TIDMCDY
RNS Number : 0060A
Casdon PLC
25 January 2011
CASDON plc (the "Company")
Interim Results to 31 October 2010
Chairman's Statement
The Company results for the six months to 31 October 2010 has
shown an increase in turnover to GBP3,208,401 (2009: GBP3,033,375)
and an interim profit before taxation of GBP126,914 (2009:
GBP334,928).
The Company maintains a strong balance sheet with net assets of
GBP3,554 304 (2009: GBP3,716,240), representing a net asset value
of 64.3 pence per share (2009: 67.3 pence per share). As at 31
October 2010 the Company had a cash balance of GBP462,727 (2009:
GBP508,186). The decrease in cash is due to the financing of
additional stock at favourable prices for Spring Summer 2011.
Current Trading
The UK toy market trading has been bullish over Christmas 2010
but the trade anticipates inflationary prices in 2011. Internet
traders continue to expand and independent toy shops who have a
foot in both camps are thankful for the extra revenue
generated.
Two major areas of necessary expenditure that have been overdue
for a number of years have impacted on our interim profit.
The first area was to present Casdon in a new and fresh image,
and as the company has always been fondly known as Casdon Toys by
the trade and the consumer alike, a company name change from
Cassidy Brothers plc to Casdon plc was thought to be a good move.
This engendered a further desire to re-design the product
packaging, especially as 2011 marks the company's 65th anniversary.
A graphics company was, therefore, commissioned to take on the full
task of child model photography, packaging design and exhibition
stand styling. This investment will present Casdon in 2011 in a
vibrant and upbeat image for at least the next three years.
The second area of expenditure was the company's property and
warehousing, embracing the new health and safety legislation,
energy cost saving and some demolition. The company's 30 year old
fluorescent lighting system was replaced in the main warehouse and
offices and an old building from 1957 which was little used, due to
the low ceiling height, was demolished. This area, when resurfaced
will create additional parking space, and saving on local authority
rates.
Future Prospects
The new Hong Kong office/showroom is to be used in 2011 for the
first time during the Hong Kong Toy Fair in early January and will
receive overseas buyers by appointment.
Three Casdon executives will be there for the week. Joint M.D.'s
Philip and Peter Cassidy and Sales Manager Roger Howard, each with
their expertise. Philip and Roger are to share the responsibilities
of sales between the exhibition stand and the office/showroom.
Peter's time will be spent mainly in the China factory overseeing
new 2011 developments, tooling and cost savings on the production
lines. This latter area is an aspect the Chinese have now to focus
on as inflation and national wage increases impact costings and,
therefore, factory gate prices worldwide.
Interim Dividend
As the Company's expenditure has affected mid-term profits, the
Directors feel that an interim dividend of 0.75 pence per share
would be prudent (2009: Interim Dividend 2.0 pence per share) to be
paid on 11 April 2011 to shareholders on the register on 4 March
2011.
The Directors would like to wish all shareholders a prosperous
new year for 2011, and to thank you all for your support.
Paul M. Cassidy
Chairman
24 January 2011
Profit & Loss Account Six months Six months Year
ended ended ended
31 October 31 October 30 April
2010 2009 2010
(unaudited) (unaudited)
GBP GBP GBP
Turnover 3,208,401 3,033,375 4,819,263
----------- ----------- -----------
Cost of Sales (2,346,912) (2,055,203) (3,146,320)
----------- ----------- -----------
Gross Profit 861,489 978,172 1,672,943
Warehouse and Distribution
Costs (582,718) (492,664) (1,131,605)
Administrative Expenses (210,238) (224,608) (415,755)
Other Operating Income 69,767 80,258 140,121
Operating profit 138,300 341,158 265,704
Net interest payable (11,386) (6,230) (9,359)
----------- ----------- -----------
Profit on ordinary
activities before taxation 126,914 334,928 256,345
Taxation (26,652) (73,391) (36,032)
----------- ----------- -----------
Profit attributable
to shareholders 100,262 261,537 220,313
Dividends (110,487) (110,487) (220,974)
Retained profit (10,225) 151,050 (661)
=========== =========== ===========
Earnings per share 1.81p 4.73p 3.99p
Summarised Balance Sheets As at As at As at
31 October 31 October 30 April
2010 2009 2010
(unaudited) (unaudited)
GBP GBP GBP
Fixed assets 2,412,963 2,244,243 2,267,731
----------- ----------- -----------
Stock 817,249 681,440 710,955
Debtors 2,171,358 1,869,508 521,247
Cash 462,727 508,186 563,490
Current assets 3,451,334 3,059,134 1,795,692
----------- ----------- -----------
Creditors: amounts falling
due
within one year (2,279,923) (1,547,191) (465,037)
----------- ----------- -----------
Net current assets 1,171,411 1,511,943 1,330,655
----------- ----------- -----------
Total assets less current liabilities 3,548,374 3,756,186 3,598,386
Deferred liabilities and provisions (30,070) (39,946) (33,857)
Net assets employed 3,554,304 3,716,240 3,564,529
----------- ----------- -----------
Share capital 552,435 552,435 552,435
Reserves 3,001,869 3,163,805 3,012,094
Shareholders' funds 3,554,304 3,716,240 3,564,529
----------- ----------- -----------
NAV per share 64.3p 67.3p 64.5p
----------- ----------- -----------
Cash Flow Statement Six Months Six Months Year
Ended Ended Ended
31 October 31 October 30 April
2010 2009 2010
GBP GBP GBP
Operating Profit 138,300 341,158 265,704
Depreciation charges 77,130 71,110 139,956
Profits on sale of tangible
fixed assets 2,025 (2,875)
(Increase) / Decrease in Stock (106,294) 171,918 142,403
(Increase) in Debtors (1,650,111) (1,359,354) (11,093)
Increase in Creditors 297,497 282,344 6,212
(1,243,478) (490,799) 540,307
Net Interest paid (11,386) (6,230) (9,359)
Taxation (55,309)
Capital Expenditure (222,362) (108,513) (195,947)
Equity Dividends paid (110,487) (110,487) (220,974)
Unsecured loan and Finance
lease (3,787) (3,532) (7,190)
(Decrease) / Increase in Cash
Flow (1,591,500) (719,561) 51,528
----------- ----------- ---------
Notes
1. The results for the half year ended 31 October 2010, which
have been prepared in accordance with the accounting policies
adopted in the financial statements for the year ended 30 April
2010, 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 April 2010 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 2010 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 sent to shareholders in due
course. Further copies will be available to the public from the
Company's registered office, Cornford Road, Off Clifton Road,
Marton, Blackpool, FY4 4QQ and on the Company's website
www.casdon.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMPGUPGGBC
Casdon (LSE:CDY)
過去 株価チャート
から 11 2024 まで 12 2024
Casdon (LSE:CDY)
過去 株価チャート
から 12 2023 まで 12 2024
