Toy firm shows character

OLDHAM-based toy distributor Character Options has come through a period of unprecedented economic turmoil and is beginning to benefit from its cost control programme and new product ranges.

Chairman Richard King said: “These are coming on stream, both of which provide an improved trading platform. Overall, we have renewed confidence for the medium term even though the outlook will remain challenging.”

Interim figures for the first six months of the new financial year period show group sales amounted to £37.8m, down from £48.6m, or 22 per cent, compared with the same period in 2008.

The operating loss in the same period was £3.74m compared with a profit of £3.4m for the similar period in 2008. This included an exceptional loss of £1.06m, being the bad debt suffered due to Woolworths going into administration.

The loss before tax on the same basis was £3.84m, compared with a profit of £3.25m at the half-year point in 2008.

Mr King added: “As we indicated to stakeholders at our annual meeting in January, against a very challenging and sombre economic backdrop, Character has not escaped the tough trading environment at both the consumer and retail level, with revenues on a like for like basis during the all important Christmas trading period at 35 per cent below the comparative 2007 season.

“We have had to consolidate and regroup, while continuing to deliver a portfolio that meets the current market aspirations and consumer demand and also delivering service and support to our customers.”