Casdon PLC Preliminary Results (7588K)

TIDMCDY

RNS Number : 7588K

Casdon PLC

02 August 2013

Casdon plc (the 'Company')

Preliminary Announcement of results for the year ended 30(th) April 2013

Chairman's Statement

Revenue for the 12 months ended 30(th) April 2013 of GBP6,490,088 (2012: GBP5,266,073) is a significant improvement on the previous year. The Company has managed to secure a high level of new business from the US in the last financial year which has made up a large proportion of the increase in sales.

The gross profit GBP2,393,278, (2012: GBP1,882,726) has been achieved in spite of forsaking low margin sales, a tendency easily fallen into with certain FOB business, in pursuit of the vanity of turnover.

The company's application of exclusive product development for certain overseas customers has provided a profit before tax of GBP549,084 (2012: GBP215,344).

The balance sheet remains strong supporting the company with net assets of GBP3,669,538 (2012: GBP3,335,181).

Current Trading

The UK trade fairs in January and February 2013 were busy with customers showing little sign of despondency, and there was a marked increase in the value of orders taken compared to last year.

At a more recent trade fair, where discounts were offered for orders placed there and then, we were delighted to see an increase of 40% on the previous year. This is significant, as these orders for both immediate and forward deliveries, from small to medium independent UK retailers, give an indication of where certain sectors are "bucking the trend".

Our international trade fairs in Hong Kong, Nuernberg and New York, which appeared to be generally quieter in the halls, were nevertheless lucrative for Casdon, and I will be better able to report on by 'how much' in my interim report.

Future Prospects

The company is now recruiting for administrative staff for the processing of overseas orders at our Blackpool head office. This is the first time we have recruited office staff for eight years, and the more sustainable our overseas business becomes, the prospect of a permanently manned Hong Kong showroom could be on the horizon.

The decision to move production of some of our products to Indonesia is soon to be crystalised. This factory is a new build, and is now operational. A personal visit to this factory is planned for the last week in June 2013. Quality audit certificates from several accredited audit institutions are now to hand, the most important of which, is that of I.C.T.I (International Council of Toy Industries). This audits' task is many fold, and the most important being that of interviewing the factory staff with regard to their personal treatment, the work environment, and to make sure there is no child labour used.

Final Dividend

In conclusion the company's current plans involve the refurbishment of the company's warehouse property, which will involve the replacement of old asbestos corrugated roofing.

The directors therefore recommend no increase in the final dividend paid, which will remain at 0.75p per share (2012 0.75p), payable on 25th September 2013 to shareholders on the register on 16th August 2013.

Paul Cassidy

Chairman

For further information please contact;

Casdon plc

   Paul Cassidy                                                                Tel [phone] 
   Zeus Capital Limited                                                  Tel [phone] 

Nick Cowles

Ross Andrews

Profit & Loss Account

 
 Company Number 565383 
 For the year ended 30 April 
  2013 
 
 
 
                                                   2013                    2012 
                                    Notes           GBP                     GBP 
 
 Turnover                             2       6,490,088               5,266,073 
 Cost of Sales                              (4,096,810)             (3,383,347) 
 GROSS PROFIT                                 2,393,278               1,882,726 
 
 Warehouse & Distribution costs             (1,582,045)             (1,287,500) 
 Administrative expenses                      (408,237)               (496,216) 
 Other operating income                         150,209                 130,914 
 
 OPERATING PROFIT                     3         553,205                 229,924 
 Interest receivable and similar 
  income                              5             284                     299 
 Interest payable and similar 
  charges                             6         (4,405)                (14,879) 
 PROFIT ON ORDINARY ACTIVITIES 
 BEFORE TAXATION                                549,084                 215,344 
 
 Tax on Profit on ordinary 
  activities                         10       (131,862)                (42,971) 
                                           ------------  ---------------------- 
 
 PROFIT FOR THE FINANCIAL YEAR                  417,222                 172,373 
                                           ------------  ---------------------- 
 
 
 EARNINGS PER SHARE - BASIC 
  AND DILUTED                        11            7.55                    3.12 
                                           ============  ====================== 
 
