Simon Thompson 

Five small-caps with Character

Simon Thompson

Simon Thompson
Five small-caps with Character

The key point to note in results from Character (CCT:480p), the owner of a portfolio of 10 iconic toy brands targeting the niche pre-school market, is not the shortfall in revenues, which declined £11m to £50.5m in the six months to the end of February 2018, nor the decline in pre-tax profits from £7.1m to £4.5m. That was expected given the disruption caused by the demise of retailer Toys R Us, which accounted for 8 per cent of Character’s annual sales of £120m in the financial year to the end of August 2017. It also had a knock-on impact in every market where Character trades

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