Warpaint London, the stock exchange-listed beauty specialist, delivered a short update on Tuesday and said that strong trading had continued in Q1.

The owner of the value-focused W7 and Technic brands will release its full-year 2023 results on 24 April but for now said that its trading has continued to be buoyant in the new financial and calendar year.

On 12 January, it had said that following continued strong trading in Q4 23, sales and profit before tax for the year had exceeded previous expectations. There’s been no change to that upbeat picture in the new year so far with sales in Q1 being at a record first-quarter level.

In the three months to 31 March, they rose around 28% year on year, to £23.5 million, “with margins continuing to be robust and ahead of those achieved in 2023”.

That flying start to the period means the company is saying the outlook for FY24 is now expected to be “ahead of the market’s current expectations”.

The company also continues to have a strong balance sheet, with no debt. Cash balances as of 2 April were £7.5 million after “investment in a significant increase in stock to satisfy expected demand later in the year”. The cash balance had been £8.5 million a year ago.