TIDMCDY
RNS Number : 1449Z
Cassidy Brothers PLC
18 September 2009
Cassidy Brothers plc (the 'Company')
Preliminary Announcement of results for the year to 30 April 2009
Chairman's Statement
More good news the results for the year to 30th April 2009 have produced
a profit before tax of GBP324,407 (2008 - GBP241,098), after sales increased by
17.4% to GBP3,896,854 (2008 - GBP3,319,759).
Current Trading
The Company's performance is underpinned by strong net assets of GBP3,565,190
(2008 - GBP3,437,891), giving a net asset value per share of 64.54 pence.
These good results have been based on strong FOB sales especially in Australia,
licensor promotions (Kenwood and Dyson) and the purchase of US Dollar currency
in September 2008 when it was still at a low value against Sterling. This
currency was then used to buy sound stock as a buffer against Far Eastern price
increases which came in November / December 2008.
As expected our UK sales were down approximately 8-9% in the last quarter of the
calendar year 2008, not helped by the terminal throes of Woolworths and their
destocking sales. Although the Company escaped any losses from Woolworths, we
did not escape the loss of GBP37,000 from the receivership of a large northern
wholesaler in November 2008.
Future Prospects
As I write this report, one of our two new TV advertised products, the George
Foreman Grill has commenced its summer campaign. The Postman Pat steering wheel
will follow. Both products have good listings from the trade.
As the Company's products are seen in Europe and Asia, we are receiving
increasing numbers of enquiries, not only from the toy trade, but from domestic
appliance manufacturers wanting to work with us.
Five new products are being developed for 2010, one of which has been in
progress for over twelve months with patents applied for worldwide. We expect
the patents to be granted before production commences early in 2010.
Two other products are toy Dysons, one of which is for the US market, and the
other for both UK and US markets.
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 2.00 pence per
share (2008 - 1.50 pence) payable on 26th October 2009 to shareholders on the
register on 2nd October 2009.
Paul Cassidy
Chairman
For further information please contact;
Cassidy Brothers plc Tel: 01253 766 411
Paul Cassidy, Chairman
Zeus Capital LimitedTel: 0161 831 1512
Ross Andrews
Nick Cowles
Profit and Loss Account
For the year ended 30 April 2009
+--------------------------------+----------+-------------+----------+--------------+
| | Notes | 2009 | | 2008 |
+--------------------------------+----------+-------------+----------+--------------+
| | | GBP | | GBP |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| Turnover | | 3,896,854 | | 3,319,759 |
+--------------------------------+----------+-------------+----------+--------------+
| Cost of Sales | | (2,405,785) | | (1,871,085) |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| GROSS PROFIT | | 1,491,069 | | 1,448,674 |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| Warehouse & Distribution costs | | (968,333) | | (925,862) |
+--------------------------------+----------+-------------+----------+--------------+
| Administrative Expenses | | (336,080) | | (407,066) |
+--------------------------------+----------+-------------+----------+--------------+
| Other operating income | | 146,718 | | 128,605 |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| OPERATING PROFIT | | 333,374 | | 244,351 |
+--------------------------------+----------+-------------+----------+--------------+
| Interest receivable and | | 6,866 | | 12,198 |
| similar income | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| Interest payable and similar | | (15,833) | | (15,451) |
| charges | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| PROFIT ON ORDINARY | | | |
+-------------------------------------------+-------------+----------+--------------+
| ACTIVITIES BEFORE TAXATION | | 324,407 | | 241,098 |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| Tax on Profit on ordinary | | (59,000) | | 25,000 |
| activities | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| PROFIT FOR THE YEAR | | 265,407 | | 266,098 |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| EARNINGS PER SHARE | 2 | 4.80p | | 4.82p |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------+----------+-------------+----------+--------------+
+--------------------------+------------+------------+------------+-------------+
| Balance Sheet | | | | |
+--------------------------+------------+------------+------------+-------------+
| At 30 April | | 2009 | | 2008 |
+--------------------------+------------+------------+------------+-------------+
| | GBP | GBP | GBP | GBP |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| FIXED ASSETS | | | | |
+--------------------------+------------+------------+------------+-------------+
| Tangible Assets | | 2,208,865 | | 2,131,784 |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| CURRENT ASSETS | | | | |
+--------------------------+------------+------------+------------+-------------+
| Stocks | 853,358 | | 379,950 | |
+--------------------------+------------+------------+------------+-------------+
| Debtors | 510,154 | | 279,997 | |
+--------------------------+------------+------------+------------+-------------+
| Cash at Bank and in hand | 542,648 | | 961,340 | |
