Toy developer and supplier The Character Group is expecting a major lift in sales following the release of new product ranges in the UK.

The group said sales for the first four months of the new financial year were on budget following a challenging Christmas period for retailers and suppliers.

However, results for the period to February will be 'disspointing', the company confessed.

"Looking ahead; as already indicated, the results for the period to February 2013 will be disappointing, however, we expect to benefit from a major lift in sales in the second half of the current financial year compared to the previous corresponding period and this should provide a solid platform for further growth in the 2014 financial year," the group said in statement.

They have received positive feedback on new products unveiled to customers at international toy fairs in London and the Far East. The company expects to see a rise in sales as a result.

"Our own in-house developed brands have continued to sell well and have given us a great opportunity this year to grow international sales.

"Our own brand developments as well as the distribution of new and exciting product lines continue to help maintain Character as one of the UK's leading toy companies. We are comfortable that forecasted sales, both internationally and domestically, will underpin the group achieving current market expectations for the year ending August 31st, 2013."

Shares slid 0.80% to 123.50p at 9:42 Tuesday.

RD

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