Toy firm Character lifted by Spider-Man prospects

Toy firm Character today posted a 122% jump in profits and said it was set for an exciting six months after the launch of a range of Spiderman toys.

Character said pre-tax profits rose to £6.3m (€9.2m) in the six months to February 28, up from £3m (€4.4m) last year after demand for its Doctor Who toy ranges drove sales at the firm.

The England-based company said it expects the growth to continue during the second half, led by its new Spidersapien toy, part of a range based on the new Spiderman movie, which premiered in Europe last night.

The toy, a follow-up to its 2005 top-selling Robosapien toy, can respond to commands, perform Spiderman’s web slinging action, and comes with a range of 40 Spidey phrases. It also farts and burps.

The group said it was also set to benefit from strong demand for its new Darlek Sec voice changing helmet, following the success of its award winning Cyberman voice changing helmet last year, as well as toys from the Dr Who spin-off series, The Sarah Jane Adventures, due to be aired in the autumn.

Chairman Richard King said: “Taking into account the on-going strong demand for our continuing lines and our new introductions, we are very excited about our prospects and expect to see further exciting growth.”

The company, which saw turnover grow by 37.6% during the period, has seen its profits forecasts raised twice during the current year, with Paul Bates of Charles Stanley predicting full year profits of £8.2m (€12m).

He said today that the numbers were good with “very healthy margins and cash generation”.

However, shares in the company fell by almost 5% following a bullish run leading up to the results after the group’s strong trading update last month.

Character designs, develops and distributes toys and games across the UK, both under its own brand and through retailers such as Argos, Woolworths and Toys ’R’ Us.