+--------------------------+------------+------------+------------+-------------+
| | 1,906,160 | | 1,621,287 | |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| CREDITORS | | | | |
+--------------------------+------------+------------+------------+-------------+
| (amounts falling due | (506,357) | | (285,932) | |
| within one year) | | | | |
+--------------------------+------------+------------+------------+-------------+
| NET CURRENT ASSETS | | 1,399,803 | | 1,335,355 |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| TOTAL ASSETS LESS | | | | |
+--------------------------+------------+------------+------------+-------------+
| CURRENT LIABILITIES | | 3,608,668 | | 3,467,139 |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| CREDITORS | | | | |
+--------------------------+------------+------------+------------+-------------+
| (amounts falling due | | (14,478) | | (8,248) |
| after one year) | | | | |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| PROVISIONS FOR | | (29,000) | | (21,000) |
| LIABILITIES | | | | |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| NET ASSETS | | 3,565,190 | | 3,437,891 |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| CAPITAL AND RESERVES | | | | |
+--------------------------+------------+------------+------------+-------------+
| Called up share capital | | 552,435 | | 552,435 |
+--------------------------+------------+------------+------------+-------------+
| Share Premium Account | | 43,522 | | 43,522 |
+--------------------------+------------+------------+------------+-------------+
| Revaluation Reserve | | 639,201 | | 652,957 |
+--------------------------+------------+------------+------------+-------------+
| Profit and Loss Account | | 2,330,032 | | 2,188,977 |
+--------------------------+------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
| EQUITY SHAREHOLDERS' FUNDS | 3,565,190 | | 3,437,891 |
+---------------------------------------+------------+------------+-------------+
| | | | | |
+--------------------------+------------+------------+------------+-------------+
+-----------------------------------+-----------+------------+-----------+-----------+
| Cash Flow Statement | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| For the year ended 30 April | | 2009 | | 2008 |
+-----------------------------------+-----------+------------+-----------+-----------+
| | GBP | GBP | GBP | GBP |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| NET CASH (OUTFLOW) / INFLOW FROM | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| OPERATING ACTIVITIES | | (177,609) | | 268,280 |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| RETURNS ON INVESTMENTS | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| AND SERVICING OF FINANCE | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Interest received | 6,866 | | 12,198 | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Interest paid | (14,216) | | (14,470) | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Interest element of finance lease | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| rental payments | (1,617) | | (981) | |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | (8,967) | | (3,253) |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| TAXATION | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Corporation tax | | (14,406) | | 0 |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| CAPITAL EXPENDITURE AND | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| FINANCIAL INVESTMENT | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Payments to acquire tangible | (175,255) | | (208,697) | |
| fixed assets | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Receipts from sales of tangible | 0 | | 11,531 | |
| fixed assets | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | (175,255) | | (197,166) |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| EQUITY DIVIDENDS PAID | | (138,108) | | (110,487) |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| NET CASH OUTFLOW BEFORE FINANCING | | (514,345) | | (42,626) |
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| FINANCING | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Repayment of unsecured loan | 0 | | (46,612) | |
+-----------------------------------+-----------+------------+-----------+-----------+
| Capital element of finance lease | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| rental payments | (6,253) | | (2,632) | |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| NET CASH OUTFLOW FROM | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| FINANCING | | (6,253) | | (49,244) |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
| DECREASE IN CASH | | (520,598) | | (91,870) |
+-----------------------------------+-----------+------------+-----------+-----------+
| | | | | |
+-----------------------------------+-----------+------------+-----------+-----------+
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 2008 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 2009, 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 GBP265,407
(2008: GBP266,098) and on the weighted average number of shares in issue during
the year of 5,524,350 (2008: 5,524,350).
3. DIVIDENDS
The Directors recommend a final dividend payment of 2.00p per share payable on
26th October 2009 to shareholders on the register on 2nd October 2009.
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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