Business
Current Trading Update
Current Trading Update.
About this update from Character Group Plc
[{"type":"text","content":"\n Character Group PLC\n17 December 2007\n\n\nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Monday, 17 December 2007 IMMEDIATE RELEASE\n\n\n The Character Group plc\n Current Trading Update\n\n\nThe Board of The Character Group plc ('Group' or 'Company') provides the\nfollowing update to shareholders in relation to trading in the final run up to\nChristmas.\n\nThe Directors have noted that retail sales for Christmas 2007 started late and\nthat the market has not recovered from this belated seasonal start. The current\ndifficult trading environment has resulted in toy retail consumer sales being\nslower than anticipated and consequently, lower than budgeted levels of stock\nreplenishment orders have been received by the Company from its customers.\n\nAgainst the backdrop of these unusually difficult trading conditions, coupled\nwith the lost sales of Bindeez products and the Group's recent product recall\nalready reported (viewed by the Board as a one off impact), the Company is\ntaking a more cautious view on revenue outcome for the first half of the current\nfinancial year. The Directors therefore expect that revenues for the four months\nto 31 December 2007 will be down by approximately 18% on the same period last\nyear.\n\nAs a major UK supplier, the Group is not immune to the effects of faltering\nconsumer confidence and this view seems to be supported by the heavy discounting\noccurring on the high street. Whilst the trading situation is disappointing to\nreport, overall the Board continues to be encouraged by the growth in its\nbrands.\n\nCurrently, the Group's 2008 product range is being previewed by the major\nretailers. To date, there has been a very positive reaction to the new product\nportfolio and therefore the Directors expect revenue growth in the second half\nof the current financial year ending 31 August 2008 to be ahead of the same\nperiod in 2007.\n\n\n\nEnquiries:\n Fiona Tooley, Director\nKiran Shah, Group Finance Director & Joint MD Keith Gabriel, Senior Account Manager\nThe Character Group plc Citigate Dewe Rogerson\nTel: +44 (0) 20 8949 5898 Tel: +44 (0) 121 455 8370\nMobile: +44 (0) 7956 278522 (KS) Mobile: +44 (0) 7785 703523 (FMT)\nwww.thecharacter.com\nwww.character-online.co.uk\n Richard Thompson\n Philip Davies\n Charles Stanley Securities\n Nominated Adviser\n Tel: +44 (0) 20 7149 600...