Latest news with #CharacterGroup
Business Mayor
18-05-2025
- Business
- Business Mayor
UK Peppa Pig toy firm says trading ‘uncertain' as US-China shipments on hold
A British manufacturer that makes Peppa Pig and Fireman Sam toys has said trading with the US remains 'uncertain' after it paused shipping Chinese-made products to the country because of Donald Trump's tariffs. London-listed Character Group said on Friday that it had put shipments from China to the US 'on hold' in April after the White House announced hefty levies for imports of Chinese-made goods. The company also withdrew its guidance for the current financial year last month, as a result of the introduction of tariffs by the US. Sales of Character's products in the US, including stretchy action figures in the Heroes of Goo Jit Zu collection, represented 20% of the group's revenues in the last financial year, which ended on 31 August 2024. The company said 'substantially all' of its products sold in the US were manufactured in China. The company said its products earmarked for the US had not left a factory in China. Tit-for-tat tariffs between the US and China were raised multiple times in April in an escalating trade war, reaching on Chinese exports to the US and on US exports to China, before the countries met for negotiations last weekend. The current pause in tariffs between the US and China was welcomed by the manufacturer as a sign that 'gives hope for a negotiated resolution', but it added that uncertainty remained because of the 'volatile and evolving trade policy landscape'. The toy company added that economic uncertainty resulting from tariffs had knocked global sales, as customers have 'become increasingly cautious' and unwilling to commit to orders. Read More Liquor Sales Notch Rare Decline In 2024 As Top Shelf Demand Slows 'This is impacting sales in all our key territories,' Character said as it reported its half-year results. Despite the ongoing uncertainty, the company said it remained confident that it would be profitable in the current financial year. skip past newsletter promotion Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The US-based industry body, the Toy Association, has previously said that 80% of toys sold in the country are manufactured in China. The organisation has campaigned for toys to kept free from tariffs, with their president calling them 'essential products for childhood development and early education'. Retail sales of toys generated over $28bn (£21bn) in the US in 2024, according to figures from Circana's US retail tracking services, which covers of the country's toy market. However, Trump has previously said that American children might 'have two dolls instead of 30 dolls' if his tariffs result in products becoming costlier and more scarce for US consumers.
Yahoo
16-05-2025
- Business
- Yahoo
UK Peppa Pig toy firm says trading ‘uncertain' as US-China shipments on hold
A British manufacturer that makes Peppa Pig and Fireman Sam toys has said trading with the US remains 'uncertain' after it paused shipping Chinese-made products to the country because of Donald Trump's tariffs. London-listed Character Group said on Friday that it had put shipments from China to the US 'on hold' in April after the White House announced hefty levies for imports of Chinese-made goods. The company also withdrew its guidance for the current financial year last month, as a result of the introduction of tariffs by the US. Related: Trump says US will unilaterally set new tariff rates for scores of countries Sales of Character's products in the US, including stretchy action figures in the Heroes of Goo Jit Zu collection, represented 20% of the group's revenues in the last financial year, which ended on 31 August 2024. The company said 'substantially all' of its products sold in the US were manufactured in China. The company said its products earmarked for the US had not left a factory in China. Tit-for-tat tariffs between the US and China were raised multiple times in April in an escalating trade war, reaching on Chinese exports to the US and on US exports to China, before the countries met for negotiations last weekend. The current pause in tariffs between the US and China was welcomed by the manufacturer as a sign that 'gives hope for a negotiated resolution', but it added that uncertainty remained because of the 'volatile and evolving trade policy landscape'. The toy company added that economic uncertainty resulting from tariffs had knocked global sales, as customers have 'become increasingly cautious' and unwilling to commit to orders. 'This is impacting sales in all our key territories,' Character said as it reported its half-year results. Despite the ongoing uncertainty, the company said it remained confident that it would be profitable in the current financial year. The US-based industry body, the Toy Association, has previously said that 80% of toys sold in the country are manufactured in China. The organisation has campaigned for toys to kept free from tariffs, with their president calling them 'essential products for childhood development and early education'. Retail sales of toys generated over $28bn (£21bn) in the US in 2024, according to figures from Circana's US retail tracking services, which covers of the country's toy market. However, Trump has previously said that American children might 'have two dolls instead of 30 dolls' if his tariffs result in products becoming costlier and more scarce for US consumers. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
16-05-2025
- Business
- The Guardian
UK Peppa Pig toy firm says trading ‘uncertain' as US-China shipments on hold
A British manufacturer that makes Peppa Pig and Fireman Sam toys has said trading with the US remains 'uncertain' after it paused shipping Chinese-made products to the country because of Donald Trump's tariffs. London-listed Character Group said on Friday that it had put shipments from China to the US 'on hold' in April after the White House announced hefty levies for imports of Chinese-made goods. The company also withdrew its guidance for the current financial year last month, as a result of the introduction of tariffs by the US. Sales of Character's products in the US, including stretchy action figures in the Heroes of Goo Jit Zu collection, represented 20% of the group's revenues in the last financial year, which ended on 31 August 2024. The company said 'substantially all' of its products sold in the US were manufactured in China. The company said its products earmarked for the US had not left a factory in China. Tit-for-tat tariffs between the US and China were raised multiple times in April in an escalating trade war, reaching on Chinese exports to the US and on US exports to China, before the countries met for negotiations last weekend. The current pause in tariffs between the US and China was welcomed by the manufacturer as a sign that 'gives hope for a negotiated resolution', but it added that uncertainty remained because of the 'volatile and evolving trade policy landscape'. The toy company added that economic uncertainty resulting from tariffs had knocked global sales, as customers have 'become increasingly cautious' and unwilling to commit to orders. 'This is impacting sales in all our key territories,' Character said as it reported its half-year results. Despite the ongoing uncertainty, the company said it remained confident that it would be profitable in the current financial year. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The US-based industry body, the Toy Association, has previously said that 80% of toys sold in the country are manufactured in China. The organisation has campaigned for toys to kept free from tariffs, with their president calling them 'essential products for childhood development and early education'. Retail sales of toys generated over $28bn (£21bn) in the US in 2024, according to figures from Circana's US retail tracking services, which covers of the country's toy market. However, Trump has previously said that American children might 'have two dolls instead of 30 dolls' if his tariffs result in products becoming costlier and more scarce for US consumers.
Yahoo
16-05-2025
- Business
- Yahoo
Peppa Pig toy maker pauses US-China shipments over Trump's tariffs
British toymaker Character Group, known for its Peppa Pig and Fireman Sam lines, is facing continued uncertainty in the US market after halting shipments of Chinese-made products due to tariff concerns. The company, which withdrew its financial targets for the year last month, cited both the tariffs and resulting consumer caution as factors impacting global sales. Character Group paused US shipments in October following President Trump's announcement of increased tariffs on Chinese goods. The tariffs, which initially rose to 145 per cent on some Chinese imports, were met with retaliatory tariffs from China on certain US goods, reaching as high as 125 per cent. Earlier this week, President Trump subsequently announced a 90-day tariff reduction, bringing the rate down to 30 per cent. Character said sales to the US amounted to around 20 per cent 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 Surrey-based 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 per cent to £53 million for the six months to February, compared with a year earlier. The company saw pre-tax profits stay roughly flat at £2.1 million for the period despite weaker sales. Shares were 3.5 per cent lower in early trading.
RTÉ News
16-05-2025
- Business
- RTÉ News
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.
