The Character Group plc has today, Wednesday 18 December, announced its results for the year ended 31 August 2024.
The accounts revealed that the Group had, despite relatively flat turnover of £123.4m (2023: £122.6m), turned in a creditable profit before tax and other items of £6.6m (2023: £5.2m – an increase of 26.9%), in line with management and City expectations.
The results were achieved in the harsh trading environment that has existed throughout much of the year due to the cost of living crisis, a lack of consumer confidence and political and macro-economic developments that caused severe disruption to the global supply chain and shipping from the Far East.
“The reception that our retail customers and distributors have given to our current portfolio together with the brands and product lines that we will be introducing in our Autumn/Winter 2025 product launches has been very gratifying”
Character’s portfolio of brands and products performed well across the full range during the past financial year and this has left the Group well poised at the beginning of the current year. It is proud that, once again this year, one of its products, Sticki Rolls Sticki Book, featured in the official 2024 Toy Retailers Association “Dream Toys” listing.
A Character spokesperson said: “The reception that our retail customers and distributors have given to our current portfolio together with the brands and product lines that we will be introducing in our Autumn/Winter 2025 product launches has been very gratifying. However, the challenging and unpredictable conditions that persisted throughout much of the last financial year have continued into the current fiscal year and this has adversely affected footfall in the high street and click-through from online marketplaces in the lead up to the key Christmas 2024 trading period.
“Despite this, we are encouraged by the resilience of our market share in our domestic markets and the prospects growth in our international markets expected in Q4 of the current financial year. Accordingly, the Board expect sales and profit before tax and highlighted items for the full year ending 31 August 2025 to remain at similar levels to those reported in the year under review.
The Character Group continues to have a strong cash position and balance sheet and the Board and management look forward to tackling the challenges of the year ahead. In the immediate future it is also looking forward to the London Toy Fair in January where it will showcase all its new developments featured in the 2025 catalogue.
