REG - Character Group PLC - Trading update <Origin Href="QuoteRef">CCT.L</Origin>

CharacterAnnouncement

19/09/2017 16:46

RNS Number : 2061R
Character Group PLC
19 September 2017
LONDON: Tuesday 19 September 2017
The Character Group plc
("Group" or the "Company")
Designers, developers and international distributors of toys, games and giftware
Trading update
The Board of the Character Group plc (AIM: symbol: CCT.L) is pleased to report that the business has had a solid finish to the 2017 financial year. Accordingly, the Directors anticipate that, Group underlying pre-tax profits for the year ended 31 August 2017 are expected to meet current market expectations. The Group's balance sheet remains strong.
Conditions in the wider market generally remain challenging at the consumer level. This morning, we note the announcement from one of our major customers that its US operations have filed for Chapter 11 bankruptcy protection in the US and Canada and is seeking to restructure its debt. At this early stage, we do not know the extent to which this will impact our trading position with them both in the UK and internationally. Consequently, we do not currently have reliable visibility on the important 2017 Christmas trading period and its effect on the current financial year ending 31 August 2018.
On the positive side, during July we announced a three-year extension to 2020 to our Teletubbies Master toy licence, and earlier this month, we were delighted to announce that we have been appointed as the Master toy distributor in UK and Ireland for the globally popular Pokmon brand. These exciting lines, together with several product opportunities being considered for next yearare expected to positively impact Christmas 2018 trading.
In summary, we continue to develop our strong and diverse portfolio of 'in-demand' products. Character's market leading position in the UK ensures that it remains the 'partner of choice' for many of the leading brand owners and therefore, we remain confident in our ability to further expand our presence both domestically and internationally going forward.
The Company looks forward to updating the market and its shareholders further on trading and the opportunities we are looking at when it announces the preliminary results for the year ended 31 August 2017 during the week commencing 4 December 2017.
ENQUIRIES
The Character Group plc
Jon Diver, Joint Managing Director 
Kiran Shah, Joint Managing Director and Group Finance Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7831 802219 (JD)
Mobile: +44 (0) 7956 278522 (KS)
Email: info@charactergroup.plc.uk

FTSE sector: leisure: FTSE AIM All-share: symbol: CCT.L: Market cap: 110m
Copies of this statement can be viewed at www.thecharacter.com. 
Product ranges can be viewed at www.character-online.co.uk. 



Panmure Gordon (Nominated Adviser and Joint Broker)
Andrew Godber, Investment Banking
Tom Salvesen, Corporate Broking
Tel: +44 (0) 20 7886 2500

Allenby Capital Limited (Joint Broker)
Nick Athanas
Katrina Perez 
Tel: +44 (0) 20 3328 5656



TooleyStreet Communications Limited (Investor and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
Email:fiona@tooleystreet.com

Market Abuse Regulation (MAR)
The information contained within this announcement may contain inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

This information is provided by RNS
The company news service from the London Stock Exchange
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