Casdon PLC Half Yearly Report (3381W)

TIDMCDY

RNS Number : 3381W

Casdon PLC

25 January 2013

Casdon Plc (the "Company")

Interim Results to 31(st) October 2012

Chairman's Statement

Revenue for the six months ending 31(st) October 2012 was GBP4,456,473 (2011 GBP3,336,432), an increase of 33.6% over the same period last year.

Operating profit of GBP693,629 is significantly better than last year (2011 GBP326,608).

Current Trading

UK sales continue to rise across the whole product range. This welcome situation being facilitated in part by the flexibility of ' on line' traders websites, who can upload 50% or more of the company's range. The products can be selected directly from our own image server, and down loaded to their own system. This process can be done worldwide.

The order volumes they achieve determines their own risk strategies when they place orders with us, in trade quantities.

The company continues to invest heavily in new product development during 2013, and in addition to new product for the UK market is working with a small number of key overseas customers on exclusive custom designs.

Future tooling costs for these developments, should they proceed, could run to several hundred thousand pounds, and will not significantly impact this year's trading figures in cost or revenue terms.

The Company plans to finance these costs from current cash resources.

Interim Dividend

Whilst the first half results are excellent, much of the growth has come from overseas, which may prove difficult to repeat. Success with on line traders has been offset by reductions in sales to the majority of UK customers.

It is hoped that new product development will bring additional sales opportunities.

With little or no economic growth in prospect for the UK and Europe, the directors wish to move forward cautiously and therefore recommend a dividend of 0.75 pence per share (2012 1.5p).

This will be paid on 14(th) April 2013 to shareholders on the register on 1st March 2013.

The Directors would like to wish all shareholders a prosperous new year for 2013, and to thank you all for your support.

Paul M. Cassidy

Chairman

25(th) January 2013

For further information please contact;

Casdon plc

Paul Cassidy Tel [phone]

Zeus Capital Limited

Nick Cowles Tel [phone]

 
                                Casdon plc 
 
 
                                  Six Months    Six Months 
                                       to            to       Year Ended 
                                   31st Oct      31st Oct     30th April 
                                      2012          2011       2012 
                                  (Unaudited)   (Unaudited) 
 Profit & Loss Account 
 
 Turnover                           4,456,473     3,336,432     5,266,073 
 
 Cost of sales                    (2,869,473)   (2,242,542)   (3,383,347) 
                                 ------------  ------------  ------------ 
 
 Gross Profit                       1,587,000     1,093,890     1,882,726 
 
 Warehouse & Distribution 
  Costs                             (773,806)     (619,500)   (1,287,500) 
 Administrative Expenses            (204,479)     (233,223)     (496,216) 
 Other Operating Income                84,914        85,441       130,914 
 
 Operating Profit                     693,629       326,608       229,924 
 
 Net Interest Payable                 (1,692)       (9,037)      (14,580) 
 
 Profit on Ordinary Activities 
  before tax                          691,937       317,571       215,344 
 
 Tax                                (153,085)      (63,514)      (42,971) 
 
 Profit Attributable 
  to Shareholders                     538,852       254,057       172,373 
 
 Dividends                           (41,432)                    (82,865) 
 
 Retained Profit                      497,420       254,057        89,508 
                                 ============  ============  ============ 
 
 Earnings per Share                     9.75p         4.60p         3.12p 
                                 ============  ============  ============ 
 
                                     As At         As At         As At 
                                   31st Oct      31st Oct     30th April 
                                      2012          2011          2012 
 Summarised Balance Sheet         (Unaudited)   (Unaudited) 
 
 Fixed Assets                       2,352,487     2,392,070     2,336,190 
 
 Stock                                821,237       899,530       754,198 
 Debtors                            2,134,248     2,204,665       525,927 
 Cash                                 426,035        27,343       381,375 
 Current Assets                     3,381,520     3,131,538     1,661,500 
                                 ------------  ------------  ------------ 
 
 Creditors: due within 
  one year                        (1,873,752)   (1,999,014)     (631,587) 
 
 Net Current Assets                 1,507,768     1,132,524     1,029,913 
                                 ------------  ------------  ------------ 
 
 Deferred Liabilities 
  & Provisions                       (27,656)      (24,865)      (30,922) 
 
 Net Assets Employed                3,832,599     3,499,729     3,335,181 
                                 ============  ============  ============ 
 
 Share Capital                        552,435       552,435       552,435 
 Reserves                           3,280,164     2,947,294     2,782,746 
                                    3,832,599     3,499,729     3,335,181 
                                 ============  ============  ============ 
 Cash Flow Statement 
 Operating Profit                     693,629       326,608       229,924 
 Depreciation Charges                  68,345        74,723       151,093 
 Profit on sales of Tangible fixed 
  Assets 1,600 
 (Increase)/Decrease 
  in Stock                           (67,039)     (115,168)        30,164 
 (Increase) in Debtors            (1,608,321)   (1,548,173)        96,941 
 Increase in Creditors                698,825       678,412       232,334 
 
                                    (212,961)     (583,598)       740,456 
 
 Net Interest (Paid)                  (1,692)       (9,037)      (14,580) 
 Taxation                                                          33,642 
 Capital Expenditure                 (84,732)      (45,292)      (65,782) 
 Equity Dividends Paid               (41,432)                    (82,865) 
 Unsecured Loan & Finance 
  Lease                               (8,268)      (13,100)      (23,312) 
 
 (Decrease) Increase 
  in Cash Flow                      (349,085)     (651,027)       587,559 
                                =============  ============  ============ 
 
 

Notes

1) The results for the half year ended October 2012, which have been prepared in accordance with the accounting policies adopted in the financial statements for the year ended 30(th) April 2012, 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 2012 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 2012 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) Deferred liabilities and provisions relate to deferred taxation, motor vehicle hire purchase and short term loans.

5) 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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