Mixed year ahead for Character

Character Options says it expects a big second half to the year but warns of a tough first six months.
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The group released a statement saying it sees poor trading results for the first half of the current financial year, but expects substantial revenue growth for the second half against the year-ago period.

Trading to Christmas was disappointing due to the poor retail environment and the lost sales and cost of the recall of Bindeez product.

It bought back about 1.4m shares in the financial year, and said it has the capacity for further substantial buybacks and sufficient resources to fund further expansion.

The firm said trading conditions are likely to remain testing for some time, but it is comfortable with the current market expectations for the 2008 financial year.

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