The Character Group plc today announced its results for the year ended 31 August 2023. After a strong 2nd half the Group delivered a profit before tax of £4.7m on a turnover for the year of £122.6m (2022: £176.4m). This was achieved against continuing challenging adverse conditions at retail, caused by the reduction in consumer spending and cost of living crisis.
The resilience of the business to bounce back with a strong second half performance was greatly assisted by the overall quality and depth of the product portfolio. The range now features exciting and strong new toy product releases and brand extensions: Goo Jit Zu, Chill Factor, Teenage Mutant Ninja Turtles, Fingerlings, Lankey Box and Aphmau. The Group continues to develop its own products which allows it to access international markets and is not merely dependent on distribution within the UK and Ireland.
“Trading conditions continue to be challenging in the lead up to Christmas 2023 but, going into 2024, the Group has a number of further exciting new brand concepts, additions and extensions which it will be previewing to the trade during the London Toy Fair”
Jerry Healy, Group Marketing Director
Jerry Healy, Group Marketing Director commented; “Trading conditions continue to be challenging in the lead up to Christmas 2023 but, going into 2024, the Group has a number of further exciting new brand concepts, additions and extensions which it will be previewing to the trade during the London Toy Fair. Previews and presentations of our 2024 ranges and new additions in Los Angeles in September were very well received and we expect Domestic International sales to grow.”
In summary, Character Group continues to have a strong product offering and the Board expects to increase sales and profitability for the current financial year as a whole.
