Toymaker Character warns of half year loss

01/21/2009 (3 h 37 m ago)

Shares in Character Group have slumped 11% after the toy group warned Christmas sales were down 35%, partly due to the demise of one of its biggest UK customers, Woolworths. The company, down 5p to 40p, warned it was likely to make a loss in the first half, and said it was difficult to forecast the outcome for the next few months, given the current banking turmoil and consumer downturn. Character said it had managed to reduce its exposure to Woolworths from £5m in September to £1m by the time the stores closed over Christmas. The company - which has suffered a series of problems including a profit warning in November and the recall of its Bindeez range of bead toys a year or so ago - said it was cash positive and had no borrowings. It has high hopes for a new range of military action figures, designed with advice from the Army and Ministry of Defence, and Doctor Who toys based on the 2010 television series. guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds

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