CCT has delivered another positive profits surprise with a record FY15 PBT of £12.27m, c.12% ahead of our expectations [PBT £11m], albeit boosted by a £2.05m IFRS-driven positive non-cash impact relating to CCT's FX exposure principally to the strengthening US$. We also highlight the FY15 dividend is up 51.7%, covered 4.4x. We raise our FY16 and FY17 PBT estimates by 9% and 8% respectively. The global re-launch of the Teletubbies toy collection could well be a game-changer f
