REG - Character Group PLC - Final Results - year ended 31 August 2023
12/12/2023 07:15
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RNS Number : 4258W Character Group PLC 12 December 2023
The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.
THE CHARACTER GROUP PLC
("Character", the "Company")
Designers, developers and international distributor of toys, games, and
giftware
Annual results for the year ended 31 August 2023
“Results in line with market expectations”
EXECUTIVE REVIEW
KEY PERFORMANCE INDICATORS
12 months ended 12 months ended
31 August 2023 31 August 2022
Revenue £122.6m £176.4m
Operating profit before highlighted items * £5.3m £11.4m
Profit before tax before highlighted items * £5.2m £11.3m
Statutory profit before tax £4.7m £11.4m
EBITDA £8.9m £14.2m
(earnings before interest, tax, depreciation and amortisation), before
highlighted items
Basic earnings per share before highlighted items* 20.15p 45.73p
Diluted earnings per share before highlighted items* 20.00p 44.77p
Basic earnings per share after highlighted items 18.08p 46.37p
Diluted earnings per share after highlighted items 17.95p 45.39p
Dividends declared per share for the year 19.0p 17.0p
Net assets £39.4m £38.9m
Net cash £9.6m £20.0m
*Excludes: Mark to market (loss)/profit adjustments on FX derivative positions
£(0.5m) £0.2m
BUSINESS HIGHLIGHTS
· The resilience of the business to bounce back with an anticipated
stronger second half performance was greatly assisted by the overall quality
and depth of our product portfolio delivering an overall gross margin uplift
and a profit before tax and highlighted items of £5.2m
· Our enlarged merchandise portfolio, features exciting and strong
new toy product releases and brand extensions including:
· Goo Jit Zu, Chill Factor, Teenage Mutant Ninja Turtles,
Fingerlings, Lankey Box and Aphmau - other new ranges to be launched at the
2024 London Toy Fair
· Whilst the UK and Irish domestic markets will always remain
critical to Character, the Board recognises that opportunities for significant
sales and profit growth lie in further developing the Group's international
markets
· Character Group continues to have a strong product offering, a
robust balance sheet, with a net cash position cash and considerable
unutilised working capital facilities in place
· Despite a challenging macro-economic environment, the business
continues to trade satisfactorily, therefore we expect to increase sales and
profitability for the current financial year as a whole, relative to FY 2023
INTRODUCTION
In May 2023 we reported that, although the first half of the financial year
had been disappointing owing to the challenging trading conditions, we
expected the second half to deliver a significant improvement in the Group's
revenue and profitability. We are therefore pleased to report that the
anticipated stronger H2 performance, with revenues up on H1 outturn by 12%,
has enabled the Group to deliver profit before tax and highlighted items in
line with market expectations.
We acknowledge that many of the challenging conditions, such as the reduction
in consumer spending and cost of living crisis, affected the Group's trading
performance throughout the year and continue to impact the retail
environment. Whist this has truly tested the strength of the Character
proposition, we are pleased that the overall result endorsed the approach of
our management.
The resilience of the business to bounce back with a strong second half
performance was greatly assisted by the overall quality and depth of our
product portfolio delivering an overall gross margin uplift and a profit
before tax and highlighted items of £5.2m.
OPERATIONAL PERFORMANCE
Group revenue in the year ended 31 August 2023 was £122.6m, against £176.4m
in the comparable 2022 period.
The gross profit margin was 26.7% (FY 2022: 23.4%). On an absolute basis,
gross profit reported is £32.8m compared to £41.4m for the previous year.
The profit before tax and highlighted item was £5.2m (2022: £11.3m).
A significant proportion of the Group's purchases are made in US dollars;
therefore the business is exposed to foreign currency fluctuations. It
manages the associated risk through the purchase of forward exchange contracts
and derivative financial instruments. Under International Financial
Reporting Standards (IFRS), at the end of each reporting period the Group is
required to make an adjustment in its financial statements to incorporate a
"mark to market" valuation of such financial instruments. The "mark to
market" adjustment for this financial period results in a notional loss of
£0.5m. This compares to a corresponding notional profit of £0.2m reported
in the year to 31 August 2022. These "mark to market" adjustments are
non-cash items calculated by reference to unpredictable and sometimes volatile
currency spot rates at the relevant balance sheet dates. To present the
results on a "normal" basis, these "mark to market" profit adjustments on FX
derivative positions are excluded, although shown separately as "highlighted
items" to demonstrate the "underlying" position.
