Character returns to profit in second half

1st Dec 2009 08:10

Toy maker Character Group said it returned to profitability in the second half of the year and re-introduced its dividend payment.Overall, the group still made a full-year pre-tax loss of £2.17m compared to a profit of £5.14m for the previous year. Sales in the year amounted to £68.6m, down 16.6% compared with turnover in the same period in 2008 of £82.3m.The group is recommending a final dividend of 1.00p per share (2008: interim 2.2p/final: nil).'We have had to face the drastic changes to the marketplace following the closure of Woolworths, which affected not only our Christmas 2008 sales but had an even greater impact on our Spring 2009 business following this closure,' said the group.'It remains difficult to know exactly how the toy market will fare in the sales leading up to Christmas 2009, however, there are some very positive signs that our strategy of focusing on our own brands has been the correct approach for the group and that there will be a general shortage of stock in the market place by Christmas with many of our products featuring in this shortage.'