Flat year for Chorion, but hopes high for 2011

Mr Men, Noddy and Olivia are strong performers for firm in 12 months to March 31st 2010.
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Chorion has posted its financial results for the year ending March 31st 2010 - with a challenging market meaning the all divisions had a relatively flat year.

Group revenues for the period were £51.7m (2009: £53.2m). However, there was some solid revenue growth across a number of brands internationally, particularly in the UK (up five per cent), Australia (up nine per cent) and Japan (up 28 per cent).

Revenues in the children's division were flat at £32.8m, while gross profits were £21.5m (2009: £22.5m).

Mr Men and Little Miss saw their revenues increase by 19 per cent, with the brands now making up 22 per cent of group revenues, or £11.5m.

Noddy remains the second largest revenue generator in the children's division, contributing 12 per cent of group sales. After the 60th anniversary refresh, Chorion had hoped for stronger sales of merchandise at retail, however the closure of Woolworths left the licence with a significant surplus of inventory which was sold at deep discount to another retailer, impacting revenues.

Meanwhile, Olivia enjoyed a successful launch, with the books, in particular, being Simon & Schuster's most successful licensed character launch. Over one million TV tie in books have been sold in the US.

"Despite the challenging trading conditions, our strategy to focus on strong classic brands while increasing our international reach, has ensured that we have continued to grow and develop the business," said Waheed Alli, Chorion's chairman.

"Next year looks to be an exciting one for Chorion as we develop the business and maintain our growth momentum."

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