Character Group revenues slump amid 'challenging' trading environment

Giftware firm Character Group warned on Friday that trading conditions across all markets had remained "challenging", with revenue for the four months ended 31 December down approximately 42%.

Character said trading over the period had been impacted by "a marked drop" in US sales but stated its "strong product portfolio" and "great enthusiasm" for its offerings had left it "encouraged".

"Despite the tough and challenging start to the current financial year, the board remains optimistic that the anticipated rebound will come through strongly in the second half," said Character.

"Accordingly, the company shall be profitable for the financial year as a whole, however, sales and profit before tax (before highlighted items) are expected to be marginally below current market expectations."

As of 1015 GMT, Character shares were down 8.54% at 375.0p.

Reporting by Iain Gilbert at Sharecast.com