Casdon PLC Half Yearly Report (5029Y)

TIDMCDY

RNS Number : 5029Y

Casdon PLC

27 January 2014

Casdon Plc (the "Company")

Interim Results to 31(st) October 2013

Chairman's Statement

Revenue for the six months ending 31(st) October 2013 was GBP4,987,043 (2012: GBP4,456,473), an increase of 11.9% over the same period last year.

Operating profit has decreased by 29.8% to GBP486,835 (2012: GBP693,629).

Thus is primarily due to planned building maintenance and demolition costs of GBP171,000 that were incurred during the period. Toy testing and compliance costs for the US market of GBP66,494 were also more than anticipated.

Whilst growth in the US is encouraging, we need to ensure that this is sustainable, and with a reduction in UK sales the Company will continue to adopt a cautious approach.

Both export and free on board (FOB) sales continue to make significant contributions to the Sales figures, particularly in the US where sales have increased by in excess of 30% in the period to 31st October 2013. Much of this is due to the addition of another major new customer, along with increased sales to smaller customers from our US fulfilment centre.

UK sales were below last year's record figures by a factor of almost 7.5%.

We feel this is due to changing trends in toy buying with customers moving towards purchasing toys online and away from traditional catalogue shops and mail order. This has resulted in increased sales across the whole range, but a reduction in sales of our premium products. This dynamic has influenced us to make strategic changes to our product development for 2014-15.

Manufacturing in Indonesia will commence in 2014 with a limited number of products. We have also visited manufacturing plants in Eastern Europe, but are awaiting further information before making any decision on manufacturing products in these locations. We do not believe that manufacturing would commence before 2015 and then only for those products destined for the UK and Eire markets.

Interim Dividend

The directors recommend a dividend of 0.75 pence per share (2013: 0.75p)

This will be paid on 17(th) April 2014 to shareholders on the register on 7(th) March 2014.

The Directors would like to wish all shareholders a prosperous new year for 2014, and to thank you all for your support.

Paul M. Cassidy

Chairman

24(th) January 2014

For further information please contact:

Casdon plc

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

Nick Cowles

Jamie Peel

 
                                            Casdon plc 
                                          Interim Results 
 
                                             Six Months          Six Months 
                                                 to                  to           Year Ended 
                                              31st Oct            31st Oct           30th April 
                                                2013                2012                2013 
                                            (Unaudited)         (Unaudited)          (Audited) 
      Profit & Loss Account 
 
  Turnover                                       4,987,033            4,456,473          6,490,088 
 
  Cost of sales                                (3,347,636)          (2,869,473)        (4,096,810) 
                                         -----------------  -------------------  ----------------- 
 
  Gross Profit                                   1,639,397            1,587,000          2,393,278 
 
  Warehouse & Distribution 
   Costs                                       (1,007,653)            (773,806)        (1,582,045) 
  Administrative Expenses                        (208,465)            (204,479)          (408,237) 
  Other Operating Income                            63,556               84,914            150,209 
 
  Operating Profit                                 486,835              693,629            553,205 
 
  Net Interest Payable                             (2,790)              (1,692)            (4,121) 
 
  Profit on Ordinary Activities 
   before tax                                      484,045              691,937            549,084 
 
  Tax                                            (111,330)            (153,085)          (131,862) 
 
  Profit Attributable to 
   Shareholders                                    372,715              538,852            417,222 
 
  Dividends                                       (41,432)             (41,432)           (82,865) 
 
  Retained Profit                                  331,283              497,420            334,357 
                                         =================  ===================  ================= 
 
  Earnings per Share                                 6.75p                9.75p              7.55p 
                                         =================  ===================  ================= 
                                         As At               As At              As At 
                                       31st Oct             31st Oct          30th April 
                                          2013                2012               2013 
 Summarised Balance 
  Sheet                               (Unaudited)         (Unaudited)         (Audited) 
 
 Fixed Assets                             2,296,029              2,352,487      2,281,396 
 
 Stock                                    1,157,988                821,237        888,474 
 Debtors                                  2,363,512              2,134,248        547,300 
 Cash (see note 3)                                0                      0        766,696 
 Current Assets                           3,251,500              2,955,485      2,202,470 
                                   ----------------  ---------------------  ------------- 
 
 Creditors: due within 
  one year                              (1,675,862)            (1,447,717)      (789,512) 
 
 Net Current Assets                       1,845,638              1,507,768      1,412,958 
                                   ----------------  ---------------------  ------------- 
 
 Deferred Liabilities 
  & Provisions                             (25,356)               (27,656)       (25,356) 
 
 Net Assets Employed                      4,116,311              3,832,599      3,669,538 
                                   ================  =====================  ============= 
 
 Share Capital                              552,435                552,435        552,435 
 Reserves                                 3,563,876              3,280,164      3,117,103 
                                          4,116,311              3,832,599      3,669,538 
                                   ================  =====================  ============= 
 Cash Flow Statement 
 Operating Profit                           486,835                693,629        553,205 
 Depreciation Charges                        70,560                 68,345        144,954 
 Profit on sales of Tangible 
  fixed Assets 15,230                                              1,600          (1,600) 
 (Increase)/Decrease 
  in Stock                                (269,514)               (67,039)      (134,276) 
 (Increase) in Debtors                  (1,816,213)            (1,608,321)       (21,373) 
 Increase in Creditors                      826,001                698,825         78,945 
 
                                          (687,101)              (212,961)        619,855 
 
 Net Interest (Paid)                        (2,790)                (1,692)        (4,121) 
 Taxation                                                                        (44,232) 
 Capital Expenditure                       (43,993)               (84,732)       (89,100) 
 Equity Dividends Paid                     (41,432)               (41,432)       (82,865) 
 Unsecured Loan & Finance 
  Lease                                     (5,368)                (8,268)       (14,216) 
 
 (Decrease) Increase 
  in Cash Flow                            (780,684)              (349,085)        385,321 
                                   ================  =====================  ============= 
 
 

Notes

1) The results for the half year ended October 2013, which have been prepared in accordance with the accounting policies adopted in the financial statements for the year ended 30(th) April 2013, 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 2013 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 2013 has been based on the estimated effective tax rate for the full year.

3) The cash balance as at October 2012 has been adjusted to reflect the treatment of cash balances in the audited accounts. The Company utilises short term overdraft facilities to meet working capital requirements during the peak trading period.

4) 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.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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