RNS Number:1497Q
Cassidy Brothers PLC
25 January 2007
The following replaces the Interim Results announcement released at 10:25 on 25
January 2007, RNS Number 1225Q
This announcement stated that "the Board has therefore announced an interim
dividend of 0.07 pence per share (2006: Final Dividend 0.05 pence per share)"
which should have read, "the Board has therefore announced an interim dividend
of 0.7 pence per share (2006: Final Dividend 0.5 pence per share)". The correct
version is reproduced below.
CASSIDY BROTHERS plc (the "Company")
Interim Results to 31 October 2006
Chairman's Statement
I am pleased to report a continued improvement in the Company's performance,
during the six months to 31st October 2006 in which turnover rose 5.0% to #1.80
million (2005: #1.71 million) and profit before taxation increased to #265,597
(2005: #50,143). The improvement in profitability is due to higher sales and a
10% reduction in operating and administrative costs. This has been accompanied
by a 24% reduction in stock levels at 31st October 2006 compared with 31st
October 2005.
The Company's balance sheet remains strong. As at 31st October 2006 the Company
had net assets of #3,392,672, representing a net asset value of 61.4 pence per
share (2005: 55.5 pence per share).
Current Trading
The Company vacated its former office on 14th August 2006 and moved to newly
built premises located within the main warehouse. The new offices also boasted a
new computer and IP telephone system. This development was financed entirely
from current cash resources. Refurbishment of the former offices required
significant investment to meet new health and safety standards prior to any
tenancy occupation, and again this was financed from the Company's existing cash
resources. Thankfully the majority of this work is behind us and the first floor
has been occupied since 7th January 2007 for an annual income of approximately
#22,000 plus a reduction in local authority rates payable of #6,500 per annum.
The office ground floor is currently still vacant but we are marketing this
through local agents. Following the refurbishment of both properties the Board
intends to obtain an independent valuation of the Company's properties for
inclusion in the 2007 accounts. The Board anticipates that this will reveal a
significant increase in value over the current book cost.
The UK market in 2006 has seen a further reduction in the number of independent
retailers as the high street multiples and supermarkets take more of their
business. Ironically, Casdon's own increases have not come from these multiples
but from a mixture of new UK business, specialist toy retail chains, mail order,
wholesale distributors and internet companies. The high street multiples have to
'cherry pick' their range, their shelf and catalogue space is too valuable, and
whereas Casdon have some unique cherries, we haven't had enough of them these
last two or three years. Internet trading has been a valuable experience for
us, but although profitable it hasn't generated enough revenue to justify the
time spent on its administration. It was never our intention to under cut the
prices of our own customers but I will comment on this further in my year end
statement.
Interim Dividend
The Directors are confident that the prospects for the Company will continue to
make good progress in 2007 and the Board has therefore announced an interim
dividend of 0.7 pence per share (2006: Final Dividend 0.5 pence per share) to be
paid on 10 April 2007 to shareholders on the register on 9 March 2007. The
Directors would like to thank all shareholders for their continuing support.
Future Prospects
The Company intends to launch eighteen new products designed in the UK by Casdon
during 2007. All of the products are classic Casdon items in the genre of
Shopping, Household, and Dolls Accessories. The latter group, which we
manufactured in the UK up until the mid 1990's, once represented 30% of the
Company's turnover, and consisted of products such as cots, highchairs, prams
and doll carry seats. This range suffered from Far East competition during the
late 1990's and when our largest accounts developed their 'own brand' ranges
they gradually replaced the Casdon brand. There is, however, a current trend in
the toy market for a large 46cm (18 inch) doll, for which our range has been
designed, and Casdon plan to promote this range through a television campaign,
which will run from September 2007.
We are seeing continuing progress from our successful PegSculpture range the
patents for which were granted this year in the UK and Hong Kong. We are
pleased to report that one of the two products taken by Argos is to be continued
in their Spring/Summer catalogue, and a US company that manufactures a forensic
activity range based on the popular TV series CSI will now pay us royalties on
their sales. The Little Henry Vacuum Cleaner has proved successful and sales are
expected to increase during 2007. Our FOB Hong Kong business continues to
increase with more business enquiries for the toy Dyson coming from Germany,
Japan and the USA. I will be able to comment in more detail in my year end
statement after the 2007 trade fairs in the UK, Germany and New York.
Paul M. Cassidy
Chairman
23 January 2007
CASSIDY BROTHERS plc
INTERIM RESULTS
Profit & Loss Account Six months Six months Year
ended ended ended
31 October 31 October 30 April
2006 2005 2006
(unaudited) (unaudited)
# # #
Turnover 1,796,798 1,710,590 3,245,965
Cost of Sales (1,026,054) (1,203,685) (1,921,567)
Gross Profit 770,744 506,905 1,324,398
Warehouse and Distribution Costs (366,383) (405,427) (922,426)
Administrative Expenses (194,630) (217,915) (443,284)
Other Operating Income 56,717 30,148 87,476
Operating profit / (loss) 266,448 (86,289) 46,164
Net interest receivable / (payable) (851) 1,539 3,979
Profit / (loss) on ordinary
activities before taxation 265,597 (84,750) 50,143
Taxation (50,463) - 6,099
Profit / (loss) attributable
to shareholders 215,134 (84,750) 56,242
Dividends (27,620) -
Retained profit / (loss) 187,514 (84,750) 56,242
Earnings per share 3.89p (1.53)p 1.02p
Summarised Balance Sheets As at As at As at
31 October 31 October 30 April
2006 2005 2006
(unaudited) (unaudited)
# # #
Fixed assets 1,955,685 1,885,520 1,873,011
Stock 383,992 503,594 291,246
Debtors 1,294,578 1,352,420 422,425
Cash 400,136 188,828 1,031,266
Current assets 2,078,706 2,044,842 1,744,937
Creditors: amounts falling due
within one year (581,719) (808,196) (352,790)
Net current assets 1,496,987 1,236,646 1,392,147
Total assets less current liabilities 3,452,672 3,122,166 3,265,158
Deferred liabilities and provisions (60,000) (58,000) (60,000)
Net assets employed 3,392,672 3,064,166 3,205,158
Share capital 552,435 552,435 552,435
Reserves 2,840,237 2,511,731 2,652,723
Shareholders' funds 3,392,672 3,064,166 3,205,158
NAV per share 61.4p 55.5p 58.01p
Cash Flow Statement Six Months Six Months Year
Ended Ended Ended
31 October 31 October 30 April
2006 2005 2006
# # #
Operating Profit 266,448 (86,289) 46,164
Depreciation charges 45,431 51,453 106,799
Loss on sale of tangible fixed assets 32,352 32,352
(Increase) / Decrease in Stock (92,746) (7,255) 205,093
Decrease / (Increase) in Debtors (872,153) (882,587) 55,507
Increase / (Decrease) in Creditors 149,839 172,531 (148,342)
(503,181) (719,795) 297,573
Net Interest (paid)/received (851) 1,539 3,979
Taxation 67,394
Capital Expenditure (128,105) (61,886) (109,076)
Equity Dividends paid (27,620)
Unsecured loan and Finance lease 29,761 (21,750)
(Decrease) / increase in Cash Flow (659,757) (750,381) 238,120
Notes
1. The results for the half year ended 31 October 2006, which have been prepared
in accordance with the accounting policies adopted in the financial
statements for the year ended 30 April 2006, 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 2006 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 2006 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 entirely to provisions for
deferred taxation.
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
END
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