The Group is reporting a profit before tax in the period, after highlighted
items, of £4.7m (FY 2022: £11.4m). Underlying earnings before interest,
tax, depreciation and amortisation were £8.9m (FY 2022: £14.2m).
Underlying basic earnings per share before highlighted items amounted to
20.15p (FY 2022: 45.73p). Diluted earnings per share, on the same basis,
were 20.0p (FY 2022: 44.77p).
Basic earnings per share after highlighted items were 18.08p (FY 2022:
46.37p). Diluted earnings per share, on the same basis, were 17.95p (FY
2022: 45.39p).
FINANCIAL POSITION, WORKING CAPITAL & CASH FLOW
The Group's net assets at 31 August 2023 totalled £39.4m (31 August 2022:
£38.9m).
Inventories were c.£ 8.2m lower at the end of the financial period at £18.0m
(31 August 2022: £26.2m).
During the period, the Group generated cash from operations of £0.1m (FY
2022: £4.2m). Net interest charges on short-term use of working capital
facilities during the year amounted to £0.1m (FY 2022: £0.2m).
At the end of the financial year, the Group had a net cash position of £9.6m,
compared to £20.0m at the end of the 2022 comparative period.
DIVIDEND
The Directors will be recommending to shareholders a final dividend of 11.0p
(H2 2022: 10.0p per share). This, together with the interim dividend of 8.0p
per share paid in July 2023, will bring the total dividend for the year to
19.0p per share (FY 2022: 17.0p), an increase of c.12%. The total dividend
is covered approximately 1.1 times by underlying annual earnings (2022: 2.7
times).
Subject to approval by shareholders at the Annual General Meeting ("AGM")
which is scheduled to be held at 11am on Friday, 19 January 2024, the
following distribution timetable will apply:
Event Date
Ex-dividend date 11 January 2024
Record date 12 January 2024
Payment date 26 January 2024
OUR PRODUCT PORTFOLIO
The second half rebound was supported by the roll out of our enlarged 2023
spring/summer merchandise portfolio, featuring some exciting and strong new
toy product releases and brand extensions: Goo Jit Zu, Chill Factor, Teenage
Mutant Ninja Turtles, Fingerlings, Lankey Box and Aphmau.
The Group continues to develop its own products which allows it to access
international markets and is not merely dependent on distribution within our
original domestic markets in the UK and Ireland.
Once again Character's products featured in the official 2023 Toy Retailers
Association Dream listing. Selected by an independent panel of toy retailers
and toy experts the annual DreamToys bills itself as the most authoritative
prediction of what are expected to be the hottest new toys on the high street
this festive season.
We are delighted to have achieved triple success from our portfolio in the Top
20 with:
· Teenage Mutant Ninja Turtles Pizza Fire Van
· Fingerlings Monkey ASST
· MINTiD Dog-E
The Group is launching several new product ranges at the London Toy Fair in
January 2024 and the customer reactions to previews so far have been very
encouraging.
The Group's current portfolio of products and brands can be viewed at
www.character-online.com (http://www.character-online.com) .
PROXY
The Scandinavian markets have been subjected to very similar conditions to our
domestic market in the UK and the weakness of the Swedish Krona against the US
Dollar in particular resulted in the Swedish Krona reaching all-time lows in
currency markets. Despite this, Proxy contributed to the Group's profit that
was generated in the second half of the financial year.
The integration of Proxy into the Group has been continuing with the alignment
of processes and procedures being achieved during the year under review.
