Character Group reports continued challenging trading
By Josh White
Date: Friday 17 Jan 2025
(Sharecast News) - The Character Group has provided a trading update ahead of its annual general meeting on Friday, confirming that trading conditions remained challenging, as sales for the four months leading up to Christmas were in line with the prior year on a like-for-like basis.
Its board said it expected sales and profit before tax for the current financial year ending 31 August to remain consistent with the prior year.
The AIM-traded company said it was planning to showcase its 2025 product portfolio at the London Toy Fair next week, followed by the Nuremberg Toy Fair.
It described the events as key opportunities to market existing products and introduce new additions to its range, which had already received positive feedback during customer previews.
The board expressed confidence in the performance of the 2025 ranges.
Character Group said it was continuing to benefit from a robust financial position, with a healthy net cash balance and substantial unused working capital facilities.
It reaffirmed its commitment to share buybacks, subject to the renewal of its buyback authority at the AGM, adding that it expected profitability before highlighted items to align with market expectations.
As previously announced, two long-serving directors - Mike Hyde and Clive Crouch - were retiring and stepping down from the board at the AGM.
The group said it had started the search for a new non-executive director, with updates to follow in due course.
Character Group said its half-year results for the period ending 28 February were scheduled for release in May.
At 0829 GMT, shares in the Character Group were down 4.34% at 246.8p.
Reporting by Josh White for Sharecast.com.
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