Hit Entertainment today continued to pin its hopes on children's TV favourite Bob the Builder, pictured, despite a 29 per cent drop in income generated by the character.

London-based Hit, whose other characters include Thomas The Tank Engine and Pingu, blamed the decline on strong comparatives with a year earlier and lower availability of the Bob product range over Christmas. However, it hoped that a major relaunch of the character -due in spring 2005 - would see sales grow "significantly" in the coming years.

Overall pre-tax profits before goodwill and exceptionals fell to £24 million from £25.5 million in the six months to January 31. Turnover was £92.8 million compared with £96.2 million previously.

Chief executive Rob Lawes said this was in line with forecasts and that Hit was confident of achieving management expectations for the full year. The results were negatively affected by the weakness of the US dollar.

Mr Lawes said Bob The Builder, which accounts for 23 per cent of revenue, was still Hit's number one generator of income but was going through a "transitional period".

Shop around

UK Businesses are collectively missing out on £422 million in interest each year by failing to shop around for the best deposit accounts, research claimed today. Alliance & Leicester Commercial Bank found that approximately half of businesses did not hold money in deposit accounts at all, and of the 734,000 that did, many were failing to shop around for the best interest rate.

Updated: 09:46 Monday, March 22, 2004