Character Group PLC Trading Update (9415Z)
September 24 2020 - 1:00AM
UK Regulatory
TIDMCCT
RNS Number : 9415Z
Character Group PLC
24 September 2020
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. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public domain
Thursday, 24 September 2020
The Character Group plc
("Character", "Group" or the "Company")
Designers, developers, and international distributor of toys,
games, and giftware
Trading Update
The Board of The Character Group plc (AIM: CCT) (the "Board")
provides the following update to shareholders on the Group's
trading ahead of the publication of the Company's results for the
year ended 31 August 2020.
The outcome for the second half of the 2020 financial year has,
as expected, been considerably affected by the UK lockdown.
Notwithstanding this, we have worked in close collaboration with
our customers and distributors to maintain trading at satisfactory
levels throughout the period. As predicted at the time of the
release of our interim results in May 2020, the second half of the
financial year ended 31 August 2020 will produce a profit; the
Board now expects this to be at least equivalent to that of the
first half.
The agile working practices that the Group has developed over
recent years have served it very well during the lockdowns and
periods of changing government restrictions. We have also noted
this week the updated guidance from the Prime Minister and we shall
take appropriate steps as and when required.
Demand for the Group's exciting and innovative products has
remained resilient throughout the year, and the Board is confident
that steady progress will continue to be made through to Christmas
2020 and into 2021. As always at this time of year, development of
the Group's ranges and products for the Christmas season 2021 is
well advanced and early feedback from customers to our previews and
presentations have been extremely gratifying.
We have developed the ability to read our markets and swiftly
react to its changing environment and conditions. We are proud that
this has enabled us to maintain good working relations with our
customers, distributors, and suppliers. Indeed, the change in our
approach to customer engagement during lockdown has led to even
closer collaboration and a highly effective strengthening of the
bond between our teams and our customers.
Character continues to have a strong balance sheet with a
sizeable cash balance and substantial unutilised working capital
facilities.
The Board believes that, with the current strength of
Character's product catalogue matched by the commitment and
motivation to succeed of our people at all levels, the Group's
prospects for weathering the challenging environment remain
good.
The Company expects to release its preliminary results for the
year ended 31 August 2020 in the first week of December 2020.
ENQUIRIES
The Character Group plc
Jon Diver, Joint Managing Director
Kiran Shah, Joint Managing Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7831 802219 (JD)
Mobile: +44 (0) 7956 278522 (KS)
Email: info@charactergroup.plc.uk
Panmure Gordon (Nominated Adviser and Joint Broker)
Atholl Tweedie, Investment Banking
Charles Leigh-Pemberton , Corporate Broking
Tel: +44 (0) 20 7886 2500
Allenby Capital Limited (Joint Broker)
Nick Athanas, Corporate Finance
Amrit Nahal, 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSEMEFDESSEIU
(END) Dow Jones Newswires
September 24, 2020 02:00 ET (06:00 GMT)
Character (LSE:CCT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Character (LSE:CCT)
Historical Stock Chart
From Apr 2023 to Apr 2024