TIDMCDY
RNS Number : 3381W
Casdon PLC
25 January 2013
Casdon Plc (the "Company")
Interim Results to 31(st) October 2012
Chairman's Statement
Revenue for the six months ending 31(st) October 2012 was
GBP4,456,473 (2011 GBP3,336,432), an increase of 33.6% over the
same period last year.
Operating profit of GBP693,629 is significantly better than last
year (2011 GBP326,608).
Current Trading
UK sales continue to rise across the whole product range. This
welcome situation being facilitated in part by the flexibility of '
on line' traders websites, who can upload 50% or more of the
company's range. The products can be selected directly from our own
image server, and down loaded to their own system. This process can
be done worldwide.
The order volumes they achieve determines their own risk
strategies when they place orders with us, in trade quantities.
The company continues to invest heavily in new product
development during 2013, and in addition to new product for the UK
market is working with a small number of key overseas customers on
exclusive custom designs.
Future tooling costs for these developments, should they
proceed, could run to several hundred thousand pounds, and will not
significantly impact this year's trading figures in cost or revenue
terms.
The Company plans to finance these costs from current cash
resources.
Interim Dividend
Whilst the first half results are excellent, much of the growth
has come from overseas, which may prove difficult to repeat.
Success with on line traders has been offset by reductions in sales
to the majority of UK customers.
It is hoped that new product development will bring additional
sales opportunities.
With little or no economic growth in prospect for the UK and
Europe, the directors wish to move forward cautiously and therefore
recommend a dividend of 0.75 pence per share (2012 1.5p).
This will be paid on 14(th) April 2013 to shareholders on the
register on 1st March 2013.
The Directors would like to wish all shareholders a prosperous
new year for 2013, and to thank you all for your support.
Paul M. Cassidy
Chairman
25(th) January 2013
For further information please contact;
Casdon plc
Paul Cassidy Tel 01253 766411
Zeus Capital Limited
Nick Cowles Tel 0161 831 1512
Casdon plc
Six Months Six Months
to to Year Ended
31st Oct 31st Oct 30th April
2012 2011 2012
(Unaudited) (Unaudited)
Profit & Loss Account
Turnover 4,456,473 3,336,432 5,266,073
Cost of sales (2,869,473) (2,242,542) (3,383,347)
------------ ------------ ------------
Gross Profit 1,587,000 1,093,890 1,882,726
Warehouse & Distribution
Costs (773,806) (619,500) (1,287,500)
Administrative Expenses (204,479) (233,223) (496,216)
Other Operating Income 84,914 85,441 130,914
Operating Profit 693,629 326,608 229,924
Net Interest Payable (1,692) (9,037) (14,580)
Profit on Ordinary Activities
before tax 691,937 317,571 215,344
Tax (153,085) (63,514) (42,971)
Profit Attributable
to Shareholders 538,852 254,057 172,373
Dividends (41,432) (82,865)
Retained Profit 497,420 254,057 89,508
============ ============ ============
Earnings per Share 9.75p 4.60p 3.12p
============ ============ ============
As At As At As At
31st Oct 31st Oct 30th April
2012 2011 2012
Summarised Balance Sheet (Unaudited) (Unaudited)
Fixed Assets 2,352,487 2,392,070 2,336,190
Stock 821,237 899,530 754,198
Debtors 2,134,248 2,204,665 525,927
Cash 426,035 27,343 381,375
Current Assets 3,381,520 3,131,538 1,661,500
------------ ------------ ------------
Creditors: due within
one year (1,873,752) (1,999,014) (631,587)
Net Current Assets 1,507,768 1,132,524 1,029,913
------------ ------------ ------------
Deferred Liabilities
& Provisions (27,656) (24,865) (30,922)
Net Assets Employed 3,832,599 3,499,729 3,335,181
============ ============ ============
Share Capital 552,435 552,435 552,435
Reserves 3,280,164 2,947,294 2,782,746
3,832,599 3,499,729 3,335,181
============ ============ ============
Cash Flow Statement
Operating Profit 693,629 326,608 229,924
Depreciation Charges 68,345 74,723 151,093
Profit on sales of Tangible fixed
Assets 1,600
(Increase)/Decrease
in Stock (67,039) (115,168) 30,164
(Increase) in Debtors (1,608,321) (1,548,173) 96,941
Increase in Creditors 698,825 678,412 232,334
(212,961) (583,598) 740,456
Net Interest (Paid) (1,692) (9,037) (14,580)
Taxation 33,642
Capital Expenditure (84,732) (45,292) (65,782)
Equity Dividends Paid (41,432) (82,865)
Unsecured Loan & Finance
Lease (8,268) (13,100) (23,312)
(Decrease) Increase
in Cash Flow (349,085) (651,027) 587,559
============= ============ ============
Notes
1) The results for the half year ended October 2012, which have
been prepared in accordance with the accounting policies adopted in
the financial statements for the year ended 30(th) April 2012, 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(th) April 2012
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(st) October 2012 has
been based on the estimated effective tax rate for the full
year.
3) The calculation of earnings per share is based on profit
after taxation for the period divided by the number of shares in
issue at the balance sheet date. The number of shares in issue was
5,524,350 ordinary shares.
4) Deferred liabilities and provisions relate to deferred
taxation, motor vehicle hire purchase and short term loans.
5) This interim report will be sent to shareholders in due
course. Further copies will be available to the public from the
Companies Registered office at the address below, and on the
Company's web site www.casdon.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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