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Character Group warned on profit blaming a number of headwinds in the second half of the year, including a weaker backdrop for the retail market in Scandinavia.
Pre-tax for the group for the year ended 31 August 2019 was likely to be in the range of £11.0m to £11.5m., slightly under the lower end of current market expectations, the company said.
The most significant factor weighing on second half performance had been the failure of the retail market in Scandinavia to fully absorb the sales vacuum caused by the liquidation in January this year of Top Toy, OVG-Proxy ApS's largest customer until its demise, the company said.
This loss of sales has resulted in losses being sustained by Proxy in the year to 31 August 2019 and this has had a negative impact on the Group's results as a whole. At 8:08am: (LON:CCT) Character Group The PLC share price was -37p at 333p