Toy story that's not so funny

TOY designer and distributor Character Group yesterday reported a 59 per cent fall in full-year pre-tax profits to £5.1 million and axed its final dividend as it warned of weak retail conditions.

The firm, which owns the rights to characters including Postman Pat and Scooby Doo, said revenue was 82.3m against 95m in 2007.

It added that its Doctor Who range continued to do well, with new products added to the portfolio, while it had also won new licences for Hannah Montana and High School Musical.

The company said: "We shall be well positioned to take advantage of further growth when the opportunity arises."