What does the cryptic crossword clue "Charlie's excitedly welcoming Penny round (9)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Charlie's excitedly welcoming Penny round (9)

Times Cryptic #29069 | 15 Across | 2024-11-08

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I haven't cracked this one yet — but the brilliant team at Times for the Times have:

anagram of CHARLIE’S around P

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