TIDMCDY
RNS Number : 7588K
Casdon PLC
02 August 2013
Casdon plc (the 'Company')
Preliminary Announcement of results for the year ended 30(th)
April 2013
Chairman's Statement
Revenue for the 12 months ended 30(th) April 2013 of
GBP6,490,088 (2012: GBP5,266,073) is a significant improvement on
the previous year. The Company has managed to secure a high level
of new business from the US in the last financial year which has
made up a large proportion of the increase in sales.
The gross profit GBP2,393,278, (2012: GBP1,882,726) has been
achieved in spite of forsaking low margin sales, a tendency easily
fallen into with certain FOB business, in pursuit of the vanity of
turnover.
The company's application of exclusive product development for
certain overseas customers has provided a profit before tax of
GBP549,084 (2012: GBP215,344).
The balance sheet remains strong supporting the company with net
assets of GBP3,669,538 (2012: GBP3,335,181).
Current Trading
The UK trade fairs in January and February 2013 were busy with
customers showing little sign of despondency, and there was a
marked increase in the value of orders taken compared to last
year.
At a more recent trade fair, where discounts were offered for
orders placed there and then, we were delighted to see an increase
of 40% on the previous year. This is significant, as these orders
for both immediate and forward deliveries, from small to medium
independent UK retailers, give an indication of where certain
sectors are "bucking the trend".
Our international trade fairs in Hong Kong, Nuernberg and New
York, which appeared to be generally quieter in the halls, were
nevertheless lucrative for Casdon, and I will be better able to
report on by 'how much' in my interim report.
Future Prospects
The company is now recruiting for administrative staff for the
processing of overseas orders at our Blackpool head office. This is
the first time we have recruited office staff for eight years, and
the more sustainable our overseas business becomes, the prospect of
a permanently manned Hong Kong showroom could be on the
horizon.
The decision to move production of some of our products to
Indonesia is soon to be crystalised. This factory is a new build,
and is now operational. A personal visit to this factory is planned
for the last week in June 2013. Quality audit certificates from
several accredited audit institutions are now to hand, the most
important of which, is that of I.C.T.I (International Council of
Toy Industries). This audits' task is many fold, and the most
important being that of interviewing the factory staff with regard
to their personal treatment, the work environment, and to make sure
there is no child labour used.
Final Dividend
In conclusion the company's current plans involve the
refurbishment of the company's warehouse property, which will
involve the replacement of old asbestos corrugated roofing.
The directors therefore recommend no increase in the final
dividend paid, which will remain at 0.75p per share (2012 0.75p),
payable on 25th September 2013 to shareholders on the register on
16th August 2013.
Paul Cassidy
Chairman
For further information please contact;
Casdon plc
Paul Cassidy Tel 01253 766411
Zeus Capital Limited Tel 0161 831 1512
Nick Cowles
Ross Andrews
Profit & Loss Account
Company Number 565383
For the year ended 30 April
2013
2013 2012
Notes GBP GBP
Turnover 2 6,490,088 5,266,073
Cost of Sales (4,096,810) (3,383,347)
GROSS PROFIT 2,393,278 1,882,726
Warehouse & Distribution costs (1,582,045) (1,287,500)
Administrative expenses (408,237) (496,216)
Other operating income 150,209 130,914
OPERATING PROFIT 3 553,205 229,924
Interest receivable and similar
income 5 284 299
Interest payable and similar
charges 6 (4,405) (14,879)
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 549,084 215,344
Tax on Profit on ordinary
activities 10 (131,862) (42,971)
------------ ----------------------
PROFIT FOR THE FINANCIAL YEAR 417,222 172,373
------------ ----------------------
EARNINGS PER SHARE - BASIC
AND DILUTED 11 7.55 3.12
============ ======================
Balance Sheet
Company Number 565383
At 30 April 2013
2013 2012
Notes GBP GBP GBP GBP
FIXED ASSETS
Tangible assets 12 2,281,936 2,336,190
2,281,936 2,336,190
CURRENT ASSETS
Stocks 13 888,474 754,198
Debtors 14 547,300 525,927
Cash at bank and in hand 766,696 381,375
2,202,470 1,661,500
CREDITORS (amounts falling due
within one year) 15 (789,512) (631,587)
NET CURRENT ASSETS 1,412,958 1,029,913
TOTAL ASSETS LESS CURRENT LIABILITIES 3,694,894 3,366,103
CREDITORS
(amounts falling due after more
than one year) 16 - (3,266)
PROVISIONS FOR LIABILITIES 17 (25,356) (27,656)
NET ASSETS 3,669,538 3,335,181
CAPITAL AND RESERVES
Called up share capital 18 552,435 552,435
Share premium account 19 43,522 43,522
Revaluation reserve 19 579,014 594,039
Profit and loss account 19 2,494,567 2,145,185
EQUITY SHAREHOLDERS' FUNDS 21 3,669,538 3,335,181
Cash Flow Statement
For the year ended 30 April 2013
2013 2012
Notes GBP GBP GBP GBP
NET CASH INFLOW FROM
OPERATING ACTIVITIES 22 619,855 740,456
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 284 299
Interest paid (4,405) (14,561)
Interest element of finance lease
rental payments - (318)
(4,121) (14,580)
TAXATION
Corporation tax (44,232) 33,642
CAPITAL EXPENDITURE
Payments to acquire tangible fixed
assets (90,700) (65,782)
Receipts from sales of tangible
fixed assets 1,600 -
----------------- ---------
(89,100) (65,782)
EQUITY DIVIDENDS PAID (82,865) (82,865)
NET CASH INFLOW BEFORE FINANCING 399,537 610,871
FINANCING
Unsecured loan repayments 22 (14,216) (16,536)
Capital element of finance lease
rental payments 22 - (6,776)
NET CASH (OUTFLOW) FROM FINANCING (14,216) (23,312)
INCREASE IN CASH 22 385,321 587,559
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 2012 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 2013, but such accounts have not yet been
delivered to the Registrar of Companies.
2. Earnings Per Share
Earnings per share are calculated on the profit for the
financial year of GBP417,222 (2012 GBP172,373) and on the weighted
average number of shares in issue during the year of 5,524,350
(2011 5,524,350).
3. Dividends
The Directors recommend the payment of a final dividend of 0.75p
per share (2012 0.75p).
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
4QW.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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