Character (CCT)

Character CCT Logo

Engaged in the design, development and international distribution of toys, games and gifts – Brands include Peppa Pig, Little Live Pets, Teletubbies, Minecraft and Scooby Doo.

5-Dec-2017 – 427.5p – £89.4m – PER 10.8

Preliminary Results For The 6 Months To End August 2017 – “A solid finish to the 2017 financial year in-line with current market expectations – Even in the current tough trading conditions, we expect our cash flow to remain positive, our reserves to grow and our Christmas stocks to remain firmly under control.” Revenue and Profit down about 5% but Net Cash is up 66.9% (to £11.5m) and the Dividend for the year is up 26.7%.

Doesn’t seem too bad considering the recent Toy R Us “scare”, it’s on my Watchlist.

19-Jan-2018 – 450p – £94.1m – PER 10.7

Trading Update – 4 Months Of The Current Financial Year – In-line. International sales were adversely impacted by many factors, not least of which was the global refinancing of one of the world’s largest toy retailers (Toys R Us), domestic sales continued to perform well. Performance for the half year to 28-Feb-2018 will reflect the overall lower trading compared to 2017 but the Board remains confident that, absent any major external factors, the Group will return to its previous growth pattern during the second half of this calendar year and this will be fully reflected in the strength of the trading for the financial year to 31 August 2019.

There’s not enough confidence in this update to tempt me yet.

14-Sep-2018 – 500p – £106.1m – PER 10.7

Trading Update For The 12 Months To End August 2018 – H2 strong as anticipated with record UK sales. FY to “comfortably reach market expectations”. Confident for autumn/winter (Christmas).

Still like this but not quite enough, I remain Neutral and will keep an eye out for Broker notes and those final results in November.

29-Nov-2018 – 495p – £105.0m – PER 10.6

Preliminary Results For The 12 Months To End August 2018 – Revenue down from £115.3m to £106.2m, PBT down from £13.4m to £11.6m, Underlying Diluted EPS down from 50.54p to 44.38p – On the bright side Cash is up from £11.5m to £15.6m, the Dividend is up from 19p to 23p and this years trading has been in-line with expectations.

Still a lot to like here but these results are hardly inspiring – I will keep an eye out for forecasts.

18-Jan-2019 – 522p – £110m – PER 10.8

Trading Update – Since November results trading has been postive and remains in-line with expectations.

Still like this but just not quite enough to justify a purchase.

13-Sep-2019 – 370p – £79m – PER 8

Trading Update For The 12 Months To End August 2019 – Guides PBT “n the range of £11.0m – £11.5m., slightly under the lower end of current market expectations”, too many excuses to list but confirms Peppa Pig will contribute to next 2 years earnings.

Perhaps the only reason left to buy here would be on bid speculation.

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