Half-year Report - six months to 28 February 2023

Character Group PLC
11 May 2023
 

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LONDON, THURSDAY, 11 MAY 2023

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

The Character Group plc

(the "Company" or "Group" or Character")

 

Designers, developers and international distributor of toys, games and giftware

 

HALF YEARLY FINANCIAL REPORT

for the six months ended 28 February 2023

 

 

KEY PERFORMANCE INDICATORS

CONTINUING OPERATIONS

Six months

ended

28 February

2023

(unaudited)

Six months

ended

28 February

2022

(unaudited)

12 months

ended

31 August

2022

(audited)

Revenue

£57.9m

£90.9m

£176.4m


 



Operating profit before highlighted items*

£0.6m

£6.5m

£11.4m

Pre-tax profit before highlighted items*

£0.5m

£6.5m

£11.3m

Underlying basic earnings per share before highlighted items*

0.54p

25.15p

45.73p

Diluted earnings per share before highlighted items*

0.54p

24.62p

44.77p


 



Profit before tax

£0.2m

£6.5m

£11.4m

Basic loss per share

(0.85p)

25.21p

46.37p

Diluted loss per share

(0.85p)

24.68p

45.39p


 



Dividend per share (declared)

8.0p

7.0p

17.0p

EBITDA

£2.7m

£8.4m

£14.2m

Cash and cash equivalents

£10.7m

£21.5m*

£20.0m

Net assets

£37.1m

£35.2m*

£38.9m

 

*Excludes

 

 


Mark to market (loss)/profit adjustments on FX derivative positions

£(0.3m)

-

£0.2m

 

 

"The Board predicted at the start of the year that the Group's trading performance would be very much one of two halves."

 

"Whilst the conditions remain challenging, the Board has a strong belief in the current product line up.  The success of Heroes of Goo Jit Zu continues and is supported by other lines, including the influencer inspired Lanky Box and Aphmau products which are also featuring well in our sales numbers.  In addition, the scheduled release of the new "Turtles" movie in August 2023 bodes well for the launch this summer of the Teenage Mutant Ninja Turtles line of products that we are distributing in the UK and Ireland." 

 

"Overall, the Board is, accordingly, confident of the prospects for the second half and continues to expect that Character's profitability for FY2023 will be in line with current market expectations*."

 

 

 

*Current market consensus compiled by the Company for the year ending 31 August 2023 is an underlying profit before tax of c.£5m.

 

 

FTSE sector: leisure: FTSE AIM All-share: symbol: CCT: Market cap: £68m

Copies of this statement can be viewed at www.thecharacter.com. 

Product ranges can also be viewed at www.character-online.co.uk

 

ENQUIRIES:

Office:     +44 (0) 208 329 3377

Mobile:   +44 (0) 7831 802219 (JD)

Mobile:   +44 (0) 7956 278522 (KS)

Email: info@charactergroup.plc.uk


 

 

Panmure Gordon

(Nominated Adviser and Joint Broker)

Atholl Tweedie, Investment Banking

Rupert Dearden, Corporate Broking

Tel:  +44 (0) 20 7886 2500


Allenby Capital Limited

(Joint Broker)

Nick Athanas, Corporate Finance

Amrit Nahal, Sales & Corporate Broking

Tel:  +44 (0) 20 3328 5656



 

TooleyStreet Communications Limited

(Investor and media relations)

Fiona Tooley

Tel:  +44 (0) 7785 703523

Email: fiona@tooleystreet.com   

 

 

 

 

The Character Group plc

(the "Company" or "Group" or "Character")

Designers, developers and international distributor of toys, games and giftware

 

HALF YEARLY FINANCIAL REPORT

for the six months ended 28 February 2023

 

 

INTRODUCTION

Since the Group's trading updates issued in October 2022 and January 2023, trading conditions have continued to be challenging across all the Group's markets.  The business continues to have a solid product portfolio for both its international and domestic markets.  A succession of exciting new introductions to be made in the second half will, the Board believes, result in a significant improvement in the Group's profitability in the second half of the financial year.

 

GROUP TRADING

Revenue in the period at £57.9m was down 36.3% on the comparable period last year (HY 2022 £90.9m; FY 2022: £176.4m).

