Warpaint London’s (LON: W7L) share price is surging on Monday after the company released an update on their full-year trading results after a stronger than anticipated second half of the year.
The company’s stock price rose to highs of 95p, although, they have since given up some gains, currently trading at 91.8p, up 9.35%.
Sales are expected to be no less than £40 million, even after their previous review on June 30th 2020, predicting £37 million in sales revenue. Warpaint’s board expects unaudited adjusted profit from operations to be over £2.6 million, 10% ahead of its previous assessment of £2 million.
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The UK-based firm also saw net cash balances total £4.9 million as of the December 31st 2020, exceeding its 2019 cash balance of £1.5 million.
“Following successful initial sales of a range of 15 W7 cosmetics products in 209 Tesco Express stores from November 2020, these products will now be stocked in a further 469 Tesco Express stores starting at the end of February 2021,” Warpaint stated.
This adds to the company’s core range of 190 of the Group’s W7 products being sold in 56 Tesco Extra stores, while there are four new lines being introduced into 605 Tesco branches and a further four lines to be stocked in 96 Tesco stores.
The cosmetics business is expected to release its full-year 2020 results by April 2021.