 
 
 

Balance Sheet

 
 Company Number 565383 
 At 30 April 2013 
 
                                                               2013                        2012 
                                          Notes         GBP                  GBP         GBP         GBP 
 FIXED ASSETS 
 Tangible assets                           12                          2,281,936               2,336,190 
                                                                       2,281,936               2,336,190 
 
 CURRENT ASSETS 
 Stocks                                    13       888,474                          754,198 
 Debtors                                   14       547,300                          525,927 
 Cash at bank and in hand                           766,696                          381,375 
                                                  2,202,470                        1,661,500 
 
 CREDITORS (amounts falling due 
  within one year)                         15     (789,512)                        (631,587) 
 
 NET CURRENT ASSETS                                                    1,412,958               1,029,913 
 
 TOTAL ASSETS LESS CURRENT LIABILITIES                                 3,694,894               3,366,103 
 
 CREDITORS 
 (amounts falling due after more 
  than one year)                           16                                  -                 (3,266) 
 PROVISIONS FOR LIABILITIES                17                           (25,356)                (27,656) 
 
 NET ASSETS                                                            3,669,538               3,335,181 
 
 
 
 CAPITAL AND RESERVES 
 Called up share capital                   18                            552,435                 552,435 
 Share premium account                     19                             43,522                  43,522 
 Revaluation reserve                       19                            579,014                 594,039 
 Profit and loss account                   19                          2,494,567               2,145,185 
 
 EQUITY SHAREHOLDERS' FUNDS                21                          3,669,538               3,335,181 
 
 
 
 

Cash Flow Statement

 
 For the year ended 30 April 2013 
 
 
                                                          2013                      2012 
                                       Notes                GBP        GBP        GBP        GBP 
 
 NET CASH INFLOW FROM 
 OPERATING ACTIVITIES                   22                         619,855               740,456 
 
 
 RETURNS ON INVESTMENTS AND 
 SERVICING OF FINANCE 
 Interest received                                          284                   299 
 Interest paid                                          (4,405)              (14,561) 
 Interest element of finance lease 
  rental payments                                             -                 (318) 
 
 
                                                                   (4,121)              (14,580) 
 
 TAXATION 
 Corporation tax                                                  (44,232)                33,642 
 
 CAPITAL EXPENDITURE 
 Payments to acquire tangible fixed 
  assets                                               (90,700)              (65,782) 
 Receipts from sales of tangible 
  fixed assets                                            1,600                 - 
                                              -----------------             --------- 
 
                                                                  (89,100)              (65,782) 
 
 EQUITY DIVIDENDS PAID                                            (82,865)              (82,865) 
 
 
 NET CASH INFLOW BEFORE FINANCING                                  399,537               610,871 
 
 
 FINANCING 
 
 Unsecured loan repayments              22             (14,216)              (16,536) 
 Capital element of finance lease 
  rental payments                       22                    -               (6,776) 
 
 
 NET CASH (OUTFLOW) FROM FINANCING                                (14,216)              (23,312) 
 
 
 
 
 INCREASE IN CASH                       22                         385,321               587,559 
 
 
 
 

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(th) April 2012 have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, and did not contain any statements under section 498 (2) to (4) of the Companies Act 2006. The auditors reported on the accounts for the year ended 30(th) April 2013, but such accounts have not yet been delivered to the Registrar of Companies.

   2.   Earnings Per Share 

Earnings per share are calculated on the profit for the financial year of GBP417,222 (2012 GBP172,373) and on the weighted average number of shares in issue during the year of 5,524,350 (2011 5,524,350).

   3.   Dividends 

The Directors recommend the payment of a final dividend of 0.75p per share (2012 0.75p).

   4.   Copies of Reports 

Copies of the Report and Accounts will be posted to shareholders shortly.

Copies of this announcement will be available on the Company's website at www.Casdon.com and, for a period of one month, from the Company's offices at Cornford Road, Blackpool, Lancashire FY4 4QW.

This information is provided by RNS

The company news service from the London Stock Exchange

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