Companies: CCT   

After moving into the red, the beleaguered merchandising group, The Character Group, plans a huge reorganisation. The lacklustre results tipped the shares down by 6p to the year's low of 34.5p, after sales decreased by 19% to £79.8m (£99m) in the year to August. The loss before tax was £13.8m, compared to £9.4m of profits last year. Nevertheless, the company has 'considerable confidence that the group has now turned the corner', with the sale of the loss-making Delta Millenium (Far East) in August combined with the planned reorganisation. The activities of Toy Options, WWL, and Universal Concepts will be consolidated under the name of Character Options. By the end of March, the group also expects to reduce its workforce by 30%, from 312 to 214 and produce savings of £1.8m a year. In August, Toys Investment S.A., a company owned by Enrico Preziosi and Claudio Luti - who own over 85% of Giochi Preziosi, with which Character has a close relationship - acquired a 14.9% holding in Character at 100p per share.