Value-focused cosmetics company Warpaint (W7L:AIM) can do no wrong in investors’ eyes, it seems.

The shares hit a new-all time high on 12 January after the colour cosmetics supplier upgraded its full-year 2023 revenue guidance for the fourth time.

Warpaint is now forecasting full-year 2023 revenue of £89.5 million against previous guidance of at least £85 million.

Over 12 months the shares are up 132% compared with a 13% fall in the FTSE AIM All-Share index, and since floating in 2016 they have gained 213%.

Behind the dramatic share price rise is strong trading in the company’s W7 and Technic brands and momentum across its business.

Analysts at Shore Capital commented: ‘Trading since the interim results has proved strong, with broad-based outperformance across its retailer and  geographic base (including gifting sales) further supported by excellent online momentum through November and December 2023.’

The analysts go on to say the company has ‘considerable potential in Europe, the US and online.’

Warpaint has successfully tapped into the UK and international markets, and this shows no sign of abating with analysts impressed by its performance.

Further ‘colour’ on customer and channel dynamics is expected when Warpaint announces its preliminary results for the year to April 2024, when the group expects to post pre-tax profit of at least £18 million.

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