Interim Results
January 25 2002 - 2:00AM
UK Regulatory
RNS Number:3457Q
Cassidy Brothers PLC
25 January 2002
Interim Results to 31 October 2001
Chairman's Statement.
As far back as April 2001 it was evident that the restructuring of the company
was going to produce an excellent return, and thankfully the many obstacles
through which your company has had to navigate are now history. The operating
profit for the half-year to 31 October was £716,455(2000-£220,609); over three
times the figure of twelve months ago.
Interim Dividend
The Directors are confident that these solid results can justify 1.00 pence per
share dividend payable on 8 April 2002. This will apply to ordinary shareholders
on the register at the close of business on 8 February 2002.
Current Trading
Sales turnover is 17% up on last year, which is remarkable as the retail sector
is generally depressed. Your company's growth, however, has not come entirely
from the large house accounts, thus indicating a significant increase in our
customer base. This was brought about by the decision to develop a group of toys
in the lower price band, enabling the independent retailers and the wholesale
trade to collate a profitable selection not targeted by the majors.
Future Prospects
Further negotiation has been conducted with household name brands for 2002, such
as Kentucky Fried Chicken (KFC), Kwik Fit, Nicki Clarke, Barratts confectionery,
Dyson and Morphy Richards. The products endorsed by these companies will
accompany last years successful profit builders. Your company has also entered
into the area of radio control and has developed the first remote control
football player that can move, control the ball and also kick and score goals.
The fact that the World Cup is to be played in 2002 is not a coincidence. This
product and the rest of the range is to be promoted at the forthcoming toy trade
fairs in Hong Kong, London and Nurnberg, and I look forward to proclaiming the
results of these efforts in my next end of year statement.
Paul M. Cassidy
Chairman
25 January 2002
Profit and Loss Account
Six Months Six Months Year
ended ended ended
31 October 2001 31 October 2000 30 April 2000
(unaudited) (unaudited)
£ £ £
Turnover 3,926,977 3,356,180 5,896,165
------------ ------------ ------------
Operating profit 716,455 220,609 109,119
Net interest payable (34,039) (35,760) (57,283)
--------- --------- ---------
Profit on ordinary
activities before taxation 682,416 184,849 51,836
Taxation (136,483) (36,970) -
---------- --------- ---------
Profit attributable to
shareholders 545,933 147,879 51,836
Dividends (see below) (55,243) (15,784) (46,956)
---------- --------- ---------
Retained profit 490,690 132,095 4,880
---------- --------- ---------
Dividends are as follows:
Interim dividend of 1.00p per share
(proposed at 31 October, paid at
8 April) 55,243 15,784 19,334
Final dividend of 0.50p per share - - 27,622
--------- -------- --------
55,243 15,784 46,956
--------- -------- --------
Earnings per share 9.88p 2.67p 0.94p
Balance Sheet
31 October 31 October 30 April
2001 2000 2001
(unaudited) (unaudited)
£ £ £
Fixed assets 2,012,599 1,885,557 1,920,683
------------ ---------- ----------
Current assets 4,869,363 4,266,048 1,855,058
Creditors: amounts falling due
Within one year (3,151,615) (2,780,853) (530,985)
------------ ---------- ----------
Net current assets 1,717,748 1,485,195 1,324,073
------------ ---------- ----------
Total assets less current liabilities 3,730,347 3,370,752 3,244,756
Deferred liabilities and provisions (11,201) (15,080) (16,300)
----------- --------- ---------
Net assets employed 3,719,146 3,355,672 3,228,456
----------- --------- ---------
Share capital 552,435 552,435 552,435
Reserves 3,166,711 2,803,237 2,676,021
----------- --------- ---------
Shareholders' funds 3,719,146 3,355,672 3,228,456
----------- --------- ---------
Notes
The results for the half year ended 31 October 2001, which have been prepared in
accordance with the accounting policies adopted in the financial statements for
the year ended 30 April 2001, are unaudited and do not constitute statutory
accounts as defined in s240 of the Companies Act 1985.
The financial information for the year ended 30 April 2001 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.
Taxation for the six months ended 31 October 2001 has been based on the
estimated effective tax rate for the full year.
Copies of this statement, which are being sent to shareholders, will be
available from the offices of the company:
Cassidy Brothers plc,
Mitcham Road,
Blackpool.
FY4 4QW.
This information is provided by RNS
The company news service from the London Stock Exchange
Casdon (LSE:CDY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Casdon (LSE:CDY)
Historical Stock Chart
From Jul 2023 to Jul 2024
