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Warpaint London (W7L) investor relations material
Warpaint London H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was £40.5m, down 17.8% year-over-year, reflecting challenging trading conditions, order timing, and non-recurring prior year sales, partially offset by a £2.5m contribution from the newly acquired Barry M brand.
Gross profit margin improved to 47.3%, up 230bps year-over-year, aided by sourcing strategies, new product development, and a one-off benefit from discounted Barry M inventory.
Adjusted EBITDA was £6.8m, down 36.4% year-over-year, but the business remains profitable, cash-generative, and debt-free.
Integration of Barry M was completed, contributing to group performance and expanding distribution.
Interim dividend increased to 4.25p per share, up 6.3% year-over-year.
Financial highlights
Revenue: £40.5m (H1 2025: £49.3m), down 17.8%.
Gross margin: 47.3% (H1 2025: 45.0%), including a 150bps one-off from Barry M inventory.
Adjusted EBITDA: £6.8m (H1 2025: £10.7m), down 36.4%.
Profit before tax: £4.9m (H1 2025: £7.3m), down 33.2%.
Cash at period end: £20.7m, up £3.7m from 30 June 2025.
Outlook and guidance
FY26 revenue expected towards the lower end of market expectations (£103.3m–£112.6m); adjusted EBITDA forecasted within analyst range (£22.4m–£24.0m).
H2 2026 expected to be significantly more weighted than prior years due to timing of large orders, Christmas gifting, ecommerce growth, and Barry M contribution.
Q3 2026 sales expected to be £28.5m, up 5% year-over-year.
Share buyback program of up to £2.5m commenced in July 2026.
- Record sales, margin gains, and strategic acquisitions drive growth amid tough conditions.W7L
H2 2025 - Barry M brand acquired; FY25 revenue rises to £105M, but EBITDA falls amid tough market.W7L
H2 2025 TU - Revenue up 7.6–8% to £49.3m, margin at 45.0%, but profit fell on FX and acquisition costs.W7L
H1 2025 - Record sales, profit, and margin growth; interim dividend up 17% to 3.5p per share.W7L
H1 2024 - 2024 revenue and profit surge, with growth momentum and a key acquisition set for 2025.W7L
Trading Update - Record revenue, margin expansion, and strong outlook highlight Warpaint's robust FY 2024.W7L
H2 2024
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