Proxy's existing stable of hero products, Pokémon (from Jazwares) and the
extensive range of Funko collectable Pop! figurines, have all sold well during
the year. These solid brands are being augmented as we move into 2024 by the
addition of:
· Topps Trading Cards - based on the 2024 UEFA European
Football Championship; and
· Littlest Pet Shop - a well-known collectible toy brand in
Scandinavia
This should enable Proxy to continue to increase its turnover.
SHARE BUY-BACK PROGRAMME
In the period under review, no ordinary shares in the Company were acquired in
exercise of the authority granted at the AGM in January 2023, which authority
will expire at the 2024 AGM.
It remains part of the Group's overall strategy to continue to repurchase the
Company's own shares, when considered appropriate. The Board believes that
it is in the Company's and investors' interests to provide shareholders who
wish to realise part or all of their investment in the Company with an
opportunity to access liquidity that is not otherwise available in the market
and to return excess capital to shareholders. Therefore, the Board will be
seeking a new authority to buy back up to 2,890,000 ordinary shares
(representing approximately 15% of the total voting rights in the Company)
at the 2024 AGM. This authority will also allow the Company to implement
buybacks either by way of an announced buyback programme or by way of tenders
for its issued shares. Details of any intention to exercise this authority
will be announced and any tender proposal(s) will be fully communicated to
shareholders if and when the Board chooses to implement such arrangements.
TOTAL VOTING RIGHTS
As at today's date, the Company has 21,465,929 ordinary shares in issue,
excluding shares held in treasury. The Company holds 2,100,159 ordinary
shares in treasury, representing approximately 9.8 per cent. of the issued
share capital. These treasury shares do not carry voting or dividend
rights. Therefore, the total number of voting rights in the Company is
19,365,770. This figure of 19,365,770 may be used by shareholders as the
denominator for the calculations by which they may determine if they are
required to notify their interest, or change to their notified interest, in
the Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
OUR PEOPLE
The Group employs approximately 209 permanent staff across its locations in
the UK, Scandinavia and Asia (FY 2022: 216), supplemented by additional
seasonal labour at its warehouses in Oldham, Lancashire during peak demand
periods. The longevity of staff employment with the Group, many with over 15
years' service, demonstrates the bond and loyalty that many of them feel
towards their colleagues and the business as a whole.
On behalf of our shareholders, the Board pays tribute to and thanks all our
personnel for their dedication and hard work in delivering these results and
for their continued support.
THE BOARD
The Company yesterday received and accepted Richard King's notice of his
intention to step down as the Company's Chairman and to retire from the Board
at the commencement of the 2024 AGM and, therefore, not to offer himself for
re-election.
Richard's management and leadership skills and entrepreneurial flair were
critical to the Group's fledgling business back at the time of its formation
in 1991. He, together with the other founding Directors, quickly forged a
place and reputation for the Group in the toy market and the respect of many
of the industry doyens, of which, in time, he became one himself. This
coupled with his ability to identify, recruit, develop, promote and
incentivise raw talent had a considerable impact on the growth trajectory and
strategy of the Group. The industry's recognition of the Group's
achievements over the years culminated in a lifetime achievement award being
bestowed in 2016 on Richard King. Although Richard will always emphasise the
team effort that was recognised by that award, there is little doubt that his
leadership and drive motivated and directed the efforts of that team in the
formative stages of the Group's history.
Whilst we are sad to see him depart from formal ties with the Group, Richard
has accepted the Company's offer of an appointment to the new office within
the Company as an "Honorary Adviser." This will not be a Board position.
It will not give Richard the burden of responsibility of voting on matters
along with Board members and Richard has required that it can only be accepted
by him as an unpaid role. We are pleased that Richard has accepted this role
and that we will, accordingly, be assured of being granted continued access to
his wisdom and advice.
I am sure all shareholders will join me in thanking Richard for his energy,
leadership and friendship. We wish him well and whilst we hope that he
enjoys his formal retirement we look forward to collaborating with him in his
advisory capacity over the coming years.
The Board is delighted to announce that, after due and careful consideration,
it has unanimously resolved that when Mr King retires during the 2024 AGM,
Carmel Warren (a non-executive Director of the Company) will, subject to being
re-elected at the 2024 AGM, succeed Richard as the Company Chair. Mrs Warren
was appointed to the Board in April 2021 and is Chair of the Audit Committee
and a member of each of the Remuneration and Nominations Committees.
