Warpaint London has reported a 40 per cent rise in revenue for the year ended 31st December, helped by the launch of its products in New Look and Superdrug stores.
During the year, the affordable makeup brand opened in 71 Superdrug sites and was stocked in a further 200 New Look sites following a launch in 2022.
The publicly listed cosmetics chain also ramped up expansion in Europe, its largest sales region.
Profit before tax was up by 136 per cent to £18.1m, a significant increase when compared to the £7.7m it recorded in 2022.
In the year ahead, Warpaint has plans to further expand into more popular British stores.
So far, the business has already launched a full range of its Technic products in 202 Morrisons stores in the UK.
Warpaint also plans to supply a further 100 Boots stores this month with additional W7 products stocked in existing and newly added stores
A further rollout with Superdrug is planned for July 2024. The plan is to launch in 63 more stores, bringing the number of Superdrug stores served to 134.
Clive Garston, chairman of Warpaint, said: “I am very pleased with the group’s strong performance in 2023 and that this has continued into 2024, with record first quarter sales. This reflects the delivery of Warpaint’s consistent and focused strategy.
“The key to our growth has been, and will continue to be, expanding our presence in large retailers globally, by growing our sales with existing customers, entering into relationships with new ones and increasing our online presence.”
He added: Notwithstanding the continuing volatile economic environment and challenges facing our customers, I am optimistic that the strong performance we have seen in 2022, 2023 and now into 2024 will continue and that we have the right offering and strategy in place to continue to deliver profitable future growth.”