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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