THE 2024 ANNUAL GENERAL MEETING (AGM)
The Company's 2024 AGM will take place as an in-person meeting at 11:00 a.m.
on Friday, 19 January 2024. The Meeting is to be held at the Group's head
office in New Malden, Surrey.
The formal Notice of the Meeting is set out in the Audited Annual Report and
Accounts published today. Explanatory notes in relation to the resolutions
to be proposed at the AGM are set out at the end of the notice of meeting.
Attendance can be in person or by proxy or, in the case of a company or
organisation, by appointment of a corporate representative.
The Company is providing facilities which will enable shareholders to:
Ø view the live meeting electronically. If you wish to attend in this
fashion, please email info@charactergroup.plc.uk
(mailto:info@charactergroup.plc.uk) (stating "Character Group: 2024 AGM
virtual attendance" in the subject line of the email) by 11:00 a.m. on
Wednesday, 17 January 2024 to ensure the issue to you of a Microsoft Teams
invitation. Invitations enabling remote attendance will be issued by 6:00
p.m. on 18 January 2024. Please note, however, that joining remotely will
not constitute attendance at the meeting for the purposes of being counted in
the quorum for the AGM and that virtual attendees will not be able to vote at
the AGM. Shareholders wishing to attend the meeting virtually in this
fashion are, therefore, requested to exercise their votes by submitting their
forms of proxy appointing the Chair of the AGM as their proxy, in accordance
with the instructions set out in the notes to the Notice of Meeting, by no
later than 11:00 a.m. on 17 January 2024. If the Chair of the AGM is
appointed as proxy to a shareholder, she will vote in accordance with any
instructions given to her. If the Chair of the meeting is given discretion as
to how to vote, she will vote in favour of each of the resolutions to be
proposed at the AGM; and
Ø submit written questions prior to the AGM. Any shareholder that wishes
to put questions to the Board is invited to submit those questions in writing
in advance of the meeting by sending them to info@charactergroup.plc.uk
(mailto:info@charactergroup.plc.uk) (stating "Character Group: 2024 AGM
Questions" in the subject line of the email) by 11:00 a.m. on 17 January
2024. The Board will seek to respond to questions which are put forward in
this way either in advance of the AGM, during the AGM and/or by publishing
written responses on the Company's website after the AGM, together with
results of voting. Although it will be possible to take questions during the
course of the meeting itself, time may not permit responses to all of the
questions to be given at the meeting and, in those circumstances, written
responses will be published on the Company's website after the meeting.
OUTLOOK
The Group has a strong product offering for its all markets going into
Christmas 2023 and beyond, which is gaining support and recognition from our
UK customers and global distributors. Despite this we have to recognise that
trading conditions remain tough, with reduced consumer spending and changed
priorities being an enduring effect of the cost-of-living crisis. Whilst we
have adapted our product range to target lower price points to respond to
consumer financial constraints, Christmas demand has been later than usual and
is clearly very sensitive to discounting.
Whilst the UK and Irish domestic markets will always remain critical to
Character, the Board recognises that opportunities for significant sales and
profit growth lie in further developing the Group's international markets.
We are focussing on this area of our business and we are pleased to report
at this early stage that, following the recent previews and presentations of
our 2024 ranges and new additions at the Global Toy Fair in Los Angeles to our
retail and international distribution customers, our 2024 product offering has
been very well received. Therefore, with International sales forecast to
grow in the second half of the current financial year, this bodes well for the
Group's strategic focus in this area.
In summary, Character Group continues to have a strong product offering, a
robust balance sheet, with a net cash position cash and considerable
unutilised working capital facilities in place. Despite a challenging
macro-economic environment, the business continues to trade satisfactorily,
therefore we expect to increase sales and profitability for the current
financial year as a whole, relative to FY 2023.
We look forward to updating shareholders on the outcome of the 2023 Christmas
trading period at the time of its forthcoming AGM.
