TIDMCDY
RNS Number : 8004L
Casdon PLC
05 August 2011
Casdon plc (the 'Company)
Formally Cassidy Brothers plc.
Preliminary Announcement of results for the year to 30(th) April
2011
Chairman's Statement
The huge cost increases in China have been the main factor in
creating a GBP 198,000 loss during the year. ( 2010 - GBP256,345
profit), in spite of an 11% increase in sales to GBP5,360,444 (
2010 - GBP4,819,263).
These cost increases significantly reduced our margins, but
raising our own prices at such a late stage in the trading year to
major customers would only have had precedence during the 1970's,
when the country expected it. The spiralling costs escalation in
Chinese food alone effects factory gate prices, because the factory
staff live in campus accommodation wings, and meals are provided.
Raw materials and statutory wage increases have forced the Chinese
to look at alternative countries with a more stable currency and
economy, such as India, Indonesia, and Vietnam.
The domino effect of world recession overspills into transport
and shipping, and when shipping lines pulled out of the Orient to
European markets in 2010, Casdon had to absorb transport increases
costing GBP100,000.
Warehouse refurbishment involved the removal of crumbling sills
and lintels, the cost which escalated as worse was found once the
job commenced.
The demolition of an old low ceiling warehouse has been carried
out, but the proposed
resurfacing of the now exposed area, has been postponed. It was
however a comfort to receive a cheque for a return of business
Rates, once the premises had gone.
The graphics company that was commissioned in 2010 to restyle
our boxes have completed the full range; a task that was necessary
but impossible to do 'in house' in such a short time slot. The
'Wow' factor this produced at a cost of GBP75,000 was clearly
evident at the 2011 London Toy Fair, where we received plaudits
from all sectors of the trade.
Our entry into TV advertising in 2009 wasn't a success, and
culminated in unsold stock and a character license to pay for.
Consequently we have provided a reduction in value in the 2010-11
accounts of GBP25,831 for the sale of this stock to be realised in
the 2011-12 trading year.
We are weathering all this because the company still maintains a
strong balance sheet, with net assets of GBP3,245,673. ( 2010-
GBP3,564,529) slightly down on 2010, owing to higher borrowing.
Current Trading, and Future Prospects.
Quoting the British Retail Consortium (BRC) once again, it is
expected that there will be a further decline in the high street
trade during 2011. We have already seen one of our customers go
into liquidation very recently, namely TJ Hughes, but they had
thankfully
paid us. The BRC doesn't mention toy trade specifically, and
although yes the retail trade is suffering from too few customers
chasing too much product, and the online
e-tailers are taking business away from them, I believe the high
street will just have fewer shops.
In the 1960's the mail order houses were said to be the future,
but what transpired was fewer wholesalers, fewer department stores,
and more specialised shops.
The digital age has created far more opportunities to market
ones product with the use
of media marketing, and is something all distributors and
manufacturers should embrace.
Although some of our high street customers have gone, we are
pleased to advise that two new supermarkets and two new prestigious
high street accounts have been opened for 2011. We have every
confidence they will still be there next year.
The above is reflected in an improved first quarter performance
this year, which combined with increased margins gives rise to
cautious optimism.
Final Dividend.
Under the current circumstances, the directors feel they cannot
recommend a final dividend (2010 2.0p). An interim Dividend of
0.75p per share (2009 2.0p) has been paid.
Paul Cassidy
Chairman
For further information please contact;
Casdon plc
Paul Cassidy Tel 01253 766411
Zeus Capital Limited Tel 0161 831 1512
Ross Andrews
Nick Cowles
Profit and Loss Account
Company Number 565383
For the year ended 30 April 2011
2011 2010
GBP GBP
Turnover 5,360,444 4,819,263
Cost of Sales (3,656,356) (3,146,320)
------------
GROSS PROFIT 1,704,088 1,672,943
Warehouse & Distribution costs (1,580,932) (1,131,605)
Administrative expenses (431,773) (415,755)
Other operating income 134,778 140,121
OPERATING (LOSS) PROFIT (173,839) 265,704
Interest receivable and similar
income 779 165
Interest payable and similar
charges (25,684) (9,524)
------------
(LOSS) PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION (198,744) 256,345
Tax on (Loss) profit on ordinary
activities 31,806 (36,032)
------------ ------------
(LOSS) PROFIT FOR THE FINANCIAL
YEAR (166,938) 220,313
------------ ------------
(LOSS) EARNINGS PER SHARE - BASIC
AND (3.02) 3.99
============ ============
DILUTED
Balance Sheet
Company Number 565383
At 30 April 2011
2011 2010
GBP GBP GBP GBP
FIXED ASSETS
Tangible assets 2,421,501 2,267,731
----------
2,421,501 2,267,731
CURRENT ASSETS
Stocks 784,362 710,955
Debtors 656,492 521,247
Cash at bank and in
hand 19,337 563,490
----------
1,460,191 1,795,692
CREDITORS (amounts
falling due within
one year) (587,300) (465,037)
----------
NET CURRENT ASSETS 872,891 1,330,655
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,294,392 3,598,386
CREDITORS
(amounts falling due
after more than one
year) (19,802) (6,776)
PROVISIONS FOR LIABILITIES (28,917) (27,081)
NET ASSETS 3,245,673 3,564,529
========== ==========
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share premium account 43,522 43,522
Revaluation reserve 609,064 624,922
Profit and loss account 2,040,652 2,343,650
EQUITY SHAREHOLDERS'
FUNDS 3,245,673 3,564,529
========== ==========
Cash Flow Statement
For the year ended 30 April
2011
2011 2010
GBP GBP GBP GBP
NET CASH (OUTFLOW) / INFLOW
FROM
OPERATING ACTIVITIES (201,371) 540,307
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 779 165
Interest paid (24,997) (8,326)
Interest element of finance
lease rental payments (687) (1,198)
---------- ----------
(24,905) (9,359)
TAXATION
Corporation tax (33,642) (55,309)
CAPITAL EXPENDITURE
Payments to acquire tangible
fixed assets (315,254) (198,822)
Receipts from sales of
tangible fixed assets - 2,875
---------- ----------
(315,254) (195,947)
EQUITY DIVIDENDS PAID (151,918) (220,974)
NET CASH (OUTFLOW) INFLOW
BEFORE FINANCING (727,090) 58,718
FINANCING
Short Term Loans 42,676
Unsecured loan repayments (6,338) 0
Capital element of finance
lease rental payments (7,702) (7,190)
---------- ----------
NET CASH (OUTFLOW) INFLOW
FROM FINANCING 28,636 (7,190)
(DECREASE) INCREASE IN CASH (698,454) 51,528
========== ==========
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(th)
April 2010 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 498 (2) to (4) of the
Companies Act 2006. The auditors reported on the accounts for the
year ended 30(th) April 2011, but such accounts have not yet been
delivered to the Registrar of Companies.
2. Earnings Per Share
Earnings per share are calculated on the loss for the financial
year of GBP166,938 (2010 Profit of GBP220,313) and on the weighted
average number of shares in issue during the year of 5,524,350
(2010 5,524,350).
3. Dividends
The Directors do not recommend the payment of a final
dividend.
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.comand, for a period of one month, from the
Company's offices at Cornford Road, Blackpool, Lancashire FY4
4QW.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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