Results from toys, games and gift-ware outfit Character Group PLC (LON:CCT) proved to be no fun on Tuesday morning.
The shares shed 4.1% to 410p as revenue in the 12 months to the end of August fell 4.7% to £115.3mln from £121.0mln the year before, with the company reiterating that conditions in the wider market “generally remain challenging”.
READ: Character Group hit by demise of Toys R Us
The decline in turnover was wholly attributable to the performance in international sales.
Underlying pre-tax profit rose 6.9% to £13.4mln from £12.6mln the previous year but reported pre-tax profit fell 6.8% to £12.2mln from £13.1mln.
The full-year pay-out was ramped up 26.7% to 19p from 15p last year, reflecting management's continued ability to generate sustainable cash flow.
"Even in the current tough trading conditions, we expect our cash flow to remain positive, our reserves to grow and our Christmas stocks to remain firmly under control," said the Peppa Pig and Teletubbies licences holder.