TIDMCDY
RNS Number : 6644Q
Cassidy Brothers PLC
06 August 2010
Preliminary Announcement of results for the year to 30 April 2010
Chairman's Statement
The results for the year to 30th April 2010 have produced a profit before tax of
GBP256,345 (2009 - GBP324,407), after sales increased by 23.7% to GBP4,819,263
(2009 - GBP3,896,854). In 2009, we had the advantage of strong sterling against
a weak US dollar, but 2010 has seen our unit costs, and our shipping costs
increase.
The turnover growth has been achieved from both F.O.B. sales worldwide and a
broader spread of sales by item in the U.K. from the independent retail sector.
The strength of the balance sheet is maintained with net assets of GBP3,564,529
(2009 - GBP3,565,190), producing a Net Asset Value of 64.5 pence per share. On
30th April the Company held a cash balance of GBP563,490 (2009 - GBP542,648).
Current Trading
The British Retail Consortium have reported that overall June sales were
slightly up at 3.4% compared to 3.2% in June 2009. Additional figures show that
non-food, non-store sales, such as internet, mail order and telephone were up
17.3% in June. This has been attributed to the good weather, and is indicative
of impulse demand being satisfied by the internet and catalogues from home
shopping.
We are experiencing increased sales from online sellers across the spectrum of
small and large such as Amazon. In the aftermath of the Woolworth demise two new
variety store groups have emerged, Alworths and Wellworths, in pursuit of the
capture of old loyal customers, by occupying the old Woolworths premises.
Alworths hope to have some 22 stores by the end of the year. These stores have
been "cherry picked" throughout the U.K. including Scotland. We are pleased to
say we are supplying Alworths, in contrast to Wellworths whose toy range targets
lower priced demand.
Future Prospects
Three excellent new products were shown at the London Toy Fairs new venue,
Olympia, in January 2010. Our successful toy Henry vacuum cleaner has spawned a
hybrid in the shape of a child's sit and ride wheeled vehicle, with steering
handle and cheeky smiley face. This product bridges the sales of summer and
winter seasons.
The second, again in Henry livery, is a cleaning trolley, selected by Argos for
the 2010 season.
The third item, developed in 2008, has been waiting for patents to be granted in
the U.K, Hong Kong and the U.S.A. and is the first "Sat-Nav" toy steering wheel,
with voice chip instructions. The destinations in the chip are imaginary, but
the instructions to turn left or right are real and respond to the movement of
the steering wheel, very much like the real thing. If a mistake is made the
child is corrected by the voice of a fourteen year old girl. This product will
again bridge Summer and Winter sales. The potential for this item is big but
will not be significant until 2011.
Trading in 2011 is going to be difficult and will see prices rise significantly.
Firstly because of the rise in V.A.T. but more importantly the impact of price
rises in China and transportation and shipping costs from there to the U.K.
These will effect all important price bands of GBP5.99 - GBP10.99 etc. that the
consumer and trade has been accustomed to for the last ten years, most of which
can no longer be maintained. The transition will take two or three years to
filter through but it will happen, and any company who shuts their eyes to it
will not survive. Companies have to expect negative responses from their
customers and accept a decline in sales as a result. Casdon has experienced this
many, many times over the past 65 years and will be prepared.
Final Dividend
The Directors are confident that whatever obstacles the future couple of years
are going to build for us, pragmatism will be the order of the day, and the
Company recommends a final dividend of 2.00 pence per share (2009 - 2.00 pence)
payable on 25th October 2010 to shareholders on the register on 1st October
2010.
Paul Cassidy
Chairman
For further information please contact;
Cassidy Brothers plc
Tel: 01253 766 411
Paul Cassidy, Chairman
Zeus Capital Limited
Tel: 0161 831 1512
Ross Andrews
Nick Cowles
Profit and Loss Account
For the year ended 30 April 2010
+----------------------------+-------+----------------------+---+-------------+
| | Notes | 2010 | | 2009 |
+----------------------------+-------+----------------------+---+-------------+
| | | GBP | | GBP |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| Turnover | | 4,819,263 | | 3,896,854 |
+----------------------------+-------+----------------------+---+-------------+
| Cost of Sales | | (3,146,320) | | (2,405,785) |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| GROSS PROFIT | | 1,672,943 | | 1,491,069 |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| Warehouse & Distribution | | (1,131,605) | | (968,333) |
| costs | | | | |
+----------------------------+-------+----------------------+---+-------------+
| Administrative Expenses | | (415,755) | | (336,080) |
+----------------------------+-------+----------------------+---+-------------+
| Other operating income | | 140,121 | | 146,718 |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| OPERATING PROFIT | | 265,704 | | 333,374 |
+----------------------------+-------+----------------------+---+-------------+
| Interest receivable and | | 165 | | 6,866 |
| similar income | | | | |
+----------------------------+-------+----------------------+---+-------------+
| Interest payable and | | (9,524) | | (15,833) |
| similar charges | | | | |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| PROFIT ON ORDINARY | | | |
+------------------------------------+----------------------+---+-------------+
| ACTIVITIES BEFORE TAXATION | | 256,345 | | 324,407 |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| Tax on Profit on ordinary | | (36,032) | | (59,000) |
| activities | | | | |
+----------------------------+-------+----------------------+---+-------------+
| PROFIT FOR THE YEAR | | 220,313 | | 265,407 |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| EARNINGS PER SHARE | 2 | 3.99p | | 4.80p |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
| | | | | |
+----------------------------+-------+----------------------+---+-------------+
+-----------------------+-----------+-----------+-----------+----------------+
| Balance Sheet | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| At 30 April | 20 | 10 | 20 | 09 |
