Surrey-based maker of Peppa Pig, Teletubbies and Teenage Mutant Ninja Turtles toys, Character Group (CCT :AIM), knocked earnings forecasts into a cocked hat with its first-half results as pre-tax profit multiplied from £0.2 million to £2.2 million.

The firm said the jump in profitability in the six months to February was down to reduced selling and distribution costs and a £0.2 million positive ‘mark-to-market’ valuation of its financial hedges on the US dollar.

Cash from operations was £10.1 million, and with no long-term debt the firm is in a strong financial position.

‘On the back of our first half-year’s performance and the group’s robust health, we anticipate profit before tax and highlighted items in respect of the full year to 31 August 2024 will exceed current market expectations,’ said joint managing directors Jon Driver and Kiran Shah.

The duo also flagged the ‘industry buzz’ around some of the firm’s new releases such as Heroes of Goo Jit Zu, which is already available on the Character Group website, and the Terror Fried range which it unveiled at the London Toy Fair. 

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