Big profits for Toronto toy maker Spin Master
Toronto-based plastic toy maker Spin Master Ltd. has reported strong results in its first financial filing as a public company.
The company reported its revenue increased to US$127.7 million in the second-quarter of 2015, up 19.9 per cent from Q2 2014. The company’s gross profit also jumped to US$65.4 million from US$52.4 million last year.
Spin Master, which manufactures a range of toys and board games, made its initial public offering on the Toronto Stock Exchange last month.
In its outlook, Spin Master said the second half of the year typically represents about 70 to 75 per cent of the company’s annual gross sales, largely driven by families buying more toys during the holiday season.
“We’re excited about our strong slate of new product launches, including Meccanoid, a four-foot talking robot, in addition to licensed products associated with the new Star Wars movie,” co-CEO Anton Rabie said.