RNS Number : 2249A
Cassidy Brothers PLC
31 July 2008
Cassidy Brothers plc (the 'Company')
Preliminary Announcement of results for the year to 30 April 2008
Chairman's Statement
Good news. I thought that would be an appropriate start. The year to 30th April 2008 has returned profits before tax of �241,098 (2007 -
�143,412), an increase of 68%, after an increase in sales of 12.8% to �3,319,759 (2007 - �2,943,527).
Current Trading
It will come as no surprise that high street trading in the U.K. remains poor, and investors would be forgiven for wondering from where
our increase has come.
In my year end statement last year, I mentioned our pursuit of sales from other countries, known as F.O.B. sales, and this is increasing
and reached approximately �600,000 for the year. It is largely from this business that our increase in revenue has been achieved.
I am pleased to announce that sons Philip and Peter Cassidy have both been made
joint Managing Directors, with immediate effect, positions well deserved.
Future Prospects
For the first time China is experiencing such huge growth that its currency, RMB - Renminbi, has now overtaken the neighbouring Hong
Kong Dollar, held historically at equal value the latter being pegged to the US Dollar movement. The RMB is now some 15% higher in value
than it was in 2007. As most toy factories are owned by Hong Kong Chinese and funded from Hong Kong banks this is most unwelcome news. Raw
material prices and labour rate increases imposed on the factories by the Chinese government have created spiralling factory gate price
increases of 20% this year. By January 2009 a further increases can be expected.
We have passed on some of these increases, and we have benefited from stock held at the pre-increase price, but for next year in January
2009 will have to go up significantly.
The only consolation is that the world has the same problem. With inflationary situations such as this it is always good strategy to
have "new to market" products whose prices cannot be easily compared with the previous year. We are currently working on two new products
which will be suitable for TV promotion and hope to further update shareholders on progress later in the year.
Final Dividend
The Directors' are of the opinion that notwithstanding the difficult trading conditions in the U.K. the Company recommends a final
dividend of 1.50 pence per share (2007 - 1.30pence) payable on 25th September 2008 to shareholders on the register on 18th August 2008.
Paul Cassidy
Chairman
For further information please contact;
Cassidy Brothers plc Tel: 01253 766 411
Paul Cassidy, Chairman and Managing Director
Zeus Capital Limited Tel: 0161 831 1512
Ross Andrews
Nick Cowles
Profit and Loss Account
For the year ended 30 April 2008
Notes 2008 2007
� �
Turnover 3,319,759 2,943,527
Cost of Sales (1,871,085) (1,629,723)
GROSS PROFIT 1,448,674 1,313,804
Warehouse & Distribution costs (925,862) (899,102)
Administrative Expenses (407,066) (404,127)
Other operating income 128,605 122,422
OPERATING PROFIT 244,351 132,997
Interest receivable and similar income 12,198 16,848
Interest payable and similar charges (15,451) (6,433)
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 241,098 143,412
Tax on Profit on ordinary activities 25,000 0
PROFIT FOR THE YEAR 266,098 143,412
EARNINGS PER SHARE 2 4.82p 2.60p
Balance Sheet
At 30 April 2008 2007
� � � �
FIXED ASSETS
Tangible Assets 2,131,784 2,009,520
CURRENT ASSETS
Stocks 379,950 197,394
Debtors 279,997 305,467
Cash at Bank and in hand 961,340 1,074,071
1,621,287 1,576,932
CREDITORS
(amounts falling due within (285,932) (233,050)
one year)
NET CURRENT ASSETS 1,335,355 1,343,882
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,467,139 3,353,402
CREDITORS
(amounts falling due after one (8,248) (11,122)
year)
PROVISIONS FOR LIABILITIES
AND CHARGES (21,000) (60,000)
NET ASSETS 3,437,891 3,282,280
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share Premium Account 43,522 43,522
Revaluation Reserve 652,957 537,526
Profit and Loss Account 2,188,977 2,148,797
EQUITY SHAREHOLDERS' FUNDS 3,437,891 3,282,280
Cash Flow Statement
For the year ended 30 April 2008 2007
� � � �
NET CASH INFLOW FROM
OPERATING ACTIVITIES 268,280 306,059
RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE
Interest received 12,198 16,848
Interest paid (14,470) (5,711)
Interest element of finance lease
rental payments (981) (722)
(3,253) 10,415
TAXATION
Corporation tax 0 8,099
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Payments to acquire tangible (208,697) (200,064)
fixed assets
Receipts from sales of tangible 11,531 275
fixed assets
(197,166) (199,789)
EQUITY DIVIDENDS PAID (110,487) (66,290)
NET CASH (OUTFLOW) / INFLOW (42,626) 58,494
FINANCING
Repayment of unsecured loan (46,612) (35,325)
Capital element of finance lease
rental payments (2,632) (1,225)
NET CASH OUTFLOW FROM
FINANCING (49,244) (36,550)
(DECREASE) / INCREASE IN CASH (91,870) 21,944
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 2007 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 2008, but such accounts have not yet 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.
2. EARNINGS PER SHARE
Earnings per share are calculated on profit for the financial year of �266,098 (2007: �143,412) and on the weighted average number of
shares in issue during the year of 5,524,350 (2007: 5,524,350).
3. DIVIDENDS
The Directors recommend a final dividend payment of 1.50p per share payable on 25th September 2008 to shareholders on the register on
18th August 2008.
4. COPIES OF REPORTS
Copies of the Report and Accounts will be posted to shareholders shortly.
Copies of this announcement will be available 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
FR SDAFESSASEIW
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