RNS Number:8476X
Cassidy Brothers PLC
28 June 2002
Chairman's Statement
I have been looking forward to drafting this final report since my last
preliminary statement, for which there has been good reason. Your Company's
profit on ordinary activities before tax for the year ended 30th April 2002 is
£662,000, a very creditable achievment and in illuminated contrast to that of
twelve months ago.
There are several reasons for this remarkable result: we have had a full year of
sales on two excellent new products introduced into the range late in year 2000,
namely the Hotpoint Washer and Hotpoint Cooker, and your Company's honed ability
to spot opportunities within the domestic appliance white goods sector and
elsewhere to produce children's role play lookalike toys. The shape of a toy
lookalike is important, and if it is memorable in its adult form so much the
better. A Dyson can only be a Dyson, a Kenwood Chef can only be just that, so
there is now a Casdon Kenwood Chef introduced in 2001. A standard microwave oven
has an uninspiring shape and even resembles a television: we wanted one that was
different and the Italian domestic appliance company, DeLonghi, produced one
that really caught the eye on the shelf and was regularly seen as a prop on
Coronation Street, so Casdon replicated this as well for 2001. The shipping
costs which doubled in 1999-2000 have now come back down to 1998 prices, and the
stable exchange rate with the strong pound has benefitted our buying prices
resulting in higher gross margins: all this has been a contributory factor in
creating these figures. We now subscribe to a market intelligence agency called
NPD who process sales information electronically from a group of retailers
equipped with EPoS (Electronic Point of Sale data recording). Data provided by
NPD in 2001 placed Casdon as having nine of the top twenty role play toys sold
in the UK, and of the top ten selling pre-school toys by value Casdon have two
of them, without TV advertising costs - so what has 2002/2003 got in store?
Current Trading
The toy trade consists of many categories, and we decided to develop two
products that were mavericks to Casdon's core area. This is always a gamble but
we succeeded, and the early nail biting anxieties of the January trade fairs
have evaporated and been replaced with a vibrant optimism because both products
were selected for immediate delivery by the whole toy trade. What are they? To
say we developed a 'car service garage' is somewhat prosaic, but to add to it
the narrative 'Kwik Fit' and already you are tapping your foot to the old TV
advertising jingle which we placed on the sound effect chip. It had the same
effect on the buyers, and this product is the forerunner of a motor vehicle boys
range. The next product tapped into nostalgia, with the introduction of an old
pick and mix sweet shop, with lollipops, balance scales, rectangular glass
effect jars and a cash drawer. It is not straight forward to make and distribute
something like this because the plastic components must be made from food grade
materials in a food licensed factory; the sweets, all sealed, are made in
Pontefract, Yorkshire, and the whole thing put together in Blackpool. It wasn't
easy - so that's why we did it. Both products were selected by our major
customers. Just two common sense toys, making commercial sense and destined to
produce some great results for 2002/2003.
Future Prospects
We believe the time is right for full rein to be given to diversifying into
other toy categories. For the first time 2003 will see Casdon using target TV
advertising as a strategy to expand not only sales volume but distribution
spread. The products are already on the table for Christmas 2003.
Final Dividend
I wonder how many will read this first? Maybe I should put it at the beginning
in future. Your Directors are happy to announce a dividend of 2.125 pence per
share, and this will be payable on 6th September 2002 to shareholders registered
by 19th July 2002.
PAUL CASSIDY
Chairman
Profit and Loss Account
For the year ended 30 April 2002
Profit and Loss Account
For the year ended 30 April 2002
Notes 2002 2001
£ £
Turnover 6,301,520 5,896,165
Cost of Sales (3,640,181) (3,816,630)
GROSS PROFIT 2,661,339 2,079,535
Warehouse & Distribution costs (1,386,915) (1,525,909)
Administrative expenses (567,891) (465,087)
Other operating income 10,162 20,580
OPERATING PROFIT 716,695 109,119
Interest receivable and similar income 9,680 11,814
Interest payable and similar charges (64,613) (69,097)
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 661,762 51,836
Tax on profit on ordinary activities (80,765) -
PROFIT FOR THE FINANCIAL YEAR 580,997 51,836
Dividends (172,635) (46,956)
PROFIT RETAINED FOR THE YEAR 408,362 4,880
EARNINGS PER SHARE 2 10.52p 0.94p
DIVIDEND PER SHARE 3 2.125p 0.85p
Balance Sheet
At 30 April 2002
2002 2001
£ £ £ £
FIXED ASSETS
Tangible assets 2,088,704 1,920,683
CURRENT ASSETS
Stocks 911,632 961,875
Debtors 538,091 557,231
Cash at bank and in hand 1,068,779 335,952
2,518,502 1,855,058
CREDITORS (amounts falling due within one year) (848,784) (530,985)
NET CURRENT ASSETS 1,669,718 1,324,073
TOTAL ASSETS LESS CURRENT LIABILITIES 3,758,422 3,244,756
CREDITORS
(amounts falling due after more than one year) (49,604) (16,300)
PROVISIONS FOR LIABILITIES AND CHARGES (72,000) -
NET ASSETS 3,636,818 3,228,456
CAPITAL AND RESERVES
Called up share capital 552,435 552,435
Share premium account 43,522 43,522
Revaluation reserve 612,507 626,302
Profit and loss account 2,428,354 2,006,197
EQUITY SHAREHOLDERS' FUNDS 3,636,818 3,228,456
Cash Flow Statement
For the year ended 30 April 2002
2002 2001
£ £ £ £
NET CASH INFLOW FROM
OPERATING ACTIVITIES 1,197,724 265,114
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 9,680 11,814
Interest paid (61,726) (67,047)
Interest element of finance lease rental payments (2,887) (2,050)
(54,933) (57,283)
TAXATION
Corporation tax 18,543 -
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets (305,614) (207,539)
Receipts from sales of tangible fixed assets 12,300 51,715
(293,314) (155,824)
EQUITY DIVIDENDS PAID (82,865) (33,145)
NET CASH INFLOW 785,155 18,862
FINANCING
Repayment of unsecured directors' loan (39,816) (63,041)
Capital element of finance lease rental payments (12,512) (24,911)
NET CASH OUTFLOW FROM FINANCING (52,328) (87,952)
INCREASE / (DECREASE) IN CASH 732,827 (69,090)
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 2001 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 reported on the
accounts for the year ended 30 April 2002, but such accounts have not
yet been delivered to the Registrar of Companies.
2 EARNINGS PER SHARE
Earnings per share are calculated on profit for the financial year of
£580,997 (2001:£51,836)) and on the weighted average number of shares
in issue during the year of 5,524,350 (2001, 5,524,350).
3 DIVIDENDS
The Directors recommend a final dividend payment of 2.125p per
Ordinary Share be declared payable on 6 September 2002 to
shareholders registered at close of business on 19 July 2002.
4 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.
This information is provided by RNS
The company news service from the London Stock Exchange
Casdon (LSE:CDY)
Historical Stock Chart
From May 2024 to Jun 2024
Casdon (LSE:CDY)
Historical Stock Chart
From Jun 2023 to Jun 2024
