Casdon PLC Final Results (0961J)

TIDMCDY

RNS Number : 0961J

Casdon PLC

02 August 2012

Casdon plc (the 'Company')

Preliminary Announcement of results for the year ended 30(th) April 2012

Chairman's Statement

Revenue for the 12 months ended 30(th) April 2012 of GBP5,266,073 (2011: GBP5,360,444) is slightly down on the previous year.

We have nevertheless increased our gross profit by ensuring that sales generated are at 'reasonable margins', and benefited from a softening of importation costs from China. These two factors combined to give a gross profit GBP1,882,726, (2011: GBP1,704,088).

During the year three staff with a combined total of seventy years' service accepted redundancy packages totalling GBP58,000. These positions have not been replaced with permanent staff.

In spite of these costs the Company has generated profit before tax of GBP215,344 (2011: Loss of GBP198,744).

Our strong balance sheet continues to support the company with fixed assets of GBP2,336,190 (2011: GBP2,421,501).

Current Trading

Having returned from a recent trade fair for the independent toy retailers, I found their demeanour showed a quiet confidence in spite of the gloom from the printed media, and the orders taken were 'par' for the time of year. This was a pleasant surprise as the independent retail sector has had a difficult couple of years, but as many have embraced the additional 'on-line' route they are now reaping the rewards. The high street, grocers and all 'on-line' traders, including the grocers' web sites are showing encouraging sales. This is a good sign for Casdon as our sales are predominantly for the Christmas period, and supports the belief that Brand names are searched for by the 'on-line' buying public.

Future Prospects

We have vigorously pursued overseas sales for many years, this now represents 25% of the Company's turnover, and is growing. This is in no small part to the persistence, diligence and organisation of our Sales and Development team, and huge thanks is due to them from me especially.

All sales are administered from our Blackpool offices, as are also instructions for production and shipping from the factories in China. With the exception of the UK, we invoice in US Dollars irrespective of the country of destination. This position is a comfort, as the majority of purchases are in Dollars, and the uncertainty of the Sterling/Dollar exchange rate is not so much of an issue. Factors which could be a challenge however are the uncertainties over the future of the Euro, and the possibility of a UK referendum on EU membership. These could adversely affect the Dollar exchange rate and hence our buying and selling prices in the UK.

Chinese Labour costs continue to rise, and the decision has been taken to move production of certain items to manufacturing plants in Indonesia, which has lower inflation, stable wages and currency. This is a three year project, and has to be planned carefully. Product tooling, which has to be shipped the 2,500 mile passage, will be out of production for over three months as assembly training will also be required.

Further studies are being undertaken to recommence manufacture in the UK. Initially this could concern just two or three products that have minimal assembly costs, and further savings could be made on shipping and import duty. Each would need be designed and retooled to gain maximum cost advantage.

In conclusion, I believe the Company has every reason to be optimistic about its future, as long as we remain fully aware of the 'financials' in the current uncertain world.

Final Dividend

As the Company's future plans will probably require significant investment the Directors recommend a final dividend of 0.75p per share (2011: nil).

Paul Cassidy

Chairman

For further information please contact;

Casdon plc

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

Ross Andrews

Nick Cowles

Profit & Loss Account

 
 Company Number 565383 
 For the year ended 30 April 2012 
 
 
 
                                                  2012          2011 
                                          ------------ 
                                                   GBP           GBP 
 
 Turnover                                    5,266,073     5,360,444 
 Cost of Sales                             (3,383,347)   (3,656,356) 
 GROSS PROFIT                                1,882,726     1,704,088 
                                          ------------ 
 
 Warehouse & Distribution costs            (1,287,500)   (1,580,932) 
 Administrative expenses                     (496,216)     (431,773) 
 Other operating income                        130,914       134,778 
 