 

The Group is reporting a profit before tax and highlighted items for the period of £0.5m (HY 2022: £6.5m; FY 2022: £11.3m).

 

Earnings before interest, tax, depreciation and amortisation (EBITDA) were £2.7m (HY 2022 £8.4m; FY 2022: £14.2m).

 

Gross profit margin in the period improved to 26.9%, compared to 24.8% in the same 2022 period and 23.5% for the August 2022 financial year.  The increase in margin reflects the significant reduction in sales to the USA market, which attracts a lower margin than the Group's domestic and other international sales.

 

Underlying basic earnings per share before highlighted items amounted to 0.54p (HY 2022: 25.15p; FY 2022: 45.73p).  Diluted earnings per share, on the same basis, were 0.54p (HY 2022: 24.62p; FY 2022: 44.77p).

 

A significant proportion of the Group's purchases are made in US dollars.  The business is therefore exposed to foreign currency fluctuations and manages the associated risk through the purchase of forward exchange contracts and derivative financial instruments.  Under International Financial Reporting Standards (IFRS), at the end of each reporting period the Group is required to make an adjustment in its financial statements to incorporate a 'mark to market' valuation of such financial instruments.  The 'mark to market' adjustment for the financial period under review results in a loss of £0.3m.  This compares to a profit of £16,000 shown in the corresponding period in 2022 and a profit of £0.2m reported in the year to 31 August 2022.  These 'mark to market' adjustments are non-cash items, calculated by reference to unpredictable and sometimes volatile currency spot rates at the respective balance sheet dates.  To present the results on a "normal" basis, these "mark to market" adjustments on FX derivative positions are excluded, although shown separately as "highlighted items" to demonstrate the "underlying" position.

 

FINANCIAL POSITION, WORKING CAPITAL & CASH FLOW

The Group's net assets at 28 February 2023 were £37.1m (HY 2022: £35.2m; FY 2022: £38.9m).  During the period, the Group utilised cash from operations of £2.8m (HY 2022: £3.4m generated; FY 2022: £4.2m generated).  The Group's inventory stood at an unseasonably high level of £26.2m at 31 August 2022, however, by 28 February 2023 this had been reduced by £8.0m to £18.1m (HY 2022: £17.9m). 

 

The Group has no long-term debt.  Net interest charges on the use of working capital facilities during the period were £0.1m (HY 2022: £23,000; FY 2022: £0.2m).  After making dividend payments, the Group had cash and cash equivalents of £10.7m (HY 2022: £21.5m; FY 2022: £20.0m) at the end of the first-half period.  In addition, the Group had unutilised headroom of over £50.0m under its banking and other finance facilities.

 

DIVIDEND

The Board remains committed to maintaining a progressive dividend policy.  The Board is declaring an interim dividend of 8.0p per share (HY 2022: 7.0p; final dividend 2022: 10.0p).  Although this is not supported by earnings cover (HY 2022 3.6 times), it reflects the Board's confidence in the Group's prospects for a second half  recovery and performance beyond the current financial year.  

The interim dividend will be paid on 28 July 2023 to shareholders on the register as at the close of business on 14 July 2023.  The shares will be marked ex-dividend on 13 July 2023.

SHARE BUYBACK PROGRAMME

No share buybacks were conducted in the period under review.  Shareholders passed a resolution at the 2023 Annual General Meeting authorising the Company to effect share buybacks (including by way of tender offers) of up to 2,890,000 issued ordinary shares of 5p each in the Company ("Ordinary Shares").

 

The Board will consider further buyback initiatives in the future, including by way of a tender offer as the Directors consider that it is in the interests of all shareholders to provide investors who wish to realise part or all of their investment in the Group with an opportunity to access liquidity that is not otherwise available in the market and to return excess capital to shareholders.

 

TOTAL VOTING RIGHTS (TVR)

As at today's date, the Company's issued share capital consists of 21,465,929 Ordinary Shares.  The Company holds 2,100,159 Ordinary Shares in treasury which do not carry voting rights and, accordingly, the total number of voting rights in Character is 19,365,770.  The figure of 19,365,770 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

OUR PEOPLE

As always, we are indebted to our teams that operate throughout our markets globally.  Their gritty determination to face the ever changing, often unexpected, challenges that have affected our markets in recent years is humbling.  We have not encountered the level of sales slowdown experienced in the first half for many years and it has, no doubt, been dispiriting for our people but they have shown, once again, a hunger for delivering the anticipated turnaround for the second half and the restoration of the previous growth pattern and fortunes of the Group.  For this continuing service and commitment, the Board thanks them on behalf of all of our stakeholders.

