Despite challenging trading conditions caused by the reduction in consumer spending and cost of living crisis, Character has announced a pre-tax profit of £4.7m.

The Character Group has announced its results for the year ended 31st August 2023.

After a strong second half, the group delivered a profit before tax of £4.7m on a turnover for the year of £122.6m (2022: £176.4m). This was achieved against continuing challenging adverse conditions at retail, caused by the reduction in consumer spending and cost of living crisis.

The resilience of the business, and its ability to bounce back with a strong second half performance, was greatly assisted by the overall quality and depth of the product portfolio. The range now features strong and exciting new toy releases as well as brand extensions: Goo Jit Zu, Chill Factor, Teenage Mutant Ninja Turtles, Fingerlings, LankyBox and Aphmau. The group also continues to develop its own products which allows it to access international markets and means it is not merely dependent on distribution within the UK and Ireland.

Jerry Healy, Group Marketing director, commented: “Trading conditions continue to be challenging in the lead up to Christmas 2023 but, going into 2024, the group has a number of further exciting new brand concepts, additions and extensions which it will be previewing to the trade during the London Toy Fair. Previews and presentations of our 2024 ranges and new additions in Los Angeles in September were very well received and we expect Domestic and International sales to grow.”

Summarising the results, Character Group says it continues to have a strong product offering and that the board expects to increase sales and profitability for the current financial year as a whole.