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CASSIDY BROTHERS plc (the "Company")
Interim Results to 31 October 2009
Chairman's Statement
The Company has produced strong results for the six months to 31 October 2009. A 46% increase in turnover to £3.03 million (2008: £2.08 million), has generated an interim profit before taxation of £334,928 (2008: £274,239).
The result has been achieved by a general increase in UK sales across the range, and the purchase of the toy Kenwood food mixer by De Longhi Appliances SRL as a European promotional sales incentive.
Worldwide FOB sales in Japan and the USA continue to provide a valuable contribution to the Company's performance.
The Company maintains a strong balance sheet with net assets of £3,716,240 (2008: £3,571,675),
representing a net asset value of 67.3 pence per share (2008: 64.7 pence per share). As at 31 October 2009 the Company had a cash balance of £508,186.
Current Trading
The UK toy market has seen some significant sales increases from the independent regional stores, cash and carry's, and smaller retailers, supplied very often by wholesalers. The sales from our wholesale group customers have seen an increase of over 50%. This has been attributed to the traditional Woolworth customers looking for alternative toy outlets, offering a branded range. Brands are also essential for the online retailer, as they project an image of reliability to the wary consumer, important to fledgling businesses.
Our first venture into TV advertising just two products has not been a success, and the extra turnover generated has added little to the bottom line. We have learnt from it however, and with the small comfort of the adage that a painful lesson is the one not forgotten
Future Prospects
In my statement of twelve months ago our growth was in overseas FOB sales, and we struggled to maintain our UK sales figures due to the retail malaise. This has, thankfully, changed for the better, for although November and December are not included in these results, I am looking forward to writing my statement in six months hence.
The London Toy Fair has now moved from Excel at Canary Wharf, back to the firm favourite of Olympia. Domestic trade fairs are suffering worldwide from lack of trade buyer's support, and as a consequence the suppliers are looking for cheaper venues, smaller cheaper exhibition stands, and cheaper accommodation for staff.
We have also decided to exhibit once again at the NEC Spring Fair, and hopefully contact a new breed of buyer, after a gap of eight years. We will be showing at a total of five trade fairs over a five week period, the last being New York in mid February.
Whilst on the subject of the USA we are pleased to report that negotiations are underway to obtain the US licence for the toy George Foreman grill, a very welcome addition to the Company's range of world licences.
The Company has also opened a Hong Kong office and showroom, in response to numerous requests from overseas FOB customers eager to view our range. We have not been able to justify this expense in previous years, but agreement has been reached with two other UK vendors whose products do not clash with Casdon, and we are to share an office and showroom premises between us.
Interim Dividend
In spite of challenging trading conditions the Company has benefited from some resilient growth in both the UK and world markets, which we expect to be sustainable throughout 2010. The Board has therefore announced an interim dividend of 2.0 pence per share (2008: Interim Dividend 1.0 pence per share) to be paid on 9 April 2010 to shareholders on the register on 5 March 2010.
The Directors would like to wish all shareholders a prosperous new year for 2010, and to thank you all for your support.
Paul M. Cassidy
Chairman
25 January 2010
|
Profit & Loss Account |
Six months |
|
Six months |
|
Year |
|
|
ended |
|
ended |
|
ended |
|
|
31 October |
|
31 October |
|
30 April |
|
|
2009 |
|
2008 |
|
2009 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Turnover |
3,033,375 |
|
2,075,962 |
|
3,896,854 |
|
|
|
|
|
|
|
|
Cost of Sales |
(2,055,203) |
|
(1,211,017) |
|
(2,405,785) |
|
|
|
|
|
|
|
|
Gross Profit |
978,172 |
|
864,945 |
|
1,491,069 |
|
|
|
|
|
|
|
|
Warehouse and Distribution Costs |
(492,664) |
|
(446,500) |
|
(968,333) |
|
Administrative Expenses |
(224,608) |
|
(209,022) |
|
(336,080) |
|
Other Operating Income |
80,258 |
|
66,309 |
|
146,718 |
|
|
|
|
|
|
|
