Second half recovery for Character Group

TOY designer and distributor Character Group has turned around a first half loss and ended the year in profit.

In the year to the end of August sales slipped 10% to £67.1m and pre-tax profits were significantly lower at £720,000 compared with £7m.

The listed firm, which has around 100 staff at its main warehouse in Oldham, said its current product and license portfolio should underpin future growth.

In a statement the company said: “We are pleased to report a positive result at the year end, having come through such a difficult period. The major turnaround in the second half of last year enabled the group to make a profit for the year as a whole.

“Character’s current product and license portfolio, together with further planned introductions, will provide us with one of the strongest product ranges we have had and should underpin our performance and position as one of the UK’s leading toy companies.

“Our ranges this year are now firmly established, in demand and, with some of them already fully sold out for the 2013 Christmas selling season, we look forward to continued growth.”