TIDMCDY
RNS Number : 0297G
Cassidy Brothers PLC
25 January 2010
CASSIDY BROTHERS plc (the "Company")
Interim Results to 31 October 2009
Chairman's Statement
The Company has produced strong results for the six months to 31 October 2009. A
46% increase in turnover to GBP3.03 million (2008: GBP2.08 million), has
generated an interim profit before taxation of GBP334,928 (2008: GBP274,239).
The result has been achieved by a general increase in UK sales across the range,
and the purchase of the toy Kenwood food mixer by De Longhi Appliances SRL as a
European promotional sales incentive.
Worldwide FOB sales in Japan and the
USA continue to provide a valuable contribution to the Company's performance.
The Company maintains a strong balance sheet with net assets of GBP3,716,240
(2008: GBP3,571,675),
representing a net asset value of 67.3 pence per share
(2008: 64.7 pence per share). As at 31 October 2009 the Company had a cash
balance of GBP508,186.
Current Trading
The UK toy market has seen some significant sales increases from the independent
regional stores, cash and carry's, and smaller retailers, supplied very often by
wholesalers. The sales from our wholesale group customers have seen an increase
of over 50%. This has been attributed to the traditional Woolworth customers
looking for alternative toy outlets, offering a branded range. Brands are also
essential for the online retailer, as they project an image of reliability to
the wary consumer, important to fledgling businesses.
Our first venture into TV advertising just two products has not been a success,
and the extra turnover generated has added little to the bottom line. We have
learnt from it however, and with the small comfort of the adage that a painful
lesson is the one not forgotten
Future Prospects
In my statement of twelve months ago our growth was in overseas FOB sales, and
we struggled to maintain our UK sales figures due to the retail malaise. This
has, thankfully, changed for the better, for although November and December are
not included in these results, I am looking forward to writing my statement in
six months hence.
The London Toy Fair has now moved from Excel at Canary Wharf, back to the firm
favourite of Olympia. Domestic trade fairs are suffering worldwide from lack of
trade buyer's support, and as a consequence the suppliers are looking for
cheaper venues, smaller cheaper exhibition stands, and cheaper accommodation for
staff.
We have also decided to exhibit once again at the NEC Spring Fair, and hopefully
contact a new breed of buyer, after a gap of eight years. We will be showing at
a total of five trade fairs over a five week period, the last being New York in
mid February.
Whilst on the subject of the USA we are pleased to report that negotiations are
underway to obtain the US licence for the toy George Foreman grill, a very
welcome addition to the Company's range of world licences.
The Company has also opened a Hong Kong office and showroom, in response to
numerous requests from overseas FOB customers eager to view our range. We have
not been able to justify this expense in previous years, but agreement has been
reached with two other UK vendors whose products do not clash with Casdon, and
we are to share an office and showroom premises between us.
Interim Dividend
In spite of challenging trading conditions the Company has benefited from some
resilient growth in both the UK and world markets, which we expect to be
sustainable throughout 2010. The Board has therefore announced an interim
dividend of 2.0 pence per share (2008: Interim Dividend 1.0 pence per share) to
be paid on 9 April 2010 to shareholders on the register on 5 March 2010.
The Directors would like to wish all shareholders a prosperous new year for
2010, and to thank you all for your support.
Paul M. Cassidy
Chairman
25 January 2010
+----------------------------------+-------------+--+-------------+--+-------------+
| Profit & Loss Account | Six months | | Six months | | Year |
+----------------------------------+-------------+--+-------------+--+-------------+
| | ended | | ended | | ended |
+----------------------------------+-------------+--+-------------+--+-------------+
| | 31 October | | 31 October | | 30 April |
+----------------------------------+-------------+--+-------------+--+-------------+
| | 2009 | | 2008 | | 2009 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | (unaudited) | | (unaudited) | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | GBP | | GBP | | GBP |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Turnover | 3,033,375 | | 2,075,962 | | 3,896,854 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Cost of Sales | (2,055,203) | | (1,211,017) | | (2,405,785) |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Gross Profit | 978,172 | | 864,945 | | 1,491,069 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Warehouse and Distribution Costs | (492,664) | | (446,500) | | (968,333) |
+----------------------------------+-------------+--+-------------+--+-------------+
| Administrative Expenses | (224,608) | | (209,022) | | (336,080) |
+----------------------------------+-------------+--+-------------+--+-------------+
| Other Operating Income | 80,258 | | 66,309 | | 146,718 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Operating profit | 341,158 | | 275,732 | | 333,374 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Net interest payable | (6,230) | | (1,493) | | (8,967) |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Profit on ordinary | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| activities before taxation | 334,928 | | 274,239 | | 324,407 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Taxation | (73,391) | | (57,590) | | (59,000) |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Profit attributable | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| to shareholders | 261,537 | | 216,649 | | 265,407 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Dividends | (110,487) | | (82,865) | | (138,108) |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Retained profit | 151,050 | | 133,784 | | 127,299 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Earnings per share | 4.73p | | 3.92p | | 4.80p |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Summarised Balance Sheets | As at | | As at | | As at |
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | 31 October | | 31 October | | 30 April |
