Character Group PLC (CCT.L), an independent toy company, Thursday reported profit before tax of 2.23 million pounds for the first half, higher than 201,000 pounds in the comparable period last year, mainly due to reduced selling and distribution costs.
Selling and distribution costs declined to 3.82 million pounds from 5.83 million pounds last year.
Excluding one-time items, underlying profit before tax increased to 2.07 million pounds from 543,000 pounds last year.
The company posted net profit of 1.80 million pounds or 9.30p per share compared with net loss of 164000 pounds or 0.85p per share a year ago.
Underlying profit was 1.69 million pounds or 8.71p per share, down from 105000 pounds or 0.54p per share last year.
Revenue for the first half was 57.62 million pounds, nearly flat with 57.89 million pounds in the previous year.
The Board has declared an interim dividend of 8.0p per share, to be paid on July 26, to shareholders of record on July 12.
Looking ahead, the company said, "The Group has a strong portfolio of products, underpinned by a strong balance sheet, and has a net cash position with substantial unutilised working capital facilities in place. On the back of our first half-year's performance and these signs of the Group's robust health, we anticipate profit before tax and highlighted items in respect of the full year to 31 August 2024 will exceed current market expectations."
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