The Character Group has reported a £6.5m profit for the first half-year ending 28th February, and anticipates continued growth in the second half.
The success of the Character Group’s current portfolio of products has resulted in a strong first-half performance for the business. Turnover for the period increased by 22% to £90.9m, with an underlying profit before tax of £6.5m.
This performance is attributed to the Group’s strong portfolio of brands, and its strategy to increasingly develop its own products. Growth is expected to continue through the second half of the financial year and beyond Christmas 2022.
Heroes of Goo Jit Zu continues to be the company’s number one brand, with distribution already achieved in more than 30 countries. There has also been solid growth other brands such as Fireman Sam, Peppa Pig, Mash’ems, Jiggly Pets and Stretch Armstrong.
With a host of new lines to introduce over the autumn/winter period, which the company states were well received by the industry at the London Toy Fair in January, expectations are high. One particularly promising new property that has been wholly developed by Character’s in-house team is Mouse in the House. There are also innovative range extensions to come from the recently acquired Chill Factor brand, as well as the launch of Goozonians (a collection of squishy, stretchy heroes for girls), plus new licensed Weebles lines to introduce from the worlds of CoComelon, Bluey and Peppa Pig.
Group marketing director, Jerry Healy, commented: “The momentum seen in sales in the first half is continuing, particularly in the strong performance from our international FOB business. Despite ongoing challenges such as weakness in sterling, inbound shipping delays and difficulties arising from Covid 19 concerns, the exciting product development in the pipeline means we expect the results for the full financial year to be in line with market consensus.
As ever, the teams at Character have been instrumental to the preservation and growth of the business. The enterprising spirit, consummate skills, irrepressible optimism and uncompromising dedication of every member of the Group’s global teams combined with our close working relationships with our customers and suppliers, underpins our ability to identify and profitably exploit brand and product development opportunities in the market. “