THE CHARACTER GROUP PLC
11 December 2023
GROUP INCOME STATEMENT
for the year ended 31 August 2023
Note 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended
31 August 31 August 31 August 31 August 31 August 31 August
2023 2023 2023 2022 2022 2022
Result before highlighted items Statutory Result before highlighted items highlighted items Statutory
highlighted items Result Result
£'000 £'000 £'000
£'000 £'000 £'000
Revenue 122,591 - 122,591 176,402 - 176,402
Cost of sales (89,805) - (89,805) (135,036) - (135,036)
Gross profit 32,786 - 32,786 41,366 - 41,366
Other income 473 - 473 502 - 502
Selling and distribution expenses (8,534) - (8,534) (8,260) - (8,260)
Administrative expenses (19,425) - (19,425) (22,173) - (22,173)
Operating profit 5,300 - 5,300 11,435 - 11,435
Finance income 173 - 173 51 - 51
Finance costs (269) - (269) (207) - (207)
Changes in fair value of financial instruments - (510) (510) - 159 159
Profit before tax 5,204 (510) 4,694 11,279 159 11,438
Income tax (1,305) 110 (1,195) (2,018) (30) (2,048)
Profit for the period 3,899 (400) 3,499 9,261 129 9,390
Attributable to owners of the parent
Profit for the period 3,499 9,390
Earnings per share (pence) 3
Basic earnings per share 18.08p 46.37p
Diluted earnings per share 17.95p 45.39p
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 August 2023
Total Total
2023 2022
£000's £000's
Profit for the year after tax 3,499 9,390
Items that may be reclassified subsequently to profit and loss
Exchange differences on translation of foreign operations 421 1,070
Income tax on exchange differences (301) 21
Other comprehensive income for the year, net of income tax 120 1,091
Total comprehensive income for the year attributable to equity holders of the 3,619 10.,481
parent
GROUP BALANCE SHEET
As at 31 August 2023
2023 2022
£000's £000's
Non - current assets
Intangible assets 2,338 1,963
Investment property 1,388 1,453
Property, plant and equipment 10,009 9,307
Right of use assets 747 1,216
Deferred tax assets 525 542
15,007 14,481
Current assets
Inventories 17,955 26,173
Trade and other receivables 26,696 24,728
Current income tax receivable 717 576
Derivative financial instruments 57 412
Cash and cash equivalents 10,894 26,646
56,319 78,535
Current liabilities
Short-term borrowings (1,284) (6,627)
Trade and other payables (26,945) (42,151)
Lease Liabilities (486) (577)
Income tax (2,117) (3,345)
Derivative financial instruments (498) (343)
(31,330) (53,043)
Net current assets 24,989 25,492
Non-current liabilities
Deferred tax (367) (427)
Lease liabilities (264) (648)
(631) (1,075)
Net assets 39,365 38,898
Equity
Called up share capital 1,074 1,074
Shares held in treasury (1,762) (1,813)
Capital redemption reserve 1,883 1,883
Share-based payment reserve 4,161 3,957
Share premium account 17,751 17,566
Merger reserve 651 651
Translation reserve 971 1,950
Profit and loss account 14,636 13,630
Total equity attributable to equity holders of the parent 39,365 38,898
GROUP CASH FLOW
for the year ended 31 August 2023
Group
2023 2022
£000's £000's
Cash flow from operating activities 4,694 11,438
Profit before taxation for the year after highlighted items
Adjustments for:
Depreciation of property, plant and equipment 791 556
Depreciation of investment property 65 66
Depreciation of right of use assets 609 632
Amortisation of intangible assets 2,175 1,509
(Profit) on disposal of property, plant and equipment (52) (3)
Net interest expense 96 156
Financial instruments fair value adjustments 510 (159)
Share-based payments 204 208
Decrease/(increase) in inventories 8,218 (15,280)
(Increase)/decrease in trade and other receivables (1,968) 1,291
(Decrease)/increase in trade and other creditors (15,206) 3,761
Cash generated from operations 136 4,175
Finance income 173 51
Finance expense (269) (207)
Income tax paid (3,014) (401)
Net cash (outflow)/inflow from operating activities (2,974) 3,618
Cash flows from investing activities
