March 25, 2013
The Age
Toy distributor Funtastic has shrugged off a tight retail market to deliver a 68 per cent jump in first half profit.
The $9.3 million net profit for the six months to January 31 included a $3.3 million payout to the company as part of its distribution of Lego toys.
Funtastic on Monday announced a fully franked dividend of 0.5 cent per share, the company’s first dividend since 2006.
Chief executive Stewart Downs said the first half results demonstrated that Funtastic could deliver strong profits in a challenging retail environment.
“These results also highlight the fact that our Funtastic Brands business has become the growth engine of the group,” Mr Downs said in a statement.
“This business is now selling in over 40 countries and in fact, half of what the whole company now sells, is product we manufacture ourselves.”
He said company was being driven by Pillow Pets, fluffy toys that double as pillows, and licences to make and distribute Lego products.
“We also have an incredible new product which we are launching in the second half which will ensure that the growth of our brands business continues,” Mr Downs said.
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