Character toughs it out - ToyNews

Character toughs it out

Full year results from Character Options show the firm holding its own against a fall in turnover and profit.
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Turnover for the year ended August 31st was £82.3m against £95m the year before. A decline of 13.3 per cent. Pre-tax profit also fell from £12.56m to £5.14m, down 59 per cent.

The firm says that against the backdrop of a slow toy market and difficult trading conditions it held or increased its market share.

"We believe as a Group we have maintained or grown our market share and our intention is to continue to build on this position," said chairman Richard King (pictured). "We consider that it will be some time before there is a return to a more normal economy and we will ensure that we shall be well positioned to take advantage of further growth when the opportunity arises."

The firm also pointed to the recall of the Bindeez range earlier last year which is estimated to have cost it close to £6m in one-off costs and lost sales.

Looking forward the Group is being guarded about future forecasts but says its financial strength and new product lines put it in a good position to ride out the economic downturn.

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