Allenby Capital - Character Group - Finals

Full year results were in line with our upwardly revised expectations with y-o-y EBITDA growth of 13%, adjusted PBT growth of 28% and EPS growth of 48%. We are now in a position to offer forecasts for the year to August 2025 and at this stage, given the continuing challenging market conditions our forecasts are understandably cautious. Consequently, we are projecting an outturn similar to FY24 with further net cash generation. With a solid balance sheet, a strong portfolio of products and an attractive yield, we continue to believe that the shares offer exceptional value.