Payments for intangible assets (2,550) (1,666)
Payments for property, plant and equipment (1,611) (1,845)
Proceeds from disposal of property, plant and equipment 164 225
Net cash outflow from investing activities (3,997) (3,286)
Cash flows from financing activities
Payment of lease liabilities (671) (538)
Proceeds from issue of share capital 236 299
Purchase of own shares for cancellation - (13,640)
Dividends paid (3,486) (3,280)
Net cash used in financing activities (3,921) (17,159)
Net decrease in cash and cash equivalents (10,892) (16,827)
Cash, cash equivalents and borrowings at the beginning of the year 20,019 35,920
Effects of exchange rate movements 483 926
Cash, cash equivalents and borrowings at the end of the year 9,610 20,019
Cash, cash equivalents and borrowings consist of:
Cash and cash equivalents 10,894 26,646
Total borrowings (1,284) (6,627)
Cash, cash equivalents and borrowings at the end of the year 9,610 20,019
GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 31 August 2023
Called up share capital Shares held in treasury Capital Share premium account Merger reserve Share-based payment reserve Profit Total
£000's £000's redemption £000's £000's £000's Translation reserve and loss account £000's
reserve £000's £000's
£000's
The Group
At 1 September 2021 1,181 (1,870) 1,776 17,324 651 3,749 767 21,274 44,852
Profit for the year after tax 9,390 9,390
Net exchange differences on translation of foreign operations - - - - - - 1,183 (92) 1,091
Total other comprehensive income/(expense) 1,183 (92) 1,091
Total comprehensive income for the year 1,183 9,298 10,481
Share-based payment - - - - - 208 - - 208
Current tax credit relating to exercised share options - - - - - - - 18 18
Deferred tax debit relating to share options - - - - - - - (40) (40)
Dividends - - - - - - - (3,280) (3,280)
Shares Issued - 57 - 242 - - - - 299
Tender offer fees - - - - - - - (142) (142)
Shares cancelled on tender offer (107) - 107 - - - - (13,498) (13,498)
At 31 August 2022 1,074 (1,813) 1,883 17,566 651 3,957 1,950 13,630 38,898
Profit for the year after tax - - - - - - - 3,499 3,499
Net exchange differences on translation of foreign operations - - - - - - (979) 1,099 120
Total other comprehensive income/(expense) (979) 1,099 120
Total comprehensive income for the year (979) 4,598 3,619
Share-based payment - - - - - 204 - - 204
Deferred tax debit relating to share options - - - - - - - (106) (106)
Dividends - - - - - - - (3,486) (3,486)
Shares Issued - 51 - 185 - - - - 236
At 31 August 2023 1,074 (1,762) 1,883 17,751 651 4,161 971 14,636 39,365
THE CHARACTER GROUP PLC
NOTES TO THE STATEMENT
1. GEOGRAPHICAL DESTINATION OF REVENUE
12 months to 12 months to
31 August 2023 31 August 2022
£000's £000's
United Kingdom 61,116 84,605
Rest of the world 61,475 91,797
Total Group 122,591 176,402
2. EXPENSES BY NATURE - Group
12 months to 12 months to
31 August 2023 31 August 2022
£000's £000's
Operating profit is stated after charging/(crediting):
Cost of inventories recognised as an expense (included in cost of sales) 77,100 117,586
Product development costs incurred 2,609 1,957
Product development costs capitalised (2,550) (1,666)
Amortisation of capitalised product development costs 2,155 1,489
Product development costs expensed to cost of sales 2,214 1,780
Debit/(credit) financial instruments fair value adjustments 510 (159)
Inventories provisions 944 634
Exchange losses 1,513 2,406
Staff costs 11,358 15,171
Depreciation of tangible fixed assets
- owned assets 791 556
Depreciation of investment property 65 66
Profit on disposal of property, plant and equipment (52) (3)
Depreciation - right of use assets 609 632
Auditor's remuneration 154 160
3. Earnings per share - group
The earnings used in the calculation of basic and diluted earnings per share
are as follows:
Year ended Year ended
31 August 2023 31 August 2022
Profit after taxation Profit after
£ taxation
£
