TIDMCDY
RNS Number : 0433W
Casdon PLC
24 January 2012
Casdon Plc (the "Company")
Interim Results to 31(st) October 2011
Chairman's Statement
Revenue for the six months ending 31(st) October 2011 was
GBP3,336,432 (2010 GBP3,208,401), an increase of 4% over the same
period last year. Also by a focused attention to resolve the
problems that beset Casdon in 2009-10, operating profit of
GBP326,608 is significantly better than last year (2010
GBP138,300).
The Company balance sheet remains strong with net assets
employed of GBP3,499,729 (2010 GBP3,554,304) representing a net
asset value of 63.3p pence per share (2010 64.3p).
Current Trading
UK sales increased significantly, with the doubling of shipments
to online retailers, and excellent sales to the major supermarkets.
These successes have come about at the expense of the independent
high street retailers, who have recorded lower levels of sales.
International sales were somewhat lower than last year, as the
Company strives to do business at more acceptable margins, although
sales to the USA have grown significantly.
Two long serving warehouse staff with service totalling over 50
years accepted voluntary redundancy at a cost of GBP34,000. They
will not be replaced, their duties being absorbed by a combination
of greater efficiency and temporary staff.
Looking forward to the second half year, sales for November and
December have been broadly in line with expectations, and reflect
the pattern of the general retail trade according to the CBI's
Distributive Trades Survey for the
first two weeks of December, in which 41% reported sales rises
and 32% falls. Nevertheless this is 9% better than might have been
expected.
Interim Dividend
Based on the results for the first half of the year the
Directors are pleased to announce a dividend of 1.5pence per share
(2010 0.75p). This will be paid on 12(th) April 2012 to
shareholders on the register on 2(nd) March 2012.
The Directors would like to wish all shareholders a prosperous
new year for 2012, and to thank you all for your support.
Paul M. Cassidy
Chairman
24(th) January 2012
Casdon plc
Interim Results
Six Months Six Months
to to Year Ended
31st Oct 31st Oct 30th April
2011 2010 2011
(Unaudited) (Unaudited)
Profit & Loss Account
Turnover 3,336,432 3,208,401 5,360,444
Cost of sales (2,242,542) (2,346,912) (3,656,356)
------------ ------------ ------------
Gross Profit 1,093,890 861,489 1,704,088
Warehouse & Distribution
Costs (619,500) (582,718) (1,580,932)
Administrative Expenses (233,223) (210,238) (431,773)
Other Operating Income 85,441 69,767 134,778
Operating Profit 326,608 138,300 (173,839)
Net Interest Payable (9,037) (11,386) (24,905)
Profit on Ordinary Activities
before tax 317,571 126,914 (198,744)
Tax (63,514) (26,652) 31,806
Profit Attributable to
Shareholders 254,057 100,262 (166,938)
Dividends (110,487) (151,918)
Retained Profit 254,057 (10,225) (318,856)
============ ============ ============
Earnings per Share 4.60p 1.81p (3.02)p
============ ============ ============
As At As At As At
31st Oct 31st Oct 30th April
2011 2010 2011
Summarised Balance
Sheet (Unaudited) (Unaudited)
Fixed Assets 2,392,070 2,412,963 2,421,501
Stock 899,530 817,249 784,362
Debtors 2,204,665 2,171,358 656,492
Cash 27,343 462,727 19,337
Current Assets 3,131,538 3,451,334 1,460,191
------------ ------------ -----------
Creditors: due within
one year (1,999,014) (2,279,923) (587,300)
Net Current Assets 1,132,524 1,171,411 872,891
------------ ------------ -----------
Deferred Liabilities
& Provisions (24,865) (30,070) (48,719)
Net Assets Employed 3,499,729 3,554,304 3,245,673
============ ============ ===========
Share Capital 552,435 552,435 552,435
Reserves 2,947,294 3,001,869 2,693,238
3,499,729 3,554,304 3,245,673
============ ============ ===========
Cash Flow Statement
Operating Profit 326,608 138,300 (173,839)
Depreciation Charges 74,723 77,130 161,484
Profit on sales of Tangible
fixed Assets
(Increase)/Decrease
in Stock (115,168) (106,294) (73,407)
(Increase) in Debtors (1,548,173) (1,650,111) (101,604)
Increase in Creditors 678,412 297,497 (14,005)
(583,598) (1,243,478) (201,371)
Net Interest (Paid) (9,037) (11,386) (24,905)
Taxation (33,642)
Capital Expenditure (45,292) (222,362) (315,254)
Equity Dividends Paid (110,487) (151,918)
Unsecured Loan & Finance
Lease (13,100) (3,787) 28,636
(Decrease) Increase
in Cash Flow (651,027) (1,591,500) (698,454)
============ ============ ===========
Notes
1) The results for the half year ended October 2011, which have
been prepared in accordance with the accounting policies adopted in
the financial statements for the year ended 30(th) April 2011, 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 2011
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 2011 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) The calculation of Net Asset Value per share is based on the
shareholders funds 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.
5) Deferred liabilities and provisions relate to deferred
taxation, motor vehicle hire purchase and short term loans.
6) 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
Casdon plc
Cornford Road, Blackpool. FY4 4QW. England
Telephone 01253 766411 Fax 01253 691486
This information is provided by RNS
The company news service from the London Stock Exchange
END
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