Business
Interim Results
Interim Results.
About this update from Character Group Plc
[{"type":"text","content":"\n RNS Number : 2506R Character Group PLC 28 April 2009 \n \n\nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Tuesday, 28 April 2009\n\nThe Character Group plc\nInterim Results\nfor the six months ended 28 February 2009\n\nSTATEMENT BY THE CHAIRMAN, RICHARD KING\n\nIntroduction\nThe Group has had its share of difficulties which, as anticipated, resulted in a trading loss for the first half of this financial year.\n\nHowever, I am pleased to note that, despite the unprecedented economic turmoil, the Group is beginning to benefit from its cost control programme and new product ranges 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.\n\nFinancials\nGroup sales in the six month period amounted to £37.8 million, down 22% compared with the same period in 2008 of £48.6 million.\n\nThe operating loss in the same period was £3.74 million compared to a profit of £3.4 million for the similar period in 2008. This included an exceptional loss of £1.06 million, being the bad debt suffered due to Woolworths going into Administration. The loss before tax on the same basis was £3.84 million, compared to a profit of £3.25 million at the half-year point in 2008. Basic loss per share was 8.44 pence per share compared to earnings per share of 5.51 pence at the 2008 half-year point and 12.03 pence at the financial year-ended August 2008.\n\nGross margin was 29.0%, compared to 38.8% in the comparative period in 2008 and 35.8% at the year-ended August 2008.\n\nStocks decreased from £9.8 million at the August 2008 year end to £5.05 million at end of the half-year being reported. \n\nCash and cash equivalents at 28 February 2009 amounted to £3.8 million, against £5.4 million in the 2008 comparable period. The Group currently has no borrowings and has unused finance facilities available totalling approximately £5.65 million.\n\nDividend\nIt is not proposed to pay an interim dividend and it is too early to form a view on dividend prospects for the full year.\n\n\n\n\ncontinued…\n -2-\n\nShare Buy-Backs\nDuring the period being reported, the Group has undertaken share buy-backs totalling 177,077 shares. As at 1 April 2009, the Company had 41,477,481&...