Playground craze toy lines like Soft ‘n Slo Squishies, Cakepop Cuties and Cra Z Slimy have helped Character Options see a return to profitable growth in its annual results report.
The firm has seen revenue hit £106.2 million for the 12 months ended August 31st 2018, compared to the £115.3 million the year prior, but gross margin has risen to 34.2 per cent from 32.6 per cent for the same period of 2017.
Character Options has reported that key product ranges such as Peppa Pig, Little Live Pets, Teletubbies and Stretch have all “remained in demand,” while additions to these ranges have been well received by its customers and the consumer.
“The Board is delighted to report that the Group finished the financial year in a strong position, comfortably achieving market expectations,” said Character’s joint MDs Kiran Shah and Jon Diver in a statement.
“This is a particularly pleasing outcome as it endorses the optimism that we expressed at the time of the HY1 results announcement in April, when we projected that we would see a return to profitable growth progression during the second half of the year.
“The new financial year has started well and in line with management expectations; we are confident in the prospects for the current autumn/winter trading period, which includes the all-important Christmas season. In addition, we are delighted to be working closely with the team at Proxy.
“We believe that there is considerable scope to progress with joint initiatives in product development and marketing with th Proxy team, which should enable us to increase further our respective current market shares in the financial year ending August 31st 2019 and beyond.”
The Group will soon be introducing new products and range extensions to its portfolio in the coming months. Since the completion of the acquisition of a 55 per cent shareholding in Proxy in October this year, Proxy has secured the exclusive distribution rights for the Nordic region of the Funko range, including its Fortnite figurines.