Final Results

 

TIDMCDY 
 
RNS Number : 1449Z 
Cassidy Brothers PLC 
18 September 2009 
 
 Cassidy Brothers plc (the 'Company') 
 
 
Preliminary Announcement of results for the year to 30 April 2009 
 
 
 
 
Chairman's Statement 
 
 
More good news the results for the year to 30th April 2009 have produced 
a profit before tax of GBP324,407 (2008 - GBP241,098), after sales increased by 
17.4% to GBP3,896,854 (2008 - GBP3,319,759). 
 
 
Current Trading 
 
 
The Company's performance is underpinned by strong net assets of GBP3,565,190 
(2008 - GBP3,437,891), giving a net asset value per share of 64.54 pence. 
These good results have been based on strong FOB sales especially in Australia, 
licensor promotions (Kenwood and Dyson) and the purchase of US Dollar currency 
in September 2008 when it was still at a low value against Sterling. This 
currency was then used to buy sound stock as a buffer against Far Eastern price 
increases which came in November / December 2008. 
 
 
As expected our UK sales were down approximately 8-9% in the last quarter of the 
calendar year 2008, not helped by the terminal throes of Woolworths and their 
destocking sales. Although the Company escaped any losses from Woolworths, we 
did not escape the loss of GBP37,000 from the receivership of a large northern 
wholesaler in November 2008. 
 
 
Future Prospects 
 
 
As I write this report, one of our two new TV advertised products, the George 
Foreman Grill has commenced its summer campaign. The Postman Pat steering wheel 
will follow. Both products have good listings from the trade. 
 
 
As the Company's products are seen in Europe and Asia, we are receiving 
increasing numbers of enquiries, not only from the toy trade, but from domestic 
appliance manufacturers wanting to work with us. 
Five new products are being developed for 2010, one of which has been in 
progress for over twelve months with patents applied for worldwide. We expect 
the patents to be granted before production commences early in 2010. 
Two other products are toy Dysons, one of which is for the US market, and the 
other for both UK and US markets. 
 
 
Final Dividend 
 
 
The Directors are of the opinion that notwithstanding the difficult trading 
conditions in the U.K. the Company recommends a final dividend of 2.00 pence per 
share (2008 - 1.50 pence) payable on 26th October 2009 to shareholders on the 
register on 2nd October 2009. 
 
 
 
 
Paul Cassidy 
Chairman 
 
 
For further information please contact; 
 
 
Cassidy Brothers plc       Tel:     [phone] 
Paul Cassidy, Chairman 
 
 
 
 
Zeus Capital LimitedTel:    0161 831 1512 
Ross Andrews 
Nick Cowles 
 
 
 
 
Profit and Loss Account 
For the year ended 30 April 2009 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                | Notes    |        2009 |          |         2008 | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |         GBP |          |          GBP | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Turnover                       |          |  3,896,854  |          |   3,319,759  | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Cost of Sales                  |          | (2,405,785) |          |  (1,871,085) | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| GROSS PROFIT                   |          |  1,491,069  |          |   1,448,674  | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Warehouse & Distribution costs |          |   (968,333) |          |    (925,862) | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Administrative Expenses        |          |   (336,080) |          |    (407,066) | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Other operating income         |          |    146,718  |          |     128,605  | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| OPERATING PROFIT               |          |     333,374 |          |     244,351  | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Interest receivable and        |          |      6,866  |          |      12,198  | 
| similar income                 |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Interest payable and similar   |          |    (15,833) |          |     (15,451) | 
| charges                        |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| PROFIT ON ORDINARY                        |             |          |              | 
+-------------------------------------------+-------------+----------+--------------+ 
| ACTIVITIES BEFORE TAXATION     |          |     324,407 |          |     241,098  | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| Tax on Profit on ordinary      |          |   (59,000)  |          |       25,000 | 
| activities                     |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| PROFIT FOR THE YEAR            |          | 265,407     |          |      266,098 | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
| EARNINGS PER SHARE             |        2 |       4.80p |          |        4.82p | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
|                                |          |             |          |              | 
+--------------------------------+----------+-------------+----------+--------------+ 
 
 
 
 
 
 
 
