Beauty specialist Warpaint London’s first-half figures on Wednesday showed the supplier of colour cosmetics and owner of the W7, Technic, Skin & Tan, Super Facialist, Dirty Works and Fish Soho brands continuing to prosper on the revenue front — on the surface at least.

But the company’s shares fell more than 20% at one point as it cut its guidance due to business headwinds and as investors digested the numbers that showed the sales rise was down to its acquired Brand Architekts business and without that, the picture was less rosy.

Its revenue rose 8% in the six months to the end of June, reaching £49.3 million. But it had earlier forecast sales of £50 million-£52 million.

Its gross profit margin increased from 42.5% to 45%, but adjusted EBITDA was down 5% at £10.8 million and profit bef

See Full Page