Character Group issues profit warning for 2013

Character Group, a toys and games company, has issued a profits warning for the financial year ending August 31st 2013.

It said: "Whilst sales in September were on budget, October sales showed a steep decline. The group now considers that it will fall materially short of its budgeted sales to Christmas and therefore will not be in a position to achieve the market forecasts for the financial year ending August 31st 2013."

It added: "although we are now expecting the first half results of the current financial year to be disappointing, we remain optimistic that overall, with Character's stable of established branded ranges and stronger new product line up, supported by encouraging initial reactions and feedback from our customers both domestically and internationally, trading will generate stronger sales in the 2013 calendar year as a whole and provide a much improved trading position as we move into the 2014 financial year."

CM