OUTLOOK

The Board predicted at the start of the year that the Group's trading performance would be very much one of two halves.  Whilst the conditions remain challenging, the Board has a strong belief in the current product line up.  The success of Heroes of Goo Jit Zu continues and is supported by other lines, including the influencer inspired Lanky Box and Aphmau products which are also featuring well in our sales numbers.  In addition, the scheduled release of the new "Turtles" movie in August 2023 bodes well for the launch this summer of the Teenage Mutant Ninja Turtles line of products that we are distributing in the UK and Ireland.  

 

Overall, the Board is, accordingly, confident of the prospects for the second half and continues to expect that Character's profitability for FY2023 will be in line with current market expectation*. The Board will continue to update shareholders as we progress through the year.

 

 

 

11 May 2023

 

 

*Current market consensus compiled by the Company for the year ending 31 August 2023 is an underlying profit before tax of c.£5m.

 

 


The Character Group plc

Consolidated Income Statement

six months ended 28 February 2023

 

 


six months ended

 28 February 2023

Result before   *highlighted items

(unaudited)

£'000

six months ended

 28 February 2023

*highlighted items

 

(unaudited)

£'000

six months ended

28 February 2023

Result

 

 

(unaudited)

£'000


six months ended

 28 February 2022

Result before   *highlighted items

(unaudited)

£'000

 six months ended

 28 February 2022

*highlighted items

 

(unaudited)

£'000

six months ended

28 February 2022

Result

 

 

(unaudited)

£'000

 

12 months ended

 31 August 2022

Result before *highlighted items

(audited)

£'000

12 months ended

31 August 2022

*highlighted items

 

(audited)

£'000

12 months ended

31 August 2022

Statutory

Result

 

(audited)

£'000

Revenue

57,887

-

57,887


90,947

-

90,947

 

176,402

-

176,402

Cost of sales

(42,335)

-

(42,335)


(68,347)

-

(68,347)

 

(135,036)

-

(135,036)

Gross profit

15,552

-

15,552


22,600

-

22,600

 

41,366

-

41,366

Other income

334

-

334


339

-

339

 

502

-

502

Selling and distribution expenses

(5,825)

-

(5,825)


(5,140)

-

(5,140)

 

(8,260)

-

(8,260)

Administrative expenses

(9,429)

-

(9,429)


(11,251)

-

(11,251)

 

(22,173)

-

(22,173)

Operating profit

632

-

632


6,548

-

6,548

 

11,435

-

11,435

Finance income

75

-

75


17

-

17

 

51

-

51

Finance costs

(164)

-

(164)


(40)

-

(40)

 

(207)

-

(207)

Changes in fair value of financial instruments

-

(342)

(342)


-

16

16

 

-

159

159

Profit/(loss) before tax

543

(342)

201


6,525

16

6,541

 

11,279

159

11,438

Income tax

(438)

73

(365)


(1,188)

(3)

(1,191)

 

(2,018)

(30)

(2,048)

Profit/(loss) for the period

105

(269)

(164)


5,337

13

5,350

 

9,261

129

9,390

 

 *highlighted items comprise material items that are disclosed separately by virtue of their size or incidence and because they are considered relevant to an understanding of the overall performance of the Company.

 

 


The Character Group plc

Consolidated Income Statement

six months ended 28 February 2023

 

 


Notes

 six months ended

28 February 2023

(unaudited)

£'000

 six months ended

 28 February 2022

(unaudited)

£'000

12 months ended

31 August 2022

(audited)

£'000

Attributable to:


 



Owners of the parent


 



(Loss)/profit for the period


(164)

5,350

9,390

Earnings per share before significant items (pence)

5

 



Basic earnings per share 


0.54p

25.15p

45.73p

Diluted earnings per share


0.54p

24.62p

44.77p

Earnings per share after significant items (pence)

5

 



Basic (loss)/earnings per share 


(0.85p)

