Interim Results

RNS Number:2105U
Cassidy Brothers PLC
14 January 2004

                             CASSIDY BROTHERS plc



                       Interim Results to 31 October 2003



CHAIRMAN'S STATEMENT



In my year end statement to 30th April 2003 I mentioned our plans to market a
range of Cadbury licensed items which was in response to increased competition
hitting our kitchen role play products, which in the main was the reason for the
drop of 29% in turnover.  The Cadbury range would not be subjected to the
copying we have had to contend with these last couple of years, and we received
excellent listings at the trade fairs in January 2003.  We experienced delays in
the contract with Cadbury and as a result these first half figures do not
include the benefit from Cadbury sales.





Current Trading



Consumer purchasing is still moving closer to Christmas each year, which puts
the retail trade in a very defensive posture.  This means that it is depending
heavily on the suppliers taking more of the inventory risk, drawing from them
only the immediate requirements.  Our three KFC licensed products have proved
successful, returning revenue back to our cash register shopping role play
areas, which are all enjoying excellent sales together with Pick & Mix and
Cadbury Heroes.  Warehouse and Distribution costs have reduced by #186,800 over
the last six months, with Administration cost remaining constant.





Interim Dividend



Your Directors have decided that an interim dividend of 0.75 pence per share
will be appropriate for the current results, optimised by future prospects,
payable on 5 April 2004. This will apply to ordