Posted on April - 25 - 2010
Optimism at Character Group sees shares soar
Shares in toy maker and distributor Character Group leapt after the firm, which employs around 100 staff at its main UK distribution and operational hub in Oldham, swung to a first-half profit and forecast further improvement in its 2010 results.
Character Group also said it may buy back up to 3.8 million shares during the year.
The update sent the firm’s shares soaring nearly 12 per cent to 124p, their highest level since June 2008.
Group sales during the six months to February 28 were up 14.1 per cent to £43.1m from £37.8m.
Character Group swung from a pre-tax loss of £3.84m in the same period last year to a profit of £3.73m, and announced it would pay an interim dividend of 2p.
Character Group said it had seen exceptional consumer demand for key product lines such as ZhuZhu Pets – formerly GoGo Pets – as well as its new Doctor Who range and toys themed on HM Armed Forces, Scooby Doo and Peppa Pig.
It also announced plans to move into the US market this year,selling its own products.
Chairman Richard King hailed the group’s turnaround and said its performance in March had exceeded forecasts.
“We remain very optimistic that the business will achieve a further improvement in sales and profitability during 2010 as we continue to enhance our product portfolio and widen our sales both in the UK and internationally,” he added.
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