Toy firm Character says US-China shipments on pause over tariffs
UK toy firm Character Group said its trading in the US remains "uncertain" after pausing the shipment of Chinese-made products to the country over tariffs.
It added that sales globally have also been knocked by caution among customers as a result.
The manufacturer of Peppa Pig and Fireman Sam toys pulled its financial targets for the year last month because of the prospect of tariffs.
Character said today its shipments from China to the US were "put on hold" last month after US President Donald Trump announced plans for a sharp jump in tariffs between the countries.
US tariffs on Chinese imports were increased to 145%, with Chinese tariffs on some US imports being increased to 125% in retaliation.
However, earlier this week, the President confirmed a 90-day reduction in tariffs, with the US tariffs on China dropping to 30%.
Character said sales to the US amounted to around 20% of group revenues last year, with "substantially all" of these being made in China.
It said the tariff reduction "gives hope for a negotiated resolution, although this remains uncertain at this time".
The group said uncertainty linked to tariffs has been felt in other markets, as "customers have become increasingly cautious and are not committing to orders to our expectations".
It said sales in all key territories have been impacted as a result.
However, the company said it still expects to be profitable for the current financial year as a whole.
It came as the company reported that group revenues dropped by 8% to £53m for the six months to February, compared with a year earlier.
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