25.21p

46.37p

Diluted (loss)/earnings per share


(0.85p)

24.68p

45.39p



 



Dividend per share (pence)

4

10.00p

9.00p

15.0p



 



EBITDA

(earnings before interest, tax, depreciation and amortisation)


2,694

8,407

14,195

 

 

 

The Character Group plc

Consolidated Statement of Comprehensive Income

six months ended 28 February 2023

 



six months ended

28 February 2023

(unaudited)

£'000

 six months ended

 28 February 2022

(unaudited)

£'000

12 months ended

 31 August 2022

(audited)

£'000

(Loss)/profit for the period after tax


(164)

5,350

9,390

Items that may be reclassified subsequently to profit and loss

Net exchange differences on translation of foreign operations

 

 

98

201

1,091

Total comprehensive (loss)/income for the period


(66)

5,551

10,481



 



Total comprehensive income for the period attributable to:

 


 

Equity holders of the parent

(66)

5,551

10,481

 

 

 

The Character Group plc

Consolidated Balance Sheet

at 28 February 2023

 

 


28 February 2023

(unaudited)

£'000

28 February

2022

(unaudited)

£'000

31 August

 2022

(audited)

£'000

Non-current assets

 



 

Intangible assets

 

1,955

1,567

1,963

Investment property

 

1.420

1,485

1,453

Property, plant and equipment


9,915

8,471

9,307

Right of use assets


1,098

1,162

1,216

Deferred tax assets


450

432

542

 


14,838

13,117

14,481

Current assets


 



Inventories


18,133

17,946

26,173

Trade and other receivables


12,141

14,827

24,728

Current income tax receivable


498

596

576

Derivative financial instruments


77

44

412

Cash and cash equivalents


10,779

21,550

26,646



41,628

54,963

78,535

Current liabilities


 



Short term borrowings


(121)

(3)

(6,627)

Trade and other payables


(15,886)

(29,133)

(42,151)

Lease liabilities


(658)

(545)

(577)

Income tax payable


(1,367)

(1,936)

(3,345)

Derivative financial instruments


(350)

(118)

(343)

 


(18,382)

(31,735)

(53,043)

Net current assets


23,246

23,228

25,492

Non - current liabilities


 



Deferred tax


(492)

(430)

(427)

Lease liabilities


(456)

(676)

(648)



(948)

(1,106)

(1,075)

Net assets


37,136

35,239

38,898

Equity


 



Called up share capital


1,074

1,074

1,074

Shares held in treasury


(1,762)

(1,826)

(1,813)

Capital redemption reserve


1,883

1,883

1,883

Share based payment reserve


4,060

3,857

3,957

Share premium account


17,751

17,540

17,566

Merger reserve


651

651

651

Translation reserve


1,433

887

1,950

Profit and loss account


12,046

11,173

13,630

Total equity attributable to equity holders of the parent


37,136

35,239

38,898

 

 

 

The Character Group plc

Consolidated Statement of Cash Flows

six months ended 28 February 2023

 


six months ended

28 February

2023

(unaudited)

£'000

six months

ended

 28 February

2022

(unaudited)

£'000

12 months

ended

 31 August

2022

(audited)

£'000

Cash flow from operating activities

 

 

 

Profit before taxation for the period

201

6,541

11,438

Adjustments for:

 



Depreciation of property, plant and equipment

341

304

556

Depreciation of investment property

33

33

66

Depreciation of right of use assets

321

276

632

Amortisation of intangible assets

1,383

1,246

1,509

(Profit) on disposal of property, plant and equipment

(16)

-

(3)

Interest expense

89

23

156

Financial instruments fair value adjustments

342

(16)

(159)

Share based payments

103

108

208

Decrease/(increase) in inventories

8,040

(7,053)

(15,280)

Decrease in trade and other receivables

12,587

11,192

1,291

(Decrease)/increase in trade and other creditors

(26,265)

(9,257)

3,761

Cash (utilised)/generated from operations

(2,841)

3,397

4,175

Interest paid

(89)

(23)

(156)

Income tax paid

(2,206)

(841)

(401)

Net cash (outflow)/inflow from operating activities

(5,136)

2,533

3,618

Cash flows from investing activities

 



Payments for intangible assets

(1,376)

(1,007)

(1,666)

