(Sharecast News) - Specialist cosmetics company Warpaint London has renewed its contract with Ward & Hagon Management Consulting, it announced on Friday.
The AIM-traded firm had appointed business solutions provider Ward & Hagon in February 2020 to assist it in implementing its strategic growth plan.
It said on Friday that as a result of a successful initial period, in which it assisted Warpaint in accessing new retail channels including Tesco, it had renewed the contract with Ward & Hagon for a further 12 months.
The contract had a total annual value of £0.21m, which would be satisfied from its operating cash flows, and would include the services of Paul Hagon, an executive director of the company, and Martyn Ward, among others.
In addition Ward & Hagon would be paid a commission of 3% on all sales generated from their introductions in the 12 month period from the point of first sale, and 4% on all sales generated from their introductions in the 12 month period thereafter.
"The board is of the view that the services provided under the contract represent value to shareholders through assisting the company achieving its near term objectives," the Warpaint board said in its statement.
"Accordingly, Ward & Hagon will continue to focus on assisting the Group access new retail channels both in the UK and overseas."
At 0844 GMT, shares in Warpaint London were down 1.69% at 87p.
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