Profit attributable to equity shareholders of the parent 3,499,000 9,390,000
Financial instruments fair value adjustments net of tax 400,000 (129,000)
Profit for adjusted earnings per share 3,899,000 9,261,000
Weighted average number of ordinary shares in issue during the year - basic 19,348,548
Weighted average number of dilutive potential ordinary shares 148,497 20,251,532
436,409
Weighted average number of ordinary shares for diluted earnings per share 19,497,045 20,687,941
Earnings per share before highlighted items 20.15p 45.73p
Basic earnings per share (pence)
Diluted earnings per share (pence) 20.00p 44.77p
Earnings per share after highlighted items 18.08p 46.37p
Basic earnings per share (pence)
Diluted earnings per share (pence) 17.95p 45.39p
4. DIVIDEND - GROUP
12 months to 12 months to
31 August 2023 31 August 2022
£000's £000's
On equity shares:
Final dividend paid for the year ended 31 August 2022
10.0 pence (2021: 9.0 pence) per share 1,937 1,929
Interim dividend paid for the year ended 31 August 2023
8.0 pence (2022: 7.0 pence) per share 1,549 1,351
18.0 pence (2022: 16.0 pence) per share 3,486 3,280
The Directors recommend a final dividend of 11.00 pence per share (2022: 10.00
pence) amounting to £2,130,235 (2022: £1,936,577).
If approved by shareholders, the final dividend will be paid on 26 January
2024 to shareholders on the register on 12 January 2024.
5. ANNUAL REPORT AND ACCOUNTS
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31 August 2023 and 2022.
The financial information for the year ended 31 August 2022 is derived from
the statutory accounts for that year which have been delivered to the
Registrar of Companies. The financial information for the year ended 31
August 2023 is derived from the statutory accounts for that year and those
accounts have today been published and may be viewed and/or downloaded from
the Company's website at www.thecharacter.com (http://www.thecharacter.com) .
The auditors reported on each of those accounts: their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under s498(2) or (3) of the Companies Act 2006. The
audited statutory accounts for the year ended 31 August 2023 will be delivered
to the Registrar of Companies following the Company's Annual General Meeting.
6. ANNUAL GENERAL MEETING
The Annual General Meeting will be held at 2nd Floor, 86-88 Coombe Road, New
Malden, Surrey KT3 4QS on Friday, 19 January 2024 at 11.00am.
7. ELECTRONIC COMMUNICATIONS
The full Financial Statements for the year ended 31 August 2023, incorporating
the Notice of Meeting convening the Company's 2024 Annual General Meeting, is
available for viewing on and download from the Group's website:
www.character.com (http://www.character.com) .
Enquiries to:
The Character Group plc
Jon Diver, Joint Managing Director
Kiran Shah, Joint Managing Director & Group Finance Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7831 802219 (JD) or Mobile: +44 (0) 7956 278522 (KS)
Panmure Gordon (Nominated Adviser and Joint Broker)
Atholl Tweedie, Investment Banking
Rupert Dearden, Corporate Broking
Tel: +44 (0) 20 7886 2500
Allenby Capital Limited (Joint Broker)
Nick Athanas, Corporate Finance
Amrit Nahal / Tony Quirke, Sales & Corporate Broking
Tel: +44 (0) 20 3328 5656
TooleyStreet Communications Limited (Investor and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
Email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)
The Character Group plc
FTSE sector: leisure goods:
FTSE AIM All-share: symbol: CCT
Market cap: £55m
Email: info@charactergroup.plc.uk (mailto:info@charactergroup.plc.uk)
Group website: www.thecharacter.com (http://www.thecharacter.com)
Product ranges can also be viewed at www.character-online.co.uk
(http://www.character-online.co.uk)
CHARACTER GROUP PLC CCT Stock | London Stock Exchange
(https://www.londonstockexchange.com/stock/CCT/character-group-plc/company-page)
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