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Character Group warns on profits after dismal Christmas

The AIM-listed toymaker said profit before tax for the year ending 31 August is now expected to be £10mln, which is 10% lower than last year

Character Group - Character Group warns on profits after dismal Christmas
Scooby-Doo toys will be a key offering in the second half

Character Group PLC (LON:CCT) dropped on Friday as it announced full-year profits have been hit by a dismal Christmas performance.

The AIM-listed toymaker said profit before tax for the year ending 31 August is now expected to be £10mln, which is 10% lower than last year.

READ: Santa not bringing higher sales to Character Group

Management said Christmas trading period was “extremely challenging” with the whole UK toy market contracting for the second year in a row, pushing down sales of core products.

The company, which also develops and distributes games and giftware, was more upbeat about  trading in the current year, saying it “will deliver one of our strongest second-half performances to date”.

“Our confidence for the second half has been boosted by the reactions from our customers to recent product previews and presentations,” it said in a trading update.

New lines will feature licensed-in brands such as Peppa Pig, Teletubbies and Scooby-Doo, scheduled to launch from January through to early summer.

Shares dropped 17% to 317p on Friday morning.

Quick facts: Character Group

Price: 216 GBX

AIM:CCT
Market: AIM
Market Cap: £46.07 m
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