Good morning, it's Paul here with Friday's SCVR. A reminder for new subscribers, that I post a placeholder article before the market opens (when I remember!) for your comments post 7am, whilst I'm preparing the main article based on the day's newsflow. Finish time is 1pm, anything after that is a bonus.

A reader commented that Sosandar (LON:SOS) (in which I hold a long position) trading update should be issued today. Don't worry, I'll be on the case first thing! If it's straightforward to understand, then I'll post a quick view pre-8 am.

Alas, no update from Sosandar as yet (at 07:17) so looks like we jumped the gun on this. It must be coming out next week instead.

Estimated time of completion - I should be done by 1pm today. There's hardly any news today. However, there's plenty left over from yesterday for me to cover, so it'll be a full report here as usual. See the header for the company tickers.
Edit at 12:47 - today's report is now finished.



Character (LON:CCT)

Share price:  302p (down 21% at 08:09)
No. shares:  21.4m
Market cap:  £64.6m

Trading update (profit warning)

This company designs & distributes toys. Feast your eyes on acres of pink plastic on its website here.  CCT has an unusual 31 August year end.

Key Christmas trading has not gone well, although this sounds like it was due to external factors rather than anything being wrong with its products;

The 2019 Christmas trading period was extremely challenging with the total toy market in the UK contracting for the second successive year, and those conditions will impact our results for the first half of the financial year.  

Sales of our core products were down against the comparable period last year.  Nevertheless they performed well with good sell through at retail in the UK.   

The last paragraph sounds contradictory, and could have been better worded. I think what they're saying is that retailers bought fewer toys from CCT, but what they did buy sold well in stores.

H2 outlook - sounds good, so maybe this is a buying opportunity on today's c.20% share price drop? It depends how much reliance you're prepared to put on management expectations?

We enter the 2020 calendar year with a

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