Half Yearly Report (0433W)

TIDMCDY

RNS Number : 0433W

Casdon PLC

24 January 2012

Casdon Plc (the "Company")

Interim Results to 31(st) October 2011

Chairman's Statement

Revenue for the six months ending 31(st) October 2011 was GBP3,336,432 (2010 GBP3,208,401), an increase of 4% over the same period last year. Also by a focused attention to resolve the problems that beset Casdon in 2009-10, operating profit of GBP326,608 is significantly better than last year (2010 GBP138,300).

The Company balance sheet remains strong with net assets employed of GBP3,499,729 (2010 GBP3,554,304) representing a net asset value of 63.3p pence per share (2010 64.3p).

Current Trading

UK sales increased significantly, with the doubling of shipments to online retailers, and excellent sales to the major supermarkets. These successes have come about at the expense of the independent high street retailers, who have recorded lower levels of sales.

International sales were somewhat lower than last year, as the Company strives to do business at more acceptable margins, although sales to the USA have grown significantly.

Two long serving warehouse staff with service totalling over 50 years accepted voluntary redundancy at a cost of GBP34,000. They will not be replaced, their duties being absorbed by a combination of greater efficiency and temporary staff.

Looking forward to the second half year, sales for November and December have been broadly in line with expectations, and reflect the pattern of the general retail trade according to the CBI's Distributive Trades Survey for the

first two weeks of December, in which 41% reported sales rises and 32% falls. Nevertheless this is 9% better than might have been expected.

Interim Dividend

Based on the results for the first half of the year the Directors are pleased to announce a dividend of 1.5pence per share (2010 0.75p). This will be paid on 12(th) April 2012 to shareholders on the register on 2(nd) March 2012.

The Directors would like to wish all shareholders a prosperous new year for 2012, and to thank you all for your support.

Paul M. Cassidy

Chairman

24(th) January 2012

 
                                Casdon plc 
                              Interim Results 
 
                                    Six Months    Six Months 
                                            to            to    Year Ended 
                                      31st Oct      31st Oct    30th April 
                                          2011          2010          2011 
                                   (Unaudited)   (Unaudited) 
  Profit & Loss Account 
 
  Turnover                           3,336,432     3,208,401     5,360,444 
 
  Cost of sales                    (2,242,542)   (2,346,912)   (3,656,356) 
                                  ------------  ------------  ------------ 
 
  Gross Profit                       1,093,890       861,489     1,704,088 
 
  Warehouse & Distribution 
   Costs                             (619,500)     (582,718)   (1,580,932) 
  Administrative Expenses            (233,223)     (210,238)     (431,773) 
  Other Operating Income                85,441        69,767       134,778 
 
  Operating Profit                     326,608       138,300     (173,839) 
 
  Net Interest Payable                 (9,037)      (11,386)      (24,905) 
 
  Profit on Ordinary Activities 
   before tax                          317,571       126,914     (198,744) 
 
  Tax                                 (63,514)      (26,652)        31,806 
 
  Profit Attributable to 
   Shareholders                        254,057       100,262     (166,938) 
 
  Dividends                                        (110,487)     (151,918) 
 
  Retained Profit                      254,057      (10,225)     (318,856) 
                                  ============  ============  ============ 
 
  Earnings per Share                  4.60p         1.81p        (3.02)p 
                                  ============  ============  ============ 
 
 
                                   As At         As At        As At 
                                31st Oct      31st Oct   30th April 
                                    2011          2010         2011 
 Summarised Balance 
  Sheet                      (Unaudited)   (Unaudited) 
 
 Fixed Assets                  2,392,070     2,412,963    2,421,501 
 
 Stock                           899,530       817,249      784,362 
 Debtors                       2,204,665     2,171,358      656,492 
 Cash                             27,343       462,727       19,337 
 Current Assets                3,131,538     3,451,334    1,460,191 
                            ------------  ------------  ----------- 
 
 Creditors: due within 
  one year                   (1,999,014)   (2,279,923)    (587,300) 
 
 Net Current Assets            1,132,524     1,171,411      872,891 
                            ------------  ------------  ----------- 
 
 Deferred Liabilities 
  & Provisions                  (24,865)      (30,070)     (48,719) 
 
 Net Assets Employed           3,499,729     3,554,304    3,245,673 
                            ============  ============  =========== 
 
 Share Capital                   552,435       552,435      552,435 
 Reserves                      2,947,294     3,001,869    2,693,238 
                               3,499,729     3,554,304    3,245,673 
                            ============  ============  =========== 
 Cash Flow Statement 
 Operating Profit                326,608       138,300    (173,839) 
 Depreciation Charges             74,723        77,130      161,484 
 Profit on sales of Tangible 
  fixed Assets 
 (Increase)/Decrease 
  in Stock                     (115,168)     (106,294)     (73,407) 
 (Increase) in Debtors       (1,548,173)   (1,650,111)    (101,604) 
 Increase in Creditors           678,412       297,497     (14,005) 
 
                               (583,598)   (1,243,478)    (201,371) 
 
 Net Interest (Paid)             (9,037)      (11,386)     (24,905) 
 Taxation                                                  (33,642) 
 Capital Expenditure            (45,292)     (222,362)    (315,254) 
 Equity Dividends Paid                       (110,487)    (151,918) 
 Unsecured Loan & Finance 
  Lease                         (13,100)       (3,787)       28,636 
 
 (Decrease) Increase 
  in Cash Flow                 (651,027)   (1,591,500)    (698,454) 
                            ============  ============  =========== 
 

Notes

1) The results for the half year ended October 2011, which have been prepared in accordance with the accounting policies adopted in the financial statements for the year ended 30(th) April 2011, 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(th) April 2011 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(st) October 2011 has been based on the estimated effective tax rate for the full year.

3) The calculation of earnings per share is based on profit after taxation for the period divided by the number of shares in issue at the balance sheet date. The number of shares in issue was 5,524,350 ordinary shares.

4) The calculation of Net Asset Value per share is based on the shareholders funds divided by the number of 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 deferred taxation, motor vehicle hire purchase and short term loans.

6) This interim report will be sent to shareholders in due course. Further copies will be available to the public from the Companies Registered office at the address below, and on the Company's web site www.casdon.com

Casdon plc

Cornford Road, Blackpool. FY4 4QW. England

Telephone [phone] Fax [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR PGUBGGUPPGRW