 OPERATING PROFIT / (LOSS)                     229,924     (173,839) 
 Interest receivable and similar 
  income                                           299           779 
 Interest payable and similar charges         (14,879)      (25,684) 
 PROFIT / (LOSS) ON ORDINARY ACTIVITIES 
                                          ------------ 
 BEFORE TAXATION                               215,344     (198,744) 
 
 Tax on Profit / (Loss) on ordinary 
  activities                                  (42,971)        31,806 
                                          ------------  ------------ 
 
 PROFIT / (LOSS) FOR THE FINANCIAL 
  YEAR                                         172,373     (166,938) 
                                          ------------  ------------ 
 
 
 EARNINGS / (LOSS) PER SHARE - 
  BASIC AND                                       3.12        (3.02) 
                                          ============  ============ 
 DILUTED 
 
 
 

Balance Sheet

 
 Company Number 565383 
 At 30 April 2012 
 
                                                  2012                    2011 
                                                GBP         GBP         GBP         GBP 
 FIXED ASSETS 
 Tangible assets                                      2,336,190               2,421,501 
                                                      2,336,190               2,421,501 
 
 CURRENT ASSETS 
 Stocks                                     754,198                 784,362 
 Debtors                                    525,927                 656,492 
 Cash at bank and in hand                   381,375                  19,337 
                                          1,661,500               1,460,191 
 
 CREDITORS (amounts falling 
  due within one year)                    (631,587)               (587,300) 
 
 NET CURRENT ASSETS                                   1,029,913                 872,891 
 
 TOTAL ASSETS LESS CURRENT LIABILITIES                3,366,103               3,294,392 
 
 CREDITORS 
 (amounts falling due after 
  more than one year)                                   (3,266)                (19,802) 
 PROVISIONS FOR LIABILITIES                            (27,656)                (28,917) 
 
 NET ASSETS                                           3,335,181               3,245,673 
 
 
 
 CAPITAL AND RESERVES 
 Called up share capital                                552,435                 552,435 
 Share premium account                                   43,522                  43,522 
 Revaluation reserve                                    594,039                 609,064 
 Profit and loss account                              2,145,185               2,040,652 
 
 EQUITY SHAREHOLDERS' FUNDS                           3,335,181               3,245,673 
 
 
 

Cash Flow Statement

 
 For the year ended 30 April 2012 
 
 
                                              2012                   2011 
                                            GBP        GBP         GBP         GBP 
 
 NET CASH INFLOW /(OUTFLOW) FROM 
 OPERATING ACTIVITIES                              740,456               (201,371) 
 
 RETURNS ON INVESTMENTS AND 
 SERVICING OF FINANCE 
 Interest received                          299                    779 
 Interest paid                         (14,561)               (24,997) 
 Interest element of finance lease 
  rental payments                         (318)                  (687) 
 
 
                                                  (14,580)                (24,905) 
 TAXATION 
 Corporation tax                                    33,642                (33,642) 
 
 CAPITAL EXPENDITURE 
 Payments to acquire tangible fixed 
  assets                               (65,782)              (315,254) 
 Receipts from sales of tangible 
  fixed assets                            -                      - 
                                      ---------             ---------- 
 
                                                  (65,782)               (315,254) 
 
 EQUITY DIVIDENDS PAID                            (82,865)               (151,918) 
 
 
 NET CASH INFLOW (OUTFLOW) BEFORE 
  FINANCING                                        610,871               (727,090) 
 
 FINANCING 
 Short Term Loans                             -                 42,676 
 Unsecured loan repayments             (16,536)                (6,338) 
 Capital element of finance lease 
  rental payments                       (6,776)                (7,702) 
 
 
 NET CASH (OUTFLOW) INFLOW FROM 
  FINANCING                                       (23,312)                  28,636 
 
 
 
 
 INCREASE (DECREASE) IN CASH                       587,559               (698,454) 
 
 
 
 

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 2011 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 2012, 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 GBP172,373 (2011: Loss of GBP166,938) 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 (2011: nil).

   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.comand, 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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FR SSLFIFFESESA