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Character sales rise in full year results - ToyNews

Character sales rise in full year results

Revenues rose 11.4 per cent to £94.95 million during the year.
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Character Options has released its financial results for the year ended August 31st 2011

Group profit before tax was also up by 19.8 per cent to £9.05 million compared to £7.55m in 2010

Richard King, executive chairman, commented: "The group’s strategy of focusing on brands and licensed products, where the business can bring into play its expertise in character licensing, product & brand development and distribution, has enabled the business to report solid growth in both revenue and profitability."

The firm said it had experienced 'outstanding successes' with Zhu Zhu Pets, Scooby-Doo's new line, Peppa Pig, Fireman Sam, Doctor Who, HM Armed Forces and new additions like Angry Birds, Bob the Builder, Squinkies, and Character Building.

Kind continued: "Looking ahead, whilst we cannot influence the overall toy industry, and retail spending in total, we believe that by continuing to ‘refresh’ our product lines at retail and by marketing our products in innovative ways, we shall be relatively successful when compared to the industry as a whole."

New introductions include XiaXia for Christmas 2011. In February, Character will launch a Deadly 60 range; In May, the Mike the Knight range will be unveiled and in June, Appgear will launch, combining toys, mobile apps and augmented reality.

King concluded: "Bearing in mind the tough economic conditions, we have reduced our sales forecasts for the current financial year and taken steps to reduce our total costs accordingly.

"We expect, however, to continue to be cash generative and provided we see no further deterioration in sales, we also expect to maintain our profitability for 2012 at a similar level to the financial year ended 31 August 2011."

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