The Character Group has reported a pre-tax profit of £11.1m for the year ended 31st August 2021, with turnover increasing by 29%.
The Character Group has published its results for the year ended 31st August 2021. Despite the continued challenges arising from the pandemic, coupled with global supply and logistics issues, the Group traded well in the 12 month period, reporting a pre-tax profit of £11.1m. The Group’s turnover increased by 29% to £140m.
In the financial statement issued today, The Group reported that its portfolio of products has performed extremely well throughout the past financial year and is selling through well in the lead up to Christmas. The buoyant demand for the Group’s products has been sustained throughout the year and has continued to rise in recent months.
It was noted that the Group is well placed to satisfy anticipated demand in its markets in the coming year, despite it being difficult to predict when the global logistics challenges will be fully resolved. It was also acknowledged that margins will be under pressure, due to high freight rates and increased materials and labour costs. However, the Group remains on target to meet current market expectations for the current financial year.
Speaking about the results, Joint managing director, Jon Diver commented: “Our reported results have been achieved through the determined and exceptional efforts of all of our teams across the world and the board offers its thanks and appreciation to each of them. Added to this is a product portfolio that has performed extremely well. Eight of The Character Group’s toys featured in the Toy Retailers Association’s prestigious DreamToys lists, which predicted the most sought-after toy categories in the UK for Christmas 2021.
Moving into 2022, the line-up of merchandise not only continues to feature some of the most sought after toy products from our current range, but will be further bolstered by new exciting concepts, additions and brand extensions that the Group is developing ahead of the London Toy Fair in January 2022.”