It's all Go-Go at Character

20th Jan 2010 07:54

Changes to the product line at Character Group have paid off for the toys and giftware distributor, and the board is looking forward to a ‘significant turnaround in profit before tax’ at the half year stage.Sales in the four months since the end of August 2009 have been 1.2% higher than the comparable period of the previous year, ‘despite the estimated 8.5% decline in the toy market as a whole in 2009’, the company said.Normal margin sales during the period rose by about 18% year on year, while loss making or low margin clearance sales fell by more than 40%. ‘Go Go Pets’ were the hot items in the company’s distributed product range over Christmas, despite concerns over the safety of the battery powered pets.The ‘Go Go Pets’ range will be renamed Zhu Zhu Pets in January, and the product range will be supplemented by Kung Zhu, a product aimed at the boys’ market. Other new product ranges in the pipeline at Character include Doctor Who and Hero 108.The company said it expects growth in revenues and profits to continue throughout 2010.