Interim Results
January 25 2001 - 7:00AM
UK Regulatory
RNS Number:7855X
Cassidy Brothers PLC
25 January 2001
Interim results to 31 October 2000
Chairman's statement
The labours of the last three years have begun to restore the Company's good
fortunes. With the drastic downsizing of the UK workforce and the costs now
behind us, we have pleasure in announcing a significant half-year profit
before tax of #184,849 (1999-#13,884). This has been achieved from the sales
of toys manufactured in the Far East, and the curtailment of UK production.
The removal of unprofitable products from the range has seen a slight
reduction in sales turnover, but couple this with a vastly reduced cost base
and the effect is now manifest on the bottom line.
Interim Dividend
The Directors feel that a small increase in the dividend could be justified,
and recommend 0.35 pence per share payable on 6 April 2001. This will apply to
ordinary shareholders on the register at the close of business on 9 February
2001.
Current Trading
The sales turnover is currently on a par with last year, but with a larger
proportion of higher margin products compared with twelve months ago. As
December figures are to hand, the Company's net profit to date of #400,000 is
ten times that of December 1999. New items for 2000 had three stars amongst
them, the DC05 cylinder type Dyson Vacuum Cleaner, and the Hotpoint Washing
Machine and Cooker, which are manufactured in the Far East and join a good,
strong and profitable range forged over the last three years. As this report
goes to print, the Company has just returned from a very successful Harrogate
Toy Fair where our 2001 range has received excellent response.
Future Prospects
Your Company continues to pursue agreements with domestic appliance
manufacturers, and has added De Longhi for the 2001 season. The latest De
Longhi microwave with its unique styling has the advantage of producing
potential sales in Europe where the name is stronger than in the UK. A Kenwood
Chef Food Mixer that can actually mix cake ingredients features the planetary
mixing action like the real one, and has been developed to capture the huge
exposure of cookery programmes currently on television. We are also working
with Dyson to produce a toy version of their revolutionary "Contra rotator"
Washing Machine. The BBC's latest follow up from the Teletubbies is their Yoho
Ahoy series, which has received excellent media review, and we have applied
and received the licence to produce solid electronic play figures and a
popular pre-school bath toy modelled on the pirate ship upon which the
character story line takes place.
Product listings of our key accounts show excellent selections for the
Spring/Summer trade in 2001, and I look forward, this time, to making my final
annual statement in July.
Paul M. Cassidy
Chairman
25 January 2001
Profit and loss account
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2000 1999 2000
(unaudited) (unaudited)
# # #
Turnover 3,356,180 3,463,469 5,948,496
Operating profit/(loss) 220,609 52,534 (883,443)
Net interest payable (35,760) (38,650) (63,139)
Profit on ordinary
activities before taxation 184,849 13,884 (946,582)
Taxation (36,970) (2,777) 40,138
Profit attributable
to shareholders 147,879 11,107 (906,444)
Dividends (see below) (15,784) (13,811) (27,622)
Retained profit/(loss) 132,095 (2,704) (934,066)
Dividends are as follows:
Interim dividend of
0.35p per share
(proposed at 31 October,
paid at 6 April) 15,784 13,811 13,811
Final dividend of 0.25p per share - - 13,811
15,784 13,811 27,622
Earnings/(Loss) per share 2.67p 0.20p (16.41p)
Summarised balance sheets
As at As at As at
31 October 31 October 30 April
2000 1999 2000
(unaudited) (unaudited)
# # #
Fixed assets 1,885,557 2,404,537 1,975,284
Current assets 4,266,048 4,361,924 2,044,557
Creditors: amounts falling
due within one year (2,780,853) (2,583,927) (784,055)
Net current assets 1,485,195 1,777,997 1,260,499
Total assets
less current liabilities 3,370,752 4,182,534 3,235,783
Deferred liabilities
and provisions (15,080) (27,596) (12,207)
Net assets employed 3,355,672 4,154,938 3,223,576
Share capital 552,435 552,435 552,435
Reserves 2,803,237 3,602,503 2,671,141
Shareholders' funds 3,355,672 4,154,938 3,223,576
Notes
The results for the half year ended 31 October 2000, which have been prepared
in accordance with the accounting policies adopted in the financial statements
for the year ended 30 April 2000, 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 2000 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 2000 has been based on the
estimated effective tax rate for the full year.
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