Payments for property, plant and equipment

(953)

(547)

(1,845)

Proceeds from disposal of property, plant and equipment

16

-

225

Net cash outflow from investing activities

(2,313)

(1,554)

(3,286)

Cash flows from financing activities

 



Payment of leasing liabilities

(332)

(268)

(538)

Proceeds from issue of share capital

236

260

299

Purchase of own shares for cancellation

-

(13,640)

(13,640)

Dividends paid

(1,937)

(1,929)

(3,280)

(2,033)

(15,577)

(17,159)

Net (decrease) in cash and cash equivalents

(9,482)

(14,598)

(16,827)

Cash, cash equivalents and borrowings at the beginning of the period

20,019

35,920

35,920

Effects of exchange rate movements

121

225

926

Cash, cash equivalents and borrowings at the end of the period

10,658

21,547

20,019

 

 

Cash, cash equivalents and borrowings consist of:

 

 

 

Cash, cash equivalents

10,779

21,550

26,646

Short term borrowings

(121)

(3)

(6,627)

Cash, cash equivalents and borrowings at the end of the period

10,658

21,547

20,019

 

 

 

The Character Group plc

Consolidated Statement of Changes in Equity

six months ended 28 February 2023

 

 

Called up share capital

£'000

Shares held in treasury

£'000

Capital redemption reserve

 £'000

Share premium account

£'000

 

Merger reserve

£'000

Share based payment

£'000

 

Translation reserve

£'000

Profit

and loss

account

£'000

 

 

Total

£'000

Balance as at

31 August 2021

(audited)

1,181

(1,870)

1,776

17,324

651

3,749

767

21,274

44,852

Profit for the period

-

-

-

-

-

-

-

5,350

5,350

Net exchange differences on translation of foreign operations

-

-

-

-

-

-

120

          81        

201

Total comprehensive income/(expense) for the period

-

-

-

-

-

-

120

5,431

5,551

Transactions with owners










Share based payment

-

-

-

-

-

108

-

-

108

Deferred tax relating to share options

-

-

-

-

-

-

-

37

37

Dividend paid

-

-

-

-

-

-

-

(1,929)

(1,929)

Shares issued

-

44

-

216

-

-

-

-

260

Tender offer fees

-

-

-

-

-

-

-

(142)

(142)

Cancellation on tender offer

(107)

-

107

-

-

-

-

(13,498)

(13,498)

Six months ended

28 February 2022

1,074

(1,826)

1,883

17,540

651

3,857

887

11,173

35,239

 

Balance as at

1 September 2021

(audited)

1,181

(1,870)

1,776

17,324

651

3,749

767

21,274

44,852

Profit for the year after tax

-

-

-

-

-

-

-

9,390

9,390

Net exchange differences on translation of foreign operations

-

-

-

-

-

-

1,183

(92)

1,091

Total comprehensive income/(expense) for the year

-

-

-

-

-

-

1,183

9,298

10,481

Transactions with owners









 

Share based payment

-

-

-

-

-

208

-

-

208

Current tax credit relating to exercised share options

-

-

-

-

-

-

-

18

18

Deferred tax relating to share options

-

-

-

-

-

-

-

(40)

(40)

Dividends

-

-

-

-

-

-

-

(3,280)

(3,280)

Shares issued

-

57

-

242

-

-

-

-

299

Tender offer fees

-

-

-

-

-

-

-

(142)

(142)

Shares cancelled on tender offer

(107)

-

107

-

-

-

-

(13,498)

(13,498)

At 31 August 2022

(unaudited)

1,074

(1,813)

1,883

17,566

651

3,957

1,950

13,630

38,898

(Loss) for the period

-

-

-

-

-

-

-

(164)

(164)

Exchange differences on translation of foreign operations

-

-

-

-

-

-

(517)

615

98

Total comprehensive income/(expense) for the period

-

-

-

-

-

-

(517)

451

(66)

Transactions with owners










Share based payment

-

-

-

-

-

103

-

-

103

Deferred tax relating to share options

-

-

-

-

-

-

-

(98)

(98)

Dividend paid

-

-

-

-

-

-

-

(1,937)

(1,937)

Shares issued

-

51

-

185

-

-

-

-

236

Six months ended

28 February 2023

1,074

(1,762)

1,883

17,751

651

4,060

1,433

12,046

37,136

 

 

 

The Character Group plc

Notes to the Financial Statements

 

1.

