The Character Group has published its results for the year ended 31 August 2021. Despite the continued challenges due to the pandemic coupled with global supply and logistics issues, the Group traded well; reporting a pre-tax profit of £11.1million and a turnover increased by 29% to £140.0m
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 2021. 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 issues 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 of the results, Joint Managing Director, Jon Diver said: “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 predicts the most sought-after toy categories in the UK for Christmas 2021.
The statement ended with a positive outlook for the year ahead.
“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.”