RNS Number:1509G
Cassidy Brothers PLC
15 January 2003
CASSIDY BROTHERS plc
CHAIRMAN'S STATEMENT
Interim Results to 31 October 2002
Trading conditions during the first six months presented some obstacles not
encountered in the previous period. Turnover has fallen from #3.9million in the
six months to 31 October 2001, to #3.2million for the same period to 31 October
2002. It was at this time in 2001 your company was addressing the historical
need for revenue earnings during the Spring/Summer. The Pick & Mix Sweet Shop
was specifically developed for that purpose, and due to its success in the half
year up to 31 October 2002 we anticipate that the second half figures to 30
April 2003 will show an improvement on the lower revenue previously experienced
for this period.
Current Trading
The drop in profit in the first half was due to two factors. Firstly our
traditional Cash Register/Shopping Range experienced unexpected competition from
a MacDonald's licensed item which we have now countered with a better and
cheaper Kentucky Fried Chicken item. Secondly our very successful Hotpoint
Washing Machine, which has been driving the market since August 2000 created a
demand for a cheaper look alike version, supplied to our major customers by a
Chinese competitor. We are still maintaining an excellent sales volume on the
Hotpoint Washer, which is selling on product quality and reliability and the
temptation to reduce the quality specification in an endeavour to meet the
cheaper competition, was resisted. There was also a shift in the consumer
purchasing pattern, with sales moving closer to Christmas. Our December 2002
sales figures were over 30% up on December 2001, but whether this will follow
through to the important January trading period is too early to tell and whether
this is to be the theme for future years remains to be seen.
Interim Dividend
The Directors are confident that despite these results not matching last year's
figures, our plans and ambitions for the next twelve months justify an unchanged
interim dividend of 1.00 pence per share payable on 7 April 2003. This will
apply to ordinary shareholders on the register at the close of business on 7
February 2003.
Future Prospects
Keeping a competitive advantage in this business usually involves the use of
protected intellectual property, either one's own or paying for that belonging
to someone else. The hot character/TV properties are great revenue earners if
you can pick the ones that are going to be successful, or if ones regular
product line falls within a certain hot category. At Cassidy's we have rarely
gone with the crowd, we have been followed many times and still are, and if we
receive a competitive blow we do something about it. We have a demonstrated your
Company's ability to identify product opportunities, either by creating unique
items or by the addition of an alternative slant to an old line. The second half
has started well and we look forward with optimism, to delivering an improved
performance in the second half.
Paul M. Cassidy
Chairman
15 January 2003
Interim Results
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2002 2001 2002
(unaudited) (unaudited)
# # #
Turnover 3,249,909 3,926,977 6,301,520
Operating profit 366,954 716,455 716,695
Net interest payable (26,801) (34,039) (54,933)
Profit on ordinary
activities before taxation 340,153 682,416 661,762
Taxation (68,031) (136,483) (80,765)
Profit attributable
to shareholders 272,122 545,933 580,997
Dividends (see below) (55,243) (55,243) (172,635)
Retained profit 216,879 490,690 408,362
Dividends are as follows:
Interim dividend of 1.00p per share 55,243 55,243 55,243
Final dividend of 2.125p per share - - 117,392
55,243 55,243 172,635
Earnings per share 4.93p 9.88p 10.52p
Summarised Balance Sheets
As at As at As at
31 October 31 October 30 April
2002 2001 2002
(unaudited) (unaudited)
# # #
Fixed assets 2,257,290 2,012,599 2,088,704
Current assets 4,020,172 4,869,363 2,518,502
Creditors: amounts falling due
within one year (2,290,730) (3,151,615) (848,784)
Net current assets 1,729,442 1,717,748 1,669,718
Total assets less current liabilities 3,986,732 3,730,347 3,758,422
Deferred liabilities and provisions (133,035) (11,201) (121,604)
Net assets employed 3,853,697 3,719,146 3,636,818
Share capital 552,435 552,435 552,435
Reserves 3,301,262 3,166,711 3,084,383
Shareholders' funds 3,853,697 3,719,146 3,636,818
Cash Flow Statement Six Months Six Months Year
Ended Ended Ended
31 October 31 October 30 April
2002 2001 2002
# # #
Operating Profit 366,954 716,455 716,695
Depreciation charges 125,824 110,186 201,631
Profit on sale of tangible fixed assets (4,500) (10,534)
(Increase) / Decrease in Stock (523,883) (264,635) 50,243
(Increase) / Decrease in Debtors (1,634,122) (2,190,400) 19,140
Increase in Creditors 135,022 656,486 220,549
(1,534,705) (971,908) 1,197,724
Net Interest paid (26,801) (34,039) (54,933)
Taxation 18,543
Capital Expenditure (183,963) (173,083) (293,314)
Equity Dividends paid (117,392) (27,622) (82,865)
Unsecured loan and Finance lease 1,081 (29,799) (52,328)
Increase / (Decrease) in Cash Flow (1,861,780) (1,236,451) 732,827
Notes
1. The results for the half year ended 31 October 2002, which have been prepared
in accordance with the accounting policies adopted in the financial statements
for the year ended 30 April 2002, have not been audited or reviewed by the
Company's Auditors and do not constitute statutory accounts as defined in s240
of the Companies Act 1985.
The financial information for the year ended 30 April 2002 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.
2. Taxation for the six months ended 31 October 2002 has been based on the
estimated effective tax rate for the full year.
3. The calculation of Earnings per share is based upon the profit after taxation
for the period divided by the weighted average number of ordinary shares in
issue during the period. The weighted average number of shares in issue was
5,524,350 ordinary shares.
4. This interim report will be available from the Company's offices and will be
sent to shareholders by no later than 22 January 2003.
5. Analysis of Current Assets
As at As at As at
31 October 31 October 30 April
2002 2001 2002
# # #
Stock 1,435,515 1,226,510 911,632
Debtors 2,172,213 2,753,103 538,091
Cash 412,444 889,750 1,068,779
Current assets 4,020,172 4,869,363 2,518,502
6. Analysis of Deferred liabilities and provisions
As at As at As at
31 October 31 October 30 April
2002 2001 2002
# # #
Finance leases and Hire Purchase 61,035 11,201 49,604
Deferred Taxation 72,000 72,000
Deferred liabilities and provisions 133,035 11,201 121,604
This information is provided by RNS
The company news service from the London Stock Exchange
END
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