Issued on behalf of The Character Group plc
Date: Wednesday 18 January 2012 Immediate Release
Character Group -Trading UpdateThe Character Group plc ("Character" or the "Group"), which holds its Annual General Meeting today (18 January) at 11am, publishes the following Trading Update ahead of the Meeting:-
"As is well known, Christmas trading was generally very
difficult for all trading companies and presented many
challenges.
Acknowledging the poor economic outlook early, the Group took
action in the first part of the financial year to ensure that
stock levels were not excessive whilst costs were
reduced.
We believe that the Group's key brands have held up well with
no substantial casualties. This is encouraging when compared
to the market as a whole. Around 60% of Group sales derive
from own-developed and branded products and this has helped
Character to maintain its position as one of the UK's leading
toy companies.
It is especially pleasing therefore to note that despite
lower sales to date, when these are added to our internal
forecasts for the remainder of the financial year ending 31
August 2012, the Group is still likely to produce a result in
line with current market expectations.
Looking ahead, it is of course more difficult than normal to
forecast in these conditions and added to the complexity is
the possible disruption to trade yet to be felt by the events
leading up to both the Diamond Jubilee and the Olympics.
Despite these potentially adverse factors, the Directors
believe that our key brands will continue to do well through
the year and that some new and exceptionally exciting new
product introductions, which are to be launched to the trade
at next week's International Toy Fair at Olympia (24-26
January), will add both store presence as well as substantial
sales and may even create a new toy category suited to the
technological age.
Whilst the results for the current financial year rely
heavily on July and August sales, we are confident that our
new introductions plus an increased retail presence giving us
wider distribution should enable us to meet our forecasts for
the year as a whole.
We look forward to keeping shareholders updated with
developments over the coming year."
www.thecharacter.com
Ticker: AIM: CCT
Fiona Tooley
Tel: +44 (0)7785 703523
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