TIDMCDY
RNS Number : 9609N
Casdon PLC
01 August 2014
Casdon plc (the 'Company')
Preliminary Announcement of results for the year ended 30(th)
April 2014
Chairman's Statement
Company turnover for the 12 months ended 30(th) April 2014 of
GBP7,514,576 (2013: GBP6,490,088) has increased by 15.78%. This has
been achieved through the pursuit of national account business in
the USA (with turnover increasing by 70% to GBP1,918,090), where
payment is secure, but margin suffers.
Profit for the year of GBP289,651 (2013: GBP417,222), a drop of
over 30%, is not in its entirety laid at the door of the USA
business, but reflects the necessity of maintaining the Company's
property assets.
The Directors have reviewed the Company's property portfolio,
resulting in two of the Company's oldest properties (built in
1956/7) being demolished, the cost of keeping them and paying local
authority rates outweighed their usefulness as overspill storage
facilities. The most visible of our warehouse assets, although old,
is on a valuable site on the main road, and therefore worthy of
renovation.
The Company's net assets have increased to GBP3,876,324, (2013:
GBP3,669,538) due to an increase in debtors and US dollar cash
deposits. The fall in the value of the US dollar was not a welcome
event when converted back into sterling in the accounts.
Current Trading
The results of the UK trade fairs in January and February 2014
were very encouraging with regard to a new wooden toy range, which
has the advantage of no capital development costs. It is a section
of the toy trade that Casdon has never tapped, and how far we
expand into this sector will depend largely on its performance in
2014. With more of our larger independent retailers taking our
stock directly from China, and therefore bearing the costs of
shipping, import and storage, trade fairs are becoming more a shop
window and preview arena than an order taking venue.
These UK Free on Board (FoB) sales however relieve us from the
usual warehouse costs, results in payment several months quicker,
and in US dollars. These dollars can then be used to pay our
Chinese factory, which also functions as a natural hedge against
currency fluctuations.
Our international trade fairs in Hong Kong, Nuernberg and New
York, have secured us more export business, which now stands at 38%
of the company's turnover.
Future Prospects
Our plans to move some manufacturing to Indonesia have been set
back due to adverse quality assurance issues, revealed by recent
audits. These will have to be addressed before we commit to a
manufacturing program in this country, in spite of preferential
duty tariffs and lower labour costs.
Dividends
The directors recommend no increase in the final dividend paid,
which will remain at 0.75p per share (2013 0.75p), payable on
24(th) September to shareholders on the register on 15(th) August
2014.
Delisting
For the past 25 years the Company has never used its plc status
to raise capital other than the first IPO in 1989, and the
Directors do not believe that the opportunity to raise a meaningful
amount of capital will arise in future. In addition there has not
been a liquid market in the Company's shares for some time, and the
Directors believe that the money and management time saved by no
longer being listed can be used elsewhere in the business for the
benefit of shareholders.
It is our wish to revert back to a private company by way of
delisting from the AIM market.
The reasons for delisting are set out in detail in the circular
published earlier today and which requires your immediate
attention.
In summary it is the Company's intention to continue to:
Pay Dividends as before subject to the Company's
profitability
Provide information to all shareholders
Provide a facility for Shareholders to trade in the Company's
shares.
I personally believe that delisting from the AIM market is in
the best interests of the Company and its shareholders, as do the
other members of the Board.
Paul Cassidy
Chairman
For further information please contact;
Casdon plc
Paul Cassidy Tel 01253 766411
Zeus Capital Limited Tel 0161 831 1512
Nick Cowles
Profit & Loss Account
Company Number 565383
For the year ended 30 April 2014
2014 2013
GBP GBP
Turnover 7,514,756 6,490,088
Cost of Sales (4,923,795) (4,096,810)
GROSS PROFIT 2,590,961 2,393,278
Warehouse & Distribution costs (1,860,438) (1,582,045)
Administrative expenses (461,108) (408,237)
Other operating income 113,000 150,209
OPERATING PROFIT 382,415 553,205
Interest receivable and similar
income 385 284
Interest payable and similar charges (5,120) (4,405)
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 377,680 549,084
Tax on Profit on ordinary activities (88,029) (131,862)
------------ ------------
PROFIT FOR THE FINANCIAL YEAR 289,651 417,222
------------ ------------
EARNINGS PER SHARE - BASIC AND
DILUTED 5.24p 7.55p
============ ============
Balance Sheet
Company Number 565383
At 30 April 2014
2014 2013
GBP GBP GBP GBP
FIXED ASSETS
Tangible assets 2,266,675 2,281,936
2,266,675 2,281,936
CURRENT ASSETS
Stocks 766,782 888,474
Debtors 752,576 547,300
Cash at bank and in hand 863,896 766,696
2,383,254 2,202,470
CREDITORS (amounts falling due
within one year) (746,370) (789,512)
NET CURRENT ASSETS 1,636,884 1,412,958
TOTAL ASSETS LESS CURRENT LIABILITIES 3,903,559 3,694,894
CREDITORS
(amounts falling due after more
than one year) - 0
PROVISIONS FOR LIABILITIES (27,235) (25,356)
NET ASSETS 3,876,324 3,669,538
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share premium account 43,522 43,522
Revaluation reserve 563,989 579,014
Profit and loss account 2,716,378 2,494,567
EQUITY SHAREHOLDERS' FUNDS 3,876,324 3,669,538
Cash Flow Statement
For the year ended 30 April 2014
2014 2013
GBP GBP GBP GBP
NET CASH INFLOW FROM
OPERATING ACTIVITIES 425,761 619,855
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 385 284
Interest paid (5,120) (4,405)
Interest element of finance lease
rental payments - -
(4,735) (4,121)
TAXATION
Corporation tax (133,713) (44,232)
CAPITAL EXPENDITURE
Payments to acquire tangible fixed
assets (127,661) (90,700)
Receipts from sales of tangible
fixed assets 25,999 1,600
----------------- ---------
(101,662) (89,100)
EQUITY DIVIDENDS PAID (82,865) (82,865)
NET CASH INFLOW BEFORE FINANCING 102,786 399,537
FINANCING
Unsecured loan repayments (5,586) (14,216)
Capital element of finance lease
rental payments - 0
NET CASH (OUTFLOW) FROM FINANCING (5,586) (14,216)
INCREASE IN CASH 97,200 385,321
Segmental Breakdown of Sales
An analysis of turnover by
Geographical destination is as
follows: 2014 2013
GBP GBP
United Kingdom 4,659,874 4,895,083
Europe 475,734 301,648
Australia 84,146 -
U.S.A. 1,918,090 1,130,426
Rest Of World 376,910 162,931
7,514,754 6,490,088
========== ===========
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 2013 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 2014, 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 GBP289,651 (2013 GBP417,222) and on the weighted
average number of shares in issue during the year of 5,524,350
(2013 5,524,350).
3. Dividends
The Directors recommend the payment of a final dividend of 0.75p
per share (2013 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
FR EAXXFDEPLEFF
Casdon (LSE:CDY)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Casdon (LSE:CDY)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
