Shares in Sleepy Kids doze

THE high-flying share price of Sleepy Kids, producer of the animated series of Budgie The Little Helicopter, took a 12p dive yesterday to 105p, writes John Shepherd.

One stockbroker said the shares, which were at 26p last May when the company made a rights issue at 18p, had run too far, too fast.

The price stands on a historic p/e of 318 on yesterday's announcement of earnings per share of 0.33p for the year to 31 October. Dividends will not be paid until the group's trading pattern is 'firmly established'.

Following a tiny interim pre-tax profit of pounds 3,000, it made pounds 86,000 in the second half. The result compares with a loss of pounds 356,000 in 1991/92.

More than 50 merchandising licences on Budgie have been issued in the UK and North America. ITV is screening 13 episodes, and it is understood that negotiations on another series are under way.

The company also produces Transylvania Pet Shop, which ITV will start screening in June. The cartoon features Dr Scuzzbag, a fiendish scientist and owner of the only pet shop in Transylvania.