Warpaint London AIM:W7L
- Founded
- 1992 · Iver, England
- Incorporated
- United Kingdom
- Chief executive
- Sam Bazini
- Employees
- 187
- Reports in
- GBP
- Companies House
- 10261717
Colour cosmetics company selling affordable make-up under the W7 and Technic brands through high street retailers, supermarkets and online marketplaces across the UK, Europe and the US. Capital-light outsourced manufacturing model with strong margins; still run by its founders.
Read straight from the annual reports
195p at close on 2 Oct 2026 · 11 reported years, 2015–2025
| Line | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
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| Adjusted operating profit | later 7.7 | vs 8.4 | ||||||||||
| Exceptional items | vs 0.42 | |||||||||||
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| Adjusted profit before tax | — | — | — | — | — | — | ||||||
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| Profit for the year | ||||||||||||
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| Adjusted minus statutory PBT | — | — | — | — | — | — | ||||||
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| Diluted EPS | ||||||||||||
| Adjusted EPS | — | — | — | — | ||||||||
| Dividend per share | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Own-branded affordable cosmetics (Branded segment)
Branded segment revenue £102.6m of £105.1m total; W7 sold to UK major retailers and internationally, Technic focused on gifting for high street retailers and supermarkets
page 113Brand Architekts acquisition
Contributed £12.2m to group revenue from 12 February 2025 completion; pro forma full-year group revenue would have been £106.7m
page 127Gross margin improvement
Gross profit £44.7m on £105.1m revenue (42.6%) versus £41.9m on £101.6m (41.2%) in 2024; record sales 'at an increased gross margin'
page 89Brand Architekts overhead reduction
Brand Architekts carried a high overhead cost base relative to gross profit; Warpaint expects cost synergies and reduced overheads to increase its profitability
page 125£4.5m credit: Gain on bargain purchase (Brand Architekts negative goodwill)
page 126The strategic plan, comprising six key pillars, has been updated for 2026 forming the basis of the Group's development through to 2028, with defined targets for sales, EBITDA, earnings per share and cash generation, and a particular emphasis on driving incremental EBITDA growth
page 50On 9 February 2026 the Group acquired the Barry M brand (IP, stock and order book, excluding manufacturing and liabilities) out of administration for cash consideration of £1.4 million
page 156Policy 'to pay appropriate dividends'. Interim dividend of 4.0p paid 21 November 2025; final dividend of 9.0p recommended (payable 3 July 2026), giving 13.0p total for 2025 (2024 total: 11.0p). Capital structure maintained/adjusted through dividends and new share issues
page 70Going concern basis adopted: forecasts to December 2027 including a no-growth downside and a worst case of up to 30% revenue falls in both years show sufficient cash; facilities (£6m invoice discounting, £2m stock finance, £1m general — renewed 10 March 2026) were undrawn all year; cash £17.3m and no debt at 31 March 2026. Auditor BDO LLP issued an unqualified opinion (28 April 2026) with no material uncertainty over going concern; single key audit matter: revenue recognition (risk of overstatement via unusual journals); group materiality £1.0m based on 1% of revenue (2024 basis: 4.3% of adjusted PBT)
page 96- Customer concentration — a single Danish customer represents 29.3% of revenue; a large Technic customer entered administration in 2025 costing £3.3m of salesp.114
- US tariff volatility — disrupted Christmas gift orders (~£2.4m sales lost) and considered in going concern and US goodwill assessmentsp.97
- Supply chain and freight — Middle East crisis causing shipping rate fluctuations and extended transit times; supply-side price inflation; reliance on Hong Kong/China sourcing entitiesp.97
- Foreign exchange — USD/EUR transaction exposure; £2.2m FX loss in 2025 operating profit versus £2.0m gain in 2024p.115
Read from C001401-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 2 May 2027