Character posts positive end of year results
Preliminary results "in line with current market expectations" as underlying operating profit up 6.6%
Character Group has reported a 6.6 per cent increase in its underlying operating profit for the year ended 31 August 17, bringing profit in real terms £13.6m.
Although revenue dipped by 4.7 per cent to £115.3m over the 12 month period, the company says the performance was "in line with current market expectations," and is confident its portfolio will continue to deliver in 2018.
The company points to the "cash generative nature" of its business model, which has seen net cash more than double to £11.5m, compared with £6.9m in the same period in 2016, and stable of top brands. Highlighting Peppa Pig, Little Live Pets, Stretch, Mashems and Teletubbies as continuing strong performers, the company is also confident in its licenses, having renewed master toy deals for both Peppa and Teletubbies for three years, and signing a new master toy agreement for Pokémon in the UK and Ireland, with products launching summer 2018.
“We are currently previewing the Christmas 2018 product range with our major customers and we are delighted that they share our enthusiasm and excitement for our planned launches in the year ahead," read the earnings report. "Our range of established brands and the introduction of new product lines will, we believe, serve to deliver a very exciting season ahead for the business.”