenue of £49.3m and adjusted pre-tax profit of £5.2m, in line with the guidance given in the trading update in December.
Warpaint also announced that Ward & Hagon has been appointed to provide additional strategic resource and to assist the group in implementing its strategic growth plans.
"Ward & Hagon will have a particular focus on assisting the group to access new retail channels with a view to growing its UK market share and developing its business in the USA," it said.
Non-executive director Paul Hagon is a partner of Ward & Hagon and as part of the arrangement, he will fulfil the role of interim strategy and business development director, while his Ward & Hagon partner, Martyn Ward, will fulfil the role of interim commercial and transformation director.
Chairman Clive Garston said: "We are delighted that the group's products are going to be stocked by a leading UK supermarket group and we look forward to both developing our relationship with them and to seeking further new relationships with other large retailers, both in the UK and Internationally."
At 1300 GMT, the shares were up 3.8% at 83p.