StockMarketWire.com - Cosmetics group Warpaint London swung to a modest first-half profit as demand started recovering following as easing of lockdowns and more stores started stocking its products.

Pre-tax profit for the six months through June amounted to £0.17 million, compared to year-on-year losses of £1.48 million.

Revenue jumped 36% to £18.4 million, though gross profit margin shrank to 34.5%, down from 35.1% in the second half of 2020, amid supply-side price inflation and significant increases in freight costs.

Warpaint London declared an interim dividend of 2.5p per share, up from 1.5p year-on-year.

It said it still expected its performance to be weighted to the second half.

'Despite the continued effect of the pandemic, with lockdowns in many parts of the world, including the UK, for much of the first half, we have seen a return to the level of group sales achieved in the first half of 2019, a period before the pandemic hit,' chief executive Sam Bazini said.


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