RNS Number:6769G
Cassidy Brothers PLC
10 July 2001
The issuer has advised that an amendment has been made to the Final Results
announcement released today at 12:00 under RNS Number 6275G.
The dividend per share should read 0.85p and not 0.75p as previously shown.
All other details remain unchanged. The full corrected version is shown
below.'
Chairman's Statement
In the year ended 30 April 2001, gross profit rose by 101% to #2,079,535
(2000:#1,007,148) on turnover slightly down at #5,896,165 (2000: #5,948,496).
A significant factor behind this sharp rise in gross profits can be attributed
to the allocation of costs, hence the corresponding significant rise in
Warehouse and Distribution Costs. The transfer of production to the Far East
has had a corresponding reduction in the charge of Direct Costs which has led
to the re-allocation.
In January this year the Company commenced its full calendar year with an
excellent product range, all of which were produced in the Far East with a
healthy margin and with the Company's UK overheads under control.
Since my interim report to 31 October last year final staff termination costs
have caused a debit against the results, costing approximately #45,000. It
would be true to say that the Company has been slightly overstaffed since the
New Year, but downsizing further would have been short sighted. We have to
look to future growth and our residual staff are flexible, honest and
reliable, and a great asset. With their help your directors have turned an
operating loss of some #290,000 (before exceptionals) to an operating profit
of #109,000.
A further positive point is that the Cash Flow has remained strong throughout
the changes.
Current Trading
The reaction to the Company's new products at the trade fairs was excellent.
The customer response was stunning and it is rewarding to receive compliments
from old customers, welcomed back, who in the past could not accept our
margins.
In spite of the retail sectors disheartened spirits Casdon is "bucking the
trend" with buoyant sales and our turnover for May is 36% up on May last year.
This is significant because we have currently very little Spring/Summer Casdon
product. Such a gap in our range is historical and stems from the vagaries of
the British summer, but is something that we nevertheless plan to plug. We
continue to earn good direct bottom line income from world sales through our
Hong Kong office, and for the first time received two product listings from
J.C.Penney, the US mail order company. We are confidant this will increase as
we develop product also geared to the US market.
Future Prospects
Casdon's strong reputation and relationship with domestic appliance
manufacturers is a great asset, and our portfolio of miniaturization is
probably only matched by old names such as Corgi and Matchbox; still operating
successfully. We have ambitions on the US market, but it is too early to
disclose how we intend to do this. On the home front, the two new products for
Christmas 2001, the DeLonghi Microwave and the Kenwood Chef, have been well
listed, particularly by our major accounts, and I look forward to drafting my
Interim Statement which will be available in January 2002.
Final Dividend
The directors are eager to show their confidence for the coming year and are
pleased to increase the dividend to 0.50 pence per share, payable in September
2001.
PAUL CASSIDY
Chairman
Profit and Loss Account
For the year ended 30 April 2001
2001 2001 2000 2000
# # # #
Turnover 5,896,165 5,948,496
Cost of Sales (3,816,630) (4,941,348)
GROSS PROFIT 2,079,535 1,007,148
Administrative expenses
- Exceptional (593,885)
- Other (465,087) (362,918)
(465,087) (956,803)
Warehouse & Distribution costs (1,525,909) (933,788)
Other operating income 20,580 -
Operating profit / (loss) before 109,119 (289,558)
exceptional expenses
Exceptional expenses 2 - (593,885)
OPERATING PROFIT / (LOSS) 109,119 (883,443)
Interest receivable and similar income 11,814 2,860
Interest payable and similar charges (69,097) (65,999)
PROFIT / (LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION 51,836 (946,582)
Tax on profit / (loss) on ordinary - 40,138
activities
PROFIT / (LOSS) FOR THE FINANCIAL YEAR 51,836 (906,444)
Dividends (46,956) (27,622)
PROFIT / (LOSS) SUSTAINED FOR THE YEAR 4,880 (934,066)
EARNINGS / (LOSS) PER SHARE 3 0.94p (16.41p)
DIVIDEND PER SHARE 4 0.85p 0.50p
Balance Sheet
At 30 April 2001
2001 2000
# # # #
FIXED ASSETS
Tangible assets 1,920,683 1,975,284
1,920,683 1,975,284
CURRENT ASSETS
Stocks 961,875 1,034,752
Debtors 557,231 592,981
Cash at bank and in hand 335,952 416,824
1,855,058 2,044,557
CREDITORS (amounts falling due within (530,985) (784,058)
one year)
NET CURRENT ASSETS 1,324,073 1,260,499
TOTAL ASSETS LESS CURRENT LIABILITIES 3,244,756 3,235,783
CREDITORS
(amounts falling due after more than one (16,300) (12,207)
year)
PROVISIONS FOR LIABILITIES AND CHARGES - -
NET ASSETS 3,228,456 3,223,576
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share premium account 43,522 43,522
Revaluation reserve 626,302 639,094
Profit and loss account 2,006,197 1,988,525
EQUITY SHAREHOLDERS' FUNDS 3,228,456 3,223,576
Cash Flow Statement
For the year ended 30 April 2001
2001 2000
# # # #
NET CASH INFLOW FROM
OPERATING ACTIVITIES 265,114 1,194,815
Interest received 11,814 2,860
Interest paid (67,047) (61,525)
Interest element of finance lease rental (2,050) (4,474)
payments
(57,283) (63,139)
TAXATION
Corporation tax paid - (3,138)
CAPITAL EXPENDITURE
Payments to acquire tangible fixed (207,539) (198,648)
assets
Receipts from sales of tangible fixed 51,715 -
assets
EQUITY DIVIDENDS PAID (33,145) (13,811)
NET CASH INFLOW BEFORE
USE OF LIQUID RESOURCES AND FINANCING 18,862 916,079
FINANCING
Repayment of unsecured directors' loan (63,041) -
Capital element of finance lease rental (24,911) (30,842)
payments
(DECREASE) / INCREASE IN CASH (69,090) 885,237
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 2000 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 2001, nor have any such
accounts been delivered to the Registrar of Companies.
2. EXCEPTIONAL COSTS
As a consequence of the decision to focus production in the Far East
exceptional costs of #243,885 were incurred during the year ended 30 April
2000 in reducing the UK workforce and #350,000 was charged in recognising the
impairment of production machinery located in the UK.
3. EARNINGS / (LOSS) PER SHARE
Earnings / (Loss) per share are calculated on profit for the financial year of
#51,836 (2000: loss (#906,444)) and on the weighted average number of shares
in issue during the year of 5,524,350 (2000, 5,524,350).
4. DIVIDENDS
The Directors recommend a final dividend payment of 0.50p per Ordinary Share
be declared payable on 7 September 2001 to shareholders registered at close of
business on 20 July 2001.
5. COPIES OF REPORTS
Copies of the Report and Accounts will be posted to shareholders shortly.
Copies of this announcement will be available for a period of one month from
the Company's offices at Mitcham Road, Blackpool, Lancashire FY4 4QW.
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