Warpaint London down on profit update

The price of shares in AIM-listed cosmetics firm Warpaint London (LON:W7L) slipped by 13.42% to 70.56p (as of 12:00 GMT) after the company said it would not hit prior profitability guidance for the year ending 31st December. Management said that revenues were on track, but profits had suffered due to product mix, foreign exchange rates, and investments.

Chairman Clive Garston commented: “I am pleased that we anticipate reporting sales for the current financial year in line with the guidance we provided in August. Whilst the unprecedented volatility in exchange rates in recent months has had a negative impact on the profits of the Company, both from a translational and margin perspective, I am pleased by our overall trading performance“.