RNS Number:0263O
Cassidy Brothers PLC
18 July 2000
Chairman's Statement
During the year the Company substantially reduced its UK workforce, with the
attendant redundancy and other costs amounting to #243,885. The Company's
objective of moving its manufacturing base to China is almost complete, along
with the transfer of the Company's manufacturing tools. Surplus plant arising
from this re-basing will be sold and therefore the anticipated book loss of
approximately #350,000 has been reflected in this year's accounts.
Final Dividend
The directors feel that the time is not yet right to be more generous with the
dividend than at the Interim, and therefore we recommend again a dividend of
0.25p per share, payable in September 2000.
Current Trading
We had a good excellent response to our new range at the trade fairs in
January and February 2000. The Company's policy of designing our own products
and developing household branded lookalikes is proving a reliable formula. The
Hotpoint Washing Machine received listings from all our major customers, and
although it was expected to receive deliveries in April in time to add some
valuable contributions to the bottom line, the first consignment arrived in
May, some two weeks too late for the 1999-2000 figures. The Supermarket
Checkout, which was new last year, has received some good extra listings which
is indicative of a product in increasing demand. The decision to make a toy
Breakfast Set was the right decision, the return of chrome to real kitchen
appliances has come full circle in 25 years, and the timing of the Casdon
version of the Breville kettle and toaster could not have been better.
Breville's main competitors have copied the distinctive kettle design, as
fashion dictated demand. The new Dyson DC05 (the Dyson cylinder type) was
developed with European sales in mind, but tooling wasn't finished in time.
Nevertheless we are receiving demand from the UK market that is higher than
expected.
Future Prospects
The transition to overseas manufacture of our production and the subsequent
reduction in the Company's cost base has been achieved during a very difficult
year for your Company. It has taken a significant part of the year to produce
a new product range that we believe is right for the market and having
achieved this end, your Board is exploring all possibilities to promote
greater market awareness of our product range, which your Board believes has
improved in a way that should be reflected in a better Christmas season this
year.
PAUL CASSIDY
Chairman
Profit and Loss Account
For the year ended 30 April 2000
2000 2000 1999 1999
# # # #
Turnover 5,948,496 7,258,770
Cost of Sales (4,941,348) (5,654,998)
GROSS PROFIT 1,007,148 1,603,772
Administrative expenses
- Exceptional (593,885) -
- Other (362,918) (489,081)
(956,803) (489,081)
Distribution costs (933,788) (990,688)
Other operating income - 72
Operating (loss)/
profit before
exceptional expenses (289,558) 124,075
Exceptional expenses 2 (593,885) -
OPERATING (LOSS)/PROFIT (883,443) 124,075
Interest receivable
and similar income 2,860 27
Interest payable
and similar charges (65,999) (118,782)
(LOSS)/PROFIT
ON ORDINARY ACTIVITIES
BEFORE TAXATION (946,582) 5,320
Tax on (loss)/
profit on
ordinary activities 40,138 500
(LOSS)/PROFIT
FOR THE FINANCIAL YEAR (906,444) 5,820
Dividends (27,622) (165,731)
LOSS SUSTAINED FOR THE YEAR (934,066) (159,911)
(LOSS) / EARNINGS PER SHARE 3 (16.41p) 0.11p
DIVIDEND PER SHARE 4 0.5p 2.25p
Balance Sheet
At 30 April 2000
2000 1999
# # # #
FIXED ASSETS
Tangible assets 1,975,284 2,488,732
1,975,284 2,488,732
CURRENT ASSETS
Stocks 1,034,752 2,309,876
Debtors 592,981 800,352
Cash at bank and in hand 416,824 18,409
2,044,557 3,128,637
CREDITORS (amounts
falling due within
one year) (784,058) (1,403,505)
NET CURRENT ASSETS 1,260,499 1,725,132
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,235,783 4,213,864
CREDITORS
(amounts falling
due after more
than one year) (12,207) (19,222)
PROVISIONS FOR
LIABILITIES AND CHARGES - (37,000)
NET ASSETS 3,223,576 4,157,642
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share premium account 43,522 43,522
Revaluation reserve 639,094 942,723
Profit and loss account 1,988,525 2,618,962
EQUITY SHAREHOLDERS' FUNDS 3,223,576 4,157,642
Cash Flow Statement
For the year ended 30 April 2000
2000 1999
# # # #
NET CASH INFLOW FROM
OPERATING ACTIVITIES 1,194,815 211,308
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 2,860 27
Interest paid (61,525) (109,956)
Interest element of
finance lease
rental payments (4,474) (8,826)
(63,139) (118,755)
TAXATION
Corporation tax paid (3,138) (41,433)
CAPITAL EXPENDITURE
Payments to acquire
tangible fixed assets (198,648) (172,226)
EQUITY DIVIDENDS PAID (13,811) (165,731)
NET CASH INFLOW / (OUTFLOW)
BEFORE USE OF LIQUID
RESOURCES AND FINANCING 916,079 (286,837)
FINANCING
Capital element of finance
lease rental payments (30,842) (60,350)
NET CASH OUTFLOW FROM
FINANCING (30,842) (60,350)
INCREASE / (DECREASE)
IN CASH 885,237 (347,187)
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 April 1999 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, and did not contain any
statement under section 237 (2) or (3) of Companies Act 1985. The auditors
have not reported on the accounts for the year ended 30 April 2000, nor have
any such accounts been delivered to the Registrar of Companies.
2 EXCEPTIONAL COSTS
As a consequence or the decision to focus production in the Far East
exceptional costs of #243,885 have been incurred in reducing the UK workforce
and #350,000 has been charged in recognising the impairment of production
machinery located in the UK.
3 (LOSS)/EARNINGS PER SHARE
(Loss)/Earnings per share are calculated on the loss for the financial year of
(#906,444) (1999:profit #5,820) and on the weighted average number of shares
in issue during the year of 5,524,350 (1999, 5,524,350).
4 DIVIDENDS
The Directors recommend a final dividend payment of 0.25p per Ordinary Share
be declared payable on 29 September 2000 to shareholders registered at close
of business on 11 August 2000. The shares are expected to go ex dividend on 7
August 2000.
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