Basis of Preparation

The financial information set out in this Half Yearly Financial Report for the six months ended 28 February 2023 has been prepared under International Financial Reporting Standards (IFRS) as adopted by the European Union and in accordance with the accounting policies which will be adopted in presenting the Group's Annual Report and Financial Statements for the year ending 31 August 2023.  These are consistent with the accounting policies used in the financial statements for the year ended 31 August 2022 as described in those annual financial statements.

As permitted, this Half Yearly Financial Report has been prepared in accordance with the AIM rules and not in accordance with IAS 34 'Interim Financial Reporting'.

The consolidated financial statements are prepared under the historical cost convention, as modified by the revaluation of certain financial instruments and share based payments at fair value.

These Half Yearly Financial Statements and the financial information do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.  These unaudited Half Yearly Financial statements were approved by the Board of Directors on 10 May 2023.

The information for the year ended 31 August 2022 is based on the consolidated financial statements for that year on which the Group's auditor's report was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

 

2.

Going concern

The Directors acknowledge the Financial Reporting Council's 'Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks' issued in April 2016.

 

In assessing the Group and Company's ability to continue as a going concern, the Board reviews and approves the annual budget and updated forecasts, including forecasts of cash flows, borrowing requirements and headroom. The Board reviews the Group's sources of available funds and the level of headroom available against its committed borrowing facilities. The Group's financial forecasts, taking into account possible sensitivities in trading performance indicate that the Group will be able to operate within the level of its committed borrowing facilities for the foreseeable future. The banks remain supportive of the Group, and in the UK has an ongoing invoice discount facility of £20m, together with overdraft and trade finance facilities of £23m.  The Directors have a reasonable expectation that the Group and Company have adequate resources to continue their operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the Interim report.

 

 

3.

Dividends



six months ended

28 February 2023

(unaudited)

£'000

six months ended

28 February 2022

(unaudited)

£'000

12 months ended

31 August 2022

(audited)

£'000

On equity shares:




Final dividend paid for the year ended 31 August 2022




-       10.00p (2021: 9.00p) per share

1,937

1,929

1,929

-       Interim

-

-

1,351


1,937

1,929

3,280

 

 

4.

Earnings per share

Basic (loss)/earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares during the period.

 

Diluted (loss)/earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all dilutive potential ordinary shares.  The Group has one (2022: one) category of dilutive potential ordinary shares, being share options granted where the exercise price is less than average price of the Company's ordinary shares during this period.

 

An adjusted earnings per share has also been calculated as, in the opinion of the Directors, this will allow shareholders to gain a clearer understanding of the trading performance of the Group.

 

The calculations are based on the following:

 



six months ended

28 February 2023

(unaudited)

£'000

six months ended

29 February 2022

(unaudited)

£'000

12 months ended

31 August 2022

(audited)

£'000

(Loss)/profit attributable to equity shareholders of the parent

(164)

5,350

9,390

Financial instruments fair value adjustments net of tax

269

(13)

(129)

Profit for adjusted earnings per share

105

5,337

9,261

Weighted average number of shares

In issue during the year - basic

19,331,081

21,217,582

20,251,532

Weighted average number of ordinary shares for basic and diluted loss per share *1

19,331,081

-

-

Dilutive potential ordinary shares

221,744

457,318

436,409

Weighted average number of ordinary for diluted earnings per share

 

19,552,825

 

21,674.900

 

20,687,941

 

*1 The potential ordinary shares on exercise of share options are excluded from the number of weighted average shares due to their anti-dilutive effect.

 

(Loss)/earnings per share

 



Basic (loss)/earnings per share (pence)

(0.85)

25.21

46.37

Diluted (loss)/earnings per share (pence)

(0.85)

24.68

45.39

 

Adjusted earnings per share

 



Basic earnings per share (pence)

0.54

25.15

45.73

Diluted earnings per share (pence)

0.54

24.62

44.77

 

 

5.

Electronic Communications

The Half Yearly Financial Report for the six months ended 28 February 2023 will shortly be available for viewing and download on the Group's website: www.thecharacter.com.

 

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UK 100