Warpaint’s FY25 revenue and EBITDA (Adj.) fell slightly short of our forecasts due to softer demand, US tariff disruption and the loss of a key customer through administration. While disappointing, we believe Warpaint remains a disruptive player with a value proposition that should continue to appeal to a consumer under pressure. It has also acquired Barry M, a value cosmetics brand, for £1.4m funded through existing cash resources. This is expected to further distribution endpoints in key UK re ....
