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Character Group withdraws FY guidance on tariff uncertainty
(Sharecast News) - Toys company Character Group withdrew its FY guidance on Friday as a result of Donald Trump's recently imposed "reciprocal" tariffs. Character said recent unilateral tariffs imposed on imports into the USA and escalating retaliatory measures had "greatly impacted" global economic stability in a very short space of time and forced it to reassess FY sales guidance.
Character said visibility for forecasting sales to USA, which accounted for roughly 20% of group turnover in the last financial year, and its ability to assess the financial implications have been "considerably obscured by these events".
"Consequently, the effect of the imposition of the trade tariffs will be felt in the second half by the group and, as a result, the company is withdrawing the market guidance for the year ending 31 August 2025," said Character.
However, despite this, Character said it "remains confident" that it will be profitable for the current financial year as a whole.
As far as its H1 results were concerned, Character stated that "all indications at this time" were that results will be in line with H124, in which it delivered a pre-tax profit of £2.1m.
"The company continues to have a strong balance sheet with healthy cash balances and the Board is confident that it can ride out this storm," it added.
As of 1010 BST, Character shares were down 6.59% to 241.0p.
Reporting by Iain Gilbert at Sharecast.com
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