TIDMCDY
RNS Number : 0961J
Casdon PLC
02 August 2012
Casdon plc (the 'Company')
Preliminary Announcement of results for the year ended 30(th)
April 2012
Chairman's Statement
Revenue for the 12 months ended 30(th) April 2012 of
GBP5,266,073 (2011: GBP5,360,444) is slightly down on the previous
year.
We have nevertheless increased our gross profit by ensuring that
sales generated are at 'reasonable margins', and benefited from a
softening of importation costs from China. These two factors
combined to give a gross profit GBP1,882,726, (2011:
GBP1,704,088).
During the year three staff with a combined total of seventy
years' service accepted redundancy packages totalling GBP58,000.
These positions have not been replaced with permanent staff.
In spite of these costs the Company has generated profit before
tax of GBP215,344 (2011: Loss of GBP198,744).
Our strong balance sheet continues to support the company with
fixed assets of GBP2,336,190 (2011: GBP2,421,501).
Current Trading
Having returned from a recent trade fair for the independent toy
retailers, I found their demeanour showed a quiet confidence in
spite of the gloom from the printed media, and the orders taken
were 'par' for the time of year. This was a pleasant surprise as
the independent retail sector has had a difficult couple of years,
but as many have embraced the additional 'on-line' route they are
now reaping the rewards. The high street, grocers and all 'on-line'
traders, including the grocers' web sites are showing encouraging
sales. This is a good sign for Casdon as our sales are
predominantly for the Christmas period, and supports the belief
that Brand names are searched for by the 'on-line' buying
public.
Future Prospects
We have vigorously pursued overseas sales for many years, this
now represents 25% of the Company's turnover, and is growing. This
is in no small part to the persistence, diligence and organisation
of our Sales and Development team, and huge thanks is due to them
from me especially.
All sales are administered from our Blackpool offices, as are
also instructions for production and shipping from the factories in
China. With the exception of the UK, we invoice in US Dollars
irrespective of the country of destination. This position is a
comfort, as the majority of purchases are in Dollars, and the
uncertainty of the Sterling/Dollar exchange rate is not so much of
an issue. Factors which could be a challenge however are the
uncertainties over the future of the Euro, and the possibility of a
UK referendum on EU membership. These could adversely affect the
Dollar exchange rate and hence our buying and selling prices in the
UK.
Chinese Labour costs continue to rise, and the decision has been
taken to move production of certain items to manufacturing plants
in Indonesia, which has lower inflation, stable wages and currency.
This is a three year project, and has to be planned carefully.
Product tooling, which has to be shipped the 2,500 mile passage,
will be out of production for over three months as assembly
training will also be required.
Further studies are being undertaken to recommence manufacture
in the UK. Initially this could concern just two or three products
that have minimal assembly costs, and further savings could be made
on shipping and import duty. Each would need be designed and
retooled to gain maximum cost advantage.
In conclusion, I believe the Company has every reason to be
optimistic about its future, as long as we remain fully aware of
the 'financials' in the current uncertain world.
Final Dividend
As the Company's future plans will probably require significant
investment the Directors recommend a final dividend of 0.75p per
share (2011: nil).
Paul Cassidy
Chairman
For further information please contact;
Casdon plc
Paul Cassidy Tel 01253 766411
Zeus Capital Limited Tel 0161 831 1512
Ross Andrews
Nick Cowles
Profit & Loss Account
Company Number 565383
For the year ended 30 April 2012
2012 2011
------------
GBP GBP
Turnover 5,266,073 5,360,444
Cost of Sales (3,383,347) (3,656,356)
GROSS PROFIT 1,882,726 1,704,088
------------
Warehouse & Distribution costs (1,287,500) (1,580,932)
Administrative expenses (496,216) (431,773)
Other operating income 130,914 134,778
OPERATING PROFIT / (LOSS) 229,924 (173,839)
Interest receivable and similar
income 299 779
Interest payable and similar charges (14,879) (25,684)
PROFIT / (LOSS) ON ORDINARY ACTIVITIES
------------
BEFORE TAXATION 215,344 (198,744)
Tax on Profit / (Loss) on ordinary
activities (42,971) 31,806
------------ ------------
PROFIT / (LOSS) FOR THE FINANCIAL
YEAR 172,373 (166,938)
------------ ------------
EARNINGS / (LOSS) PER SHARE -
BASIC AND 3.12 (3.02)
============ ============
DILUTED
Balance Sheet
Company Number 565383
At 30 April 2012
2012 2011
GBP GBP GBP GBP
FIXED ASSETS
Tangible assets 2,336,190 2,421,501
2,336,190 2,421,501
CURRENT ASSETS
Stocks 754,198 784,362
Debtors 525,927 656,492
Cash at bank and in hand 381,375 19,337
1,661,500 1,460,191
CREDITORS (amounts falling
due within one year) (631,587) (587,300)
NET CURRENT ASSETS 1,029,913 872,891
TOTAL ASSETS LESS CURRENT LIABILITIES 3,366,103 3,294,392
CREDITORS
(amounts falling due after
more than one year) (3,266) (19,802)
PROVISIONS FOR LIABILITIES (27,656) (28,917)
NET ASSETS 3,335,181 3,245,673
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share premium account 43,522 43,522
Revaluation reserve 594,039 609,064
Profit and loss account 2,145,185 2,040,652
EQUITY SHAREHOLDERS' FUNDS 3,335,181 3,245,673
Cash Flow Statement
For the year ended 30 April 2012
2012 2011
GBP GBP GBP GBP
NET CASH INFLOW /(OUTFLOW) FROM
OPERATING ACTIVITIES 740,456 (201,371)
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 299 779
Interest paid (14,561) (24,997)
Interest element of finance lease
rental payments (318) (687)
(14,580) (24,905)
TAXATION
Corporation tax 33,642 (33,642)
CAPITAL EXPENDITURE
Payments to acquire tangible fixed
assets (65,782) (315,254)
Receipts from sales of tangible
fixed assets - -
--------- ----------
(65,782) (315,254)
EQUITY DIVIDENDS PAID (82,865) (151,918)
NET CASH INFLOW (OUTFLOW) BEFORE
FINANCING 610,871 (727,090)
FINANCING
Short Term Loans - 42,676
Unsecured loan repayments (16,536) (6,338)
Capital element of finance lease
rental payments (6,776) (7,702)
NET CASH (OUTFLOW) INFLOW FROM
FINANCING (23,312) 28,636
INCREASE (DECREASE) IN CASH 587,559 (698,454)
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 2011 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 2012, 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 GBP172,373 (2011: Loss of GBP166,938) 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 (2011: nil).
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.comand, 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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