+----------------------------------+-------------+--+-------------+--+-------------+
| | 2009 | | 2008 | | 2009 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | (unaudited) | | (unaudited) | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | GBP | | GBP | | GBP |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Fixed assets | 2,244,243 | | 2,114,481 | | 2,208,865 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Stock | 681,440 | | 541,442 | | 853,358 |
+----------------------------------+-------------+--+-------------+--+-------------+
| Debtors | 1,869,508 | | 1,640,966 | | 510,154 |
+----------------------------------+-------------+--+-------------+--+-------------+
| Cash | 508,186 | | 440,794 | | 542,648 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Current assets | 3,059,134 | | 2,623,202 | | 1,906,160 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Creditors: amounts falling due | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| within one year | (1,547,191) | | (1,122,930) | | (506,357) |
+----------------------------------+-------------+--+-------------+--+-------------+
| Net current assets | 1,511,943 | | 1,500,272 | | 1,399,803 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Total assets less current | 3,756,186 | | 3,614,753 | | 3,608,668 |
| liabilities | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Deferred liabilities and | (39,946) | | (43,078) | | (43,478) |
| provisions | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Net assets employed | 3,716,240 | | 3,571,675 | | 3,565,190 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Share capital | 552,435 | | 552,435 | | 552,435 |
+----------------------------------+-------------+--+-------------+--+-------------+
| Reserves | 3,163,805 | | 3,019,240 | | 3,012,755 |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
| Shareholders' funds | 3,716,240 | | 3,571,675 | | 3,565,190 |
+----------------------------------+-------------+--+-------------+--+-------------+
| NAV per share | 67.3p | | 64.7p | | 64.5p |
+----------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+----------------------------------+-------------+--+-------------+--+-------------+
+----------------------------------+--------+------+----+----+--------+------+----+----+-------+-------+----+
| Cash Flow Statement | Six | | Six | | Year |
| | Months | | Months | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | Ended | | Ended | | Ended |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | 31 | | 31 | | 30 |
| | October | | October | | April |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | 2009 | | 2008 | | 2009 |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | GBP | | GBP | | GBP |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | | | | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | | | | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Operating Profit | 341,158 | | 275,732 | | 333,374 |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | | | | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Depreciation charges | 71,110 | | 58,650 | | 114,974 |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Profits on sale of tangible | 2,025 | | | | |
| fixed assets | | | | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Decrease / (Increase) in Stock | 171,918 | | (161,492) | | (473,408) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| (Increase) in Debtors | (1,359,354) | | (1,360,969) | | (230,157) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Increase in Creditors | 282,344 | | 379,727 | | 77,608 |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | | | | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | (490,799) | | (808,352) | | (177,609) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | | | | | |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Net Interest paid | (6,230) | | (1,493) | | (8,967) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Taxation | | | | | (14,406) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Capital Expenditure | (108,513) | | (41,347) | | (175,255) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Equity Dividends paid | (110,487) | | (82,865) | | (138,108) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| Unsecured loan and Finance lease | (3,532) | | 13,830 | | (6,253) |
+----------------------------------+---------------+---------+---------------+---------+---------------+
| | | | | | |
+-------------------------------------------+-----------+-------------+-----------+------------+------------+
| Decrease in Cash Flow | (719,561) | | (920,227) | | (520,598) |
+-------------------------------------------+-----------+-------------+-----------+------------+------------+
| | | | | | |
+----------------------------------+--------+------+----+----+--------+------+----+----+-------+-------+----+
Notes
1. The results for the half year ended 31 October 2009, which have been prepared
in accordance with the accounting policies adopted in the financial statements
for the year ended 30 April 2009, have not been audited or reviewed by the
Company's Auditors and do not constitute statutory accounts as defined in s434
of the Companies Act 2006.
The financial information for the year ended 30 April 2009 is an abridged
version of the full accounts for that year, which have received an unqualified
audit report and have been filed with the Registrar of Companies.
2. Taxation for the six months ended 31 October 2009 has been based on the
estimated effective tax rate for the full year.
3. The calculation of Earnings per share is based upon the profit after taxation
for the period divided by the number of ordinary shares in issue during the
period. The number of shares in issue was 5,524,350 ordinary shares.
4. The calculation of Net Asset Value per share is based upon shareholders funds
divided by the number of ordinary shares in issue at the balance sheet date. The
number of shares in issue was 5,524,350 ordinary shares.
5. Deferred liabilities and provisions relate to provisions for deferred
taxation and motor vehicle hire purchase.
6. This interim report will be sent to shareholders in due course. Further
copies will be available to the public from the Company's registered office,
Cornford Road, Off Clifton Road, Marton, Blackpool, FY4 4QQ and on the Company's
website www.casdon.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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