+-----------------------+-----------+-----------+-----------+----------------+
| | GBP | GBP | GBP | GBP |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| FIXED ASSETS | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| Tangible Assets | | 2,267,731 | | 2,208,865 |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| CURRENT ASSETS | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| Stocks | 710,955 | | 853,358 | |
+-----------------------+-----------+-----------+-----------+----------------+
| Debtors | 521,247 | | 510,154 | |
+-----------------------+-----------+-----------+-----------+----------------+
| Cash at Bank and in | 563,490 | | 542,648 | |
| hand | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| | 1,795,692 | | 1,906,160 | |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| CREDITORS | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| (amounts falling due | (465,037) | | (506,357) | |
| within one year) | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| NET CURRENT ASSETS | | 1,330,655 | | 1,399,803 |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| TOTAL ASSETS LESS | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| CURRENT LIABILITIES | | 3,598,386 | | 3,608,668 |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| CREDITORS | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| (amounts falling due | | (6,776) | | (14,478) |
| after one year) | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| PROVISIONS FOR | | (27,081) | | (29,000) |
| LIABILITIES | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| NET ASSETS | | 3,564,529 | | 3,565,190 |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| CAPITAL AND RESERVES | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| Called up share | | 552,435 | | 552,435 |
| capital | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| Share Premium Account | | 43,522 | | 43,522 |
+-----------------------+-----------+-----------+-----------+----------------+
| Revaluation Reserve | | 624,922 | | 639,201 |
+-----------------------+-----------+-----------+-----------+----------------+
| Profit and Loss | | 2,343,650 | | 2,330,032 |
| Account | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
| EQUITY SHAREHOLDERS' FUNDS | 3,564,529 | | 3,565,190 |
+-----------------------------------+-----------+-----------+----------------+
| | | | | |
+-----------------------+-----------+-----------+-----------+----------------+
+-----------------------------------+-----------+-----------+-----------+-----------+
| Cash Flow Statement | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| For the year ended 30 April | 20 | 10 | 20 | 09 |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| NET CASH INFLOW / (OUTFLOW) FROM | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| OPERATING ACTIVITIES | | 540,307 | | (177,609) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| RETURNS ON INVESTMENTS | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| AND SERVICING OF FINANCE | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Interest received | 165 | | 6,866 | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Interest paid | (8,326) | | (14,216) | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Interest element of finance lease | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| rental payments | (1,198) | | (1,617) | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | (9,359) | | (8,967) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| TAXATION | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Corporation tax | | (55,309) | | (14,406) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| CAPITAL EXPENDITURE AND | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| FINANCIAL INVESTMENT | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Payments to acquire tangible | (198,822) | | (175,255) | |
| fixed assets | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Receipts from sales of tangible | 2,875 | | 0 | |
| fixed assets | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | (195,947) | | (175,255) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| EQUITY DIVIDENDS PAID | | (220,974) | | (138,108) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| NET CASH INFLOW / (OUTFLOW) | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| BEFORE FINANCING | | 58,718 | | (514,345) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
| | | | | |
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| FINANCING | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| Capital element of finance lease | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| rental payments | (7,190) | | (6,253) | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| NET CASH OUTFLOW FROM | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| FINANCING | | (7,190) | | (6,253) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
| INCREASE / (DECREASE) IN CASH | | 51,528 | | (520,598) |
+-----------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+-----------+-----------+-----------+
NOTES TO THE ACCOUNTS
1. BASIS OF PREPARATION
The financial information set out above does not comprise the Company's
Statutory Accounts.
Statutory Accounts for the previous financial year ended 30 April 2009 have been
delivered to the Registrar of Companies. The auditor's report on those accounts
was unqualified, and did not contain any statements under section 237 (2) or (3)
of Companies Act 1985. The auditors have reported on the accounts for the year
ended 30 April 2010, but such accounts have not yet been delivered to the
Registrar of Companies.
2. EARNINGS PER SHARE
Earnings per share are calculated on profit for the financial year of GBP220,313
(2009 GBP265,407) and on the weighted average number of shares in issue during
the year of 5,524,350 (2009 5,524,350).
3. DIVIDENDS
The Directors recommend a final dividend payment of 2.00p per share payable on
25th October 2010 to shareholders on the register on 1st October 2010.
4. COPIES OF REPORTS
Copies of the Report and Accounts will be posted to shareholders shortly.
Copies of this announcement will be available on the Company's website at
www.casdon.com and, for a period of one month, from the Company's offices at
Cornford Road, Blackpool, Lancashire FY4 4QQ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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