01/12/1999
Preliminary results for the merchandising group show turnover up 44% to £99m and pre-tax profits up 29% to £9.4m. The profit performance could have been even better but for difficulties at two companies acquired in 1997, Prelude and Q Stat. These have now been rationalised and merged into Universal Concepts. There were also problems in the overseas division at WWL, but this has been restructured and the company is confident of delivering the merchandise. Character has turned in consistently improved figures since listing in 1995 (and investors coming in at the float have had a 50% increase a year in the value of their investment). The range of products and licences is very wide. For example, the Toy Division has licences for Toy Story 2, Pokemon, Britney Spears Dolls and around 10 other well-known characters. The spread of products and characters gives the group stability. Brokers Peel Hunt has the company on a P/E of 9.4 next year at a price of 329p. This is a pretty undemanding rating.
| Market cap: | £59.9m |
| PE Forecast: | 7.98 |
| Share price: | 285p |
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