 
+--------------------------+------------+------------+------------+-------------+ 
| Balance Sheet            |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| At 30 April              |            | 2009       |            | 2008        | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |        GBP |        GBP |        GBP |         GBP | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| FIXED ASSETS             |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| Tangible Assets          |            | 2,208,865  |            |  2,131,784  | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| CURRENT ASSETS           |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| Stocks                   |   853,358  |            |   379,950  |             | 
+--------------------------+------------+------------+------------+-------------+ 
| Debtors                  |   510,154  |            |   279,997  |             | 
+--------------------------+------------+------------+------------+-------------+ 
| Cash at Bank and in hand |   542,648  |            |   961,340  |             | 
+--------------------------+------------+------------+------------+-------------+ 
|                          | 1,906,160  |            | 1,621,287  |             | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| CREDITORS                |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| (amounts falling due     |  (506,357) |            |  (285,932) |             | 
| within one year)         |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| NET CURRENT ASSETS       |            | 1,399,803  |            |  1,335,355  | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| TOTAL ASSETS LESS        |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| CURRENT LIABILITIES      |            | 3,608,668  |            |  3,467,139  | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| CREDITORS                |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| (amounts falling due     |            |   (14,478) |            |     (8,248) | 
| after one year)          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| PROVISIONS FOR           |            |   (29,000) |            |    (21,000) | 
| LIABILITIES              |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| NET ASSETS               |            | 3,565,190  |            |   3,437,891 | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| CAPITAL AND RESERVES     |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| Called up share capital  |            |   552,435  |            |    552,435  | 
+--------------------------+------------+------------+------------+-------------+ 
| Share Premium Account    |            |    43,522  |            |     43,522  | 
+--------------------------+------------+------------+------------+-------------+ 
| Revaluation Reserve      |            |   639,201  |            |    652,957  | 
+--------------------------+------------+------------+------------+-------------+ 
| Profit and Loss Account  |            | 2,330,032  |            |  2,188,977  | 
+--------------------------+------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
| EQUITY SHAREHOLDERS' FUNDS            | 3,565,190  |            |   3,437,891 | 
+---------------------------------------+------------+------------+-------------+ 
|                          |            |            |            |             | 
+--------------------------+------------+------------+------------+-------------+ 
 
 
 
 
 
 
 
 
 
 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Cash Flow Statement               |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| For the year ended 30 April       |           | 2009       |           | 2008      | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |       GBP |        GBP |       GBP |       GBP | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| NET CASH (OUTFLOW) / INFLOW FROM  |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| OPERATING ACTIVITIES              |           | (177,609)  |           |  268,280  | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| RETURNS ON INVESTMENTS            |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| AND SERVICING OF FINANCE          |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Interest received                 |    6,866  |            |   12,198  |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Interest paid                     |  (14,216) |            |  (14,470) |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Interest element of finance lease |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| rental payments                   |   (1,617) |            |     (981) |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |    (8,967) |           |   (3,253) | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| TAXATION                          |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Corporation tax                   |           |   (14,406) |           |         0 | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| CAPITAL EXPENDITURE AND           |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| FINANCIAL INVESTMENT              |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Payments to acquire tangible      | (175,255) |            | (208,697) |           | 
| fixed assets                      |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Receipts from sales of tangible   |        0  |            |   11,531  |           | 
| fixed assets                      |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |  (175,255) |           | (197,166) | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| EQUITY DIVIDENDS PAID             |           |  (138,108) |           | (110,487) | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| NET CASH OUTFLOW BEFORE FINANCING |           | (514,345)  |           |  (42,626) | 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| FINANCING                         |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Repayment of unsecured loan       |         0 |            |  (46,612) |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| Capital element of finance lease  |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| rental payments                   |   (6,253) |            |   (2,632) |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| NET CASH OUTFLOW FROM             |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| FINANCING                         |           |    (6,253) |           |  (49,244) | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
| DECREASE IN CASH                  |           | (520,598)  |           |  (91,870) | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
|                                   |           |            |           |           | 
+-----------------------------------+-----------+------------+-----------+-----------+ 
 
 
 
 
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 April 2008 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 237 (2) or (3) 
of Companies Act 1985. The auditors have reported on the accounts for the year 
ended 30 April 2009, but such accounts have not yet been delivered to the 
Registrar of Companies. 
 
 
2. EARNINGS PER SHARE 
Earnings per share are calculated on profit for the financial year of GBP265,407 
(2008: GBP266,098) and on the weighted average number of shares in issue during 
the year of 5,524,350 (2008: 5,524,350). 
 
 
3. DIVIDENDS 
The Directors recommend a final dividend payment of 2.00p per share payable on 
26th October 2009 to shareholders on the register on 2nd October 2009. 
 
 
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 4QQ. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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