Warpaint’s interim results for the six months ending June 2018 showed revenue up 38.7% to £18.4m (1H’17: £13.3m). The company’s two divisions, own-brand and close-out, represented 84% and 16%, respectively, of the total revenue. Exports now account for 56% of sales, of which sales to the EU grew by 110% to £6.7m. Both of the company’s leading brands, W7 and Technic, are 2H-biased due to the nature of the gifting market, and about two thirds of FY revenue will be concentrated in the second half. While costs remain relatively flat, we expect profitability to be very much 2H-weighted also.