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Character Group PLC on Tuesday said it expects full-year profits to be in line with expectations, following a strong second half. Shares in Character Group were up 4.4% to 278.62 pence each in London on Tuesday morning. The Surrey, England-based toy, games and gifts manufacturer issued a trading update for its financial year ended August 31, ahead of the publication of its results in December. Character Group said that trading conditions across the retail sector have been persistently challenging throughout the financial year. In particular, it noted that conditions were particularly tough in the Christmas 2022 period, and these factors impacted the its performance in the first half. In May, Character Group had reported that its pretax profit dropped to just £201,000 in the financial half year ended February 28, from £6.5 million year-on-year. It also said revenue decreased by 36% to £57.9 million from £90.9 million. However, it said the business has performed more strongly in the second half and the company expects to report full year underlying profitability in line with current market expectations. ‘The strength of the group’s product portfolio has played a crucial part in achieving this result in the second half,’ it added Looking ahead, Character said it continues to have a strong balance sheet and net cash position. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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