RNS Number:6051M
Cassidy Brothers PLC
28 January 2008
CASSIDY BROTHERS plc (the "Company")
Interim Results to 31 October 2007
Chairman's Statement
The Company's performance for the six months to 31 October 2007 has shown an
8.5% increase in turnover to �1.95 million (2006: �1.80 million), which
generated profit before taxation of �134,751 (2006: �265,597). The improvement
in turnover has come from overseas F.O.B. business, which continues to grow
albeit at a reduced margin.
Whilst this improvement in turnover is welcome news, the UK Christmas sales have
been further compressed into the November and December second half results and
are therefore, excluded from these figures.
I can advise, however, that sales for November were 50% higher on the month than
2006, with December approximately 20% higher. The Board anticipates that the
first half contribution will be supported by increased revenue in the second
half.
The Company's balance sheet remains strong with net assets of �3,318,624 (2006:
�3,392,672), representing a net asset value of 60.1 pence per share (2006: 61.4
pence per share).
The Company's current product inventory is higher than 2006 due to an increase
in anticipated 2008 spring and summer business.
Current Trading
The market has seen a significant shift towards internet sales, not only from
the traditional online suppliers, but also from the websites of high street
stores. Customers now appear to know that if purchases are left to the last
minute there is a better chance of the stores being panicked into price
reductions. Our increase in turnover in November and December is a testament to
this customer strategy. Online retailers need branded products to sell to give
prestige to their website, instil a reliable image and a better degree of to
purchase. In addition, 24-hour delivery service offered by online retailers, do
not need the loss leader products to entice the public onto their sales floor,
and we cannot see this trend changing.
Future Prospects
Recent developments by the Chinese government has tightened quality controls,
not only at point of manufacture, but also insisting that all exports have up to
date test certificates no more than twelve months old.
The effects of this are positive for Casdon, in that we anticipate many small
manufacturers will have to close down and these are the factories mostly
responsible for making illicit copies of both our products and others from
western economies.
The new dolls accessory range has performed well during 2007 and we plan to add
more products for 2008.
The Middle Eastern market has had only minor success and requires consistent
exposure. We will be showing again at the Dubai Fair.
Interim Dividend
The Directors are confident that the prospects for 2008 remain positive, and the
Board has therefore announced an interim dividend of 0.7 pence per share (2007:
Interim Dividend 0.7 pence per share) to be paid on 10 April 2008 to
shareholders on the register on 7 March 2008. The Directors would like to thank
all shareholders for their support and wish them a prosperous new year for 2008.
Paul M. Cassidy
Chairman
28 January 2008
Enquiries:
Cassidy Brothers plc 01253 766411
Paul Cassidy
Charles Stanley Securities 020 7149 6000
Russell Cook
Six months Six months Year
Profit & Loss Account ended ended ended
31 October 31 October 30 April
2007 2006 2007
(unaudited) (unaudited) �
� �
Turnover 1,948,465 1,796,798 2,943,527
Cost of Sales (1,309,739) (1,026,054) (1,629,723)
Gross Profit 638,726 770,744 1,313,804
Warehouse and Distribution Costs (382,588) (366,383) (899,102)
Administrative Expenses (190,402) (194,630) (404,127)
Other Operating Income 62,962 56,717 122,422
Operating profit / (loss) 128,698 266,448 132,997
Net interest receivable / (payable) 6,053 (851) 10,415
Profit / (loss) on ordinary activities before
taxation 134,751 265,597 143,412
Taxation (26,950) (50,463)
Profit / (loss) attributable to shareholders 107,801 215,134 143,412
Dividends (71,817) (27,620)
Retained profit / (loss) 35,984 187,514 143,412
Earnings per share 1.95p 3.89p 2.60p
Summarised Balance Sheets As at As at As at
31 October 31 October 30 April
2007 2006 2007
(Unaudited) (unaudited)
� � �
Fixed assets 2,035,994 1,955,685 2,009,520
Stock 529,626 383,992 197,394
Debtors 1,567,582 1,294,578 305,467
Cash 578,739 400,136 1,074,071
Current assets 2,675,947 2,078,706 1,576,932
Creditors: amounts falling due
within one year (1323,840) (581,719) (233,050)
Net current assets 1,352,107 1,496,987 1,343,882
Total assets less current liabilities 3,388,101 3,452,672 3,353,402
Deferred liabilities and provisions (69,837) (60,000) (71,122)
Net assets employed 3,318,264 3,392,672 3,282,280
Share capital 552,435 552,435 552,435
Reserves 2,765,829 2,840,237 2,729,845
Shareholders' funds 3,318,624 3,392,672 3,282,280
NAV per share 60.1p 61.4p 59.4p
Cash Flow Statement Six Months Six Months Year
Ended Ended Ended
31 October 31 October 30 April
2007 2006 2007
� � �
Operating Profit 128,698 266,448 132,997
Depreciation charges 51,750 45,431 78,535
Loss on sale of tangible fixed assets (11,531) - (275)
(Increase) / Decrease in Stock (332,232) (92,746) 93,852
(Increase) / Decrease in Debtors (1,262,115) (872,153) 108,079
Increase / (Decrease) in Creditors 497,525 149,839 (140,601)
(927,905) (503,181) 272,587
Net Interest (paid)/received 6,053 (851) 10,415
Taxation 8,879
Capital Expenditure (66,693) (128,105) (214,769)
Equity Dividends paid (71,817) (27,620) (66,290)
Unsecured loan and Finance lease (1,285) 11,122
(Decrease) / increase in Cash Flow (1,061,647) (659,757) 21,944
Notes
1. The results for the half year ended 31 October 2007, which have been
prepared in accordance with the accounting policies adopted in the financial
statements for the year ended 30 April 2007, have not been audited or
reviewed by the Company's Auditors and do not constitute statutory accounts
as defined in s240 of the Companies Act 1985.
The financial information for the year ended 30 April 2007 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 October 2007 has been based on the
estimated effective tax rate for the full year.
3. The calculation of Earnings per share is based upon the profit after
taxation for the period divided by the number of ordinary shares in issue
during the period. The number of shares in issue was 5,524,350 ordinary
shares.
4. The calculation of Net Asset Value per share is based upon shareholders
funds divided by the number of ordinary 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 provisions for deferred
taxation and motor vehicle hire purchase.
6. This interim report will be available from the Company's offices and a
copy will be sent to shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
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