CDY Casdon

RNS No 5082h
CASSIDY BROTHERS PLC
26th June 1998



CASSIDY BROTHERS plc

Chairman's Statement
For the trading year 1 May 1997 to 30 April 1998

Behind this year's frankly disappointing results stands a refreshed business
operating at considerably enhanced levels of efficiency and with a new
development philosophy, already proven to be successful. Thankfully, the
financial year 1998/99 will be the first to benefit from the revisions to
company policy outlined in my 1997 Statement.

The reaction to our new items at this year's trade fairs from the whole
breadth of the toy trade was uniformly approving and deeply satisfying, giving
important credence to our belief that we are offering an outstanding range of
developments.

Whilst these will give a pronounced boost to turnover from now on, they could
only have a negligible effect in the 1997/98 financial year. Overall, raw
material costs have edged upwards, and in particular we were grievously hit by
temporarily high polymer prices in the second half of 1997. The preservation
of profit margins similar to prior years has been achieved through
considerable efforts on the part of production personnel, and is most
commendable in the circumstances. 

The production of selected Casdon items in the Far East has been attained
successfully. In conjunction with our agents, over the last year we have
appraised and amended the sourcing of certain merchandise  in order to
preserve quality of manufacture and promptness of delivery. 

The bias of our new products towards carefully selected character and brand
endorsement, including the Telletubbies and the Dyson Vacuum Cleaner, is set
to reap significant rewards. 

Orders placed since March are 16% higher than last year. The next few months
will reveal the speed at which the new items sell through, whereupon we will
be able to quantify the precise measure of their success, and I am looking
forward very positively to updating shareholders in the next Interim
Statement.

A final dividend of 2.25p per share is proposed, payable on 28 August 1998 to
shareholders on the register at 10 July 1998. Once again this equals last
year's dividend. 

Thomas Cassidy MBE
Chairman
25 June 1998

PROFIT & LOSS ACCOUNT
For the year ended 30 April 1998.

                                                         1998       1997
                                           Notes           #          #
                     
Turnover                                            5,654,361       6,316,290
Cost of Sales                                      (4,329,234)     (4,809,975)
Gross Profit                                        1,325,127       1,506,315
                     
Distribution costs                                   (908,362)       (930,486)
Administrative expenses                              (476,546)       (465,657)
Other operating income                                 20,327             693
Operating (Loss)/Profit                               (39,454)        110,865
                     
Interest receivable and similar income                  3,770           9,046
Interest payable and similar charges                  (71,724)        (69,190)
(Loss)/Profit On Ordinary Activities 
Before Taxation                                      (107,408)         50,721
              
       

Taxation                                               26,400          (3,301)
(Loss)/profit on ordinary activities 
after Taxation                                        (81,008)         47,420
                     
Dividends                                            (165,731)       (165,731)
 (Loss)/ Retained Profit For The Year                (246,739)       (118,311)
                     
(Loss)/Earnings Per Share                    2        (1.47)p          0.86p
                     
Dividend per share                           3         3.00p           3.00p
                     
                     
BALANCE SHEET
As at 30 April 1998

                                                        #              #
                                                       1998          1997
              
Fixed Assets              
Tangible Assets                                    2,713,449       2,372,296
Investments                                               24               -
                                                   2,713,473       2,372,296
              
Current Assets              
Stocks                                             2,230,712       1,803,672
Debtors                                              597,202         834,270
Cash at bank and in hand                               8,014         439,956
                                                   2,835,928       3,077,898
              
Creditors (amounts falling due after 
more than one year)                                1,119,443       1,243,871
Net Current Assets                                 1,716,485       1,834,027
              
Total Assets less Current Liabilities              4,429,958       4,206,323
              
Creditors (amounts falling due after more 
than one year)                                        59,405         132,848
Provisions for liabilities and charges                53,000          73,000
              
Net Assets                                         4,317,553       4,000,475
              
Capital and Reserves              
Called up share capital                              552,435         552,435
Share premium account                                 43,522          43,522
Revaluation reserve                                  955,223         404,281
Profit and loss account                            2,766,373       3,000,237
              
Equity Shareholders' Funds                         4,317,553       4,000,475
              

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 1997 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 1998, nor have any such
accounts been delivered to the Registrar of Companies.

2. (Loss)/earnings per share

Loss per share is calculated on loss for the financial year of #81,008 (1997:
profit #47,420) and on the weighted average number of shares in issue during
the year of 5,524,350 (1997: 5,489,008).

3. Dividends

The directors recommend a final dividend payment of 2.25p per Ordinary Share
be declared payable on 28 August 1998 to shareholders registered at close of
business on 10 July 1998. The shares are expected to go ex dividend on 6 July
1998.


Copies of this announcement are available for 14 days from today from Charles
Stanley & Company Limited, 25 Luke Street, London EC2A 4AR.



END

FR SEIFFMUAUFIM

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