Peppa Pig, Little Live Pets, Teletubbies and Stretch remained in demand, with the group ending the year in a “strong financial position”.
The company’s pre-tax profit for the 12 months ended 31st August 2018 was £11.6m, down from £13.4m the previous year, while revenue dropped £9.1m to £106.2m. Underlying basic earnings were 44.3p per share, down from 50.54p in 2017.
Additions made to Character’s key ranges – Peppa Pig, Little Live Pets, Teletubbies and Stretch – have been well received by the company’s customers and consumers with sales growing, while its diverse core portfolio has been complemented by craze lines such as Soft ’n Slo Squishies, Cakepop Cuties and Cra.Z.Slimy.
Since completion of the acquisition of a 55% shareholding in Proxy in October 2018, Proxy has secured the exclusive distribution rights for the Nordic region of the Funko range including its Fortnite figurines. The company expects Proxy to be earnings enhancing in first full year.
Character will also be introducing new products and range extensions to its portfolio in the coming months, which will further strengthen the group’s offering for the year ahead.
In its official statement, Character said: “Character has delivered a solid performance in the second half of the year under review and we have started the current year in a healthy position, with a strong and balanced product portfolio and robust UK demand from our customers for our core ranges and new introductions.”
“Macroeconomic factors, including currency volatility, the potential implications of Brexit and the performance of the UK economy generally, will continue to dictate market behaviour in the coming months and our business is not immune from these factors. Notwithstanding this, the board remains confident in its strategy and the group’s flexibility to adapt to change and will continue to strive to grow the business, while facing any challenges as and when they arise.”