|
Operating profit |
341,158 |
|
275,732 |
|
333,374 |
|
|
|
|
|
|
|
|
Net interest payable |
(6,230) |
|
(1,493) |
|
(8,967) |
|
|
|
|
|
|
|
|
Profit on ordinary |
|
|
|
|
|
|
activities before taxation |
334,928 |
|
274,239 |
|
324,407 |
|
|
|
|
|
|
|
|
Taxation |
(73,391) |
|
(57,590) |
|
(59,000) |
|
|
|
|
|
|
|
|
Profit attributable |
|
|
|
|
|
|
to shareholders |
261,537 |
|
216,649 |
|
265,407 |
|
|
|
|
|
|
|
|
Dividends |
(110,487) |
|
(82,865) |
|
(138,108) |
|
|
|
|
|
|
|
|
Retained profit |
151,050 |
|
133,784 |
|
127,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
4.73p |
|
3.92p |
|
4.80p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summarised Balance Sheets |
As at |
|
As at |
|
As at |
|
|
31 October |
|
31 October |
|
30 April |
|
|
2009 |
|
2008 |
|
2009 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Fixed assets |
2,244,243 |
|
2,114,481 |
|
2,208,865 |
|
|
|
|
|
|
|
|
Stock |
681,440 |
|
541,442 |
|
853,358 |
|
Debtors |
1,869,508 |
|
1,640,966 |
|
510,154 |
|
Cash |
508,186 |
|
440,794 |
|
542,648 |
|
|
|
|
|
|
|
|
Current assets |
3,059,134 |
|
2,623,202 |
|
1,906,160 |
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
within one year |
(1,547,191) |
|
(1,122,930) |
|
(506,357) |
|
Net current assets |
1,511,943 |
|
1,500,272 |
|
1,399,803 |
|
|
|
|
|
|
|
|
Total assets less current liabilities |
3,756,186 |
|
3,614,753 |
|
3,608,668 |
|
|
|
|
|
|
|
|
Deferred liabilities and provisions |
(39,946) |
|
(43,078) |
|
(43,478) |
|
|
|
|
|
|
|
|
Net assets employed |
3,716,240 |
|
3,571,675 |
|
3,565,190 |
|
|
|
|
|
|
|
|
Share capital |
552,435 |
|
552,435 |
|
552,435 |
|
Reserves |
3,163,805 |
|
3,019,240 |
|
3,012,755 |
|
|
|
|
|
|
|
|
Shareholders' funds |
3,716,240 |
|
3,571,675 |
|
3,565,190 |
|
NAV per share |
67.3p |
|
64.7p |
|
64.5p |
|
|
|
|
|
|
|
|
Cash Flow Statement |
Six Months |
|
Six Months |
|
Year |
||||||
|
|
Ended |
|
Ended |
|
Ended |
||||||
|
|
31 October |
|
31 October |
|
30 April |
||||||
|
|
2009 |
|
2008 |
|
2009 |
||||||
|
|
£ |
|
£ |
|
£ |
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Operating Profit |
341,158 |
|
275,732 |
|
333,374 |
||||||
|
|
|
|
|
|
|
||||||
|
Depreciation charges |
71,110 |
|
58,650 |
|
114,974 |
||||||
|
Profits on sale of tangible fixed assets |
2,025 |
|
|
|
|
||||||
|
Decrease / (Increase) in Stock |
171,918 |
|
(161,492) |
|
(473,408) |
||||||
|
(Increase) in Debtors |
(1,359,354) |
|
(1,360,969) |
|
(230,157) |
||||||
|
Increase in Creditors |
282,344 |
|
379,727 |
|
77,608 |
||||||
|
|
|
|
|
|
|
||||||
|
|
(490,799) |
|
(808,352) |
|
(177,609) |
||||||
|
|
|
|
|
|
|
||||||
|
Net Interest paid |
(6,230) |
|
(1,493) |
|
(8,967) |
||||||
|
Taxation |
|
|
|
|
(14,406) |
||||||
|
Capital Expenditure |
(108,513) |
|
(41,347) |
|
(175,255) |
||||||
|
Equity Dividends paid |
(110,487) |
|
(82,865) |
|
(138,108) |
||||||
|
Unsecured loan and Finance lease |
(3,532) |
|
13,830 |
|
(6,253) |
||||||
|
|
|
|
|
|
|
||||||
|
Decrease in Cash Flow |
(719,561) |
|
(920,227) |
|
(520,598) |
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|
|
|
|
|
|
|
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Notes
1. The results for the half year ended 31 October 2009, which have been prepared in accordance with the accounting policies adopted in the financial statements for the year ended 30 April 2009, have not been audited or reviewed by the Company's Auditors and do not constitute statutory accounts as defined in s434 of the Companies Act 2006.
The financial information for the year ended 30 April 2009 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 2009 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 number of ordinary shares in issue during the period. The number of shares in issue was 5,524,350 ordinary shares.
4. The calculation of Net Asset Value per share is based upon shareholders funds divided by the number of ordinary shares in issue at the balance sheet date. The number of shares in issue was 5,524,350 ordinary shares.
5. Deferred liabilities and provisions relate to provisions for deferred taxation and motor vehicle hire purchase.
6. This interim report will be sent to shareholders in due course. Further copies will be available to the public from the Company's registered office, Cornford Road, Off Clifton Road, Marton, Blackpool, FY4 4QQ and on the Company's website www.casdon.com.
This information is provided by RNS
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