Character Options reports solid results in latest trading statement

Jade Burke

By Jade Burke

September 14th 2016 at 11:11AM
UPDATED September 14th 2016 at 12:24PM
Character Options reports solid results in latest trading statement

The company revealed that Stretch Armstrong and its major product lines have all performed well.

Character Options has announced its latest trading statement, revealing that the board expects to deliver results for the year ended August 31st 2016 that will meet market expectations.

The company stated that all of it major product lines have performed well, while the recent Stretch Armstrong range, produced under a master license agreement from Hasbro, has been sold on a global basis.

Sales in the UK and international markets have also proved successful for Stretch Armstrong, according to the statement, plus the company is also set to develop a wider range of products within its Stretch Armstrong brand.

Results for Character’s Twozies brand are also promising, and the board is confident that Twozies will become one of its Top 10 brands in 2017.

The strength of the US dollar against the pound sterling continues to put pressure on the group’s profitability, however Character hopes to ease the increasing costs through the expansion of its international business and by continuing active programme of monitoring all costs and rationalising operations.

Elsewhere, working capital has been tightly managed, and there is currently no long-term debt.

Directors remain confident that the company will continue to deliver progressive returns, while the board is looking forward to updating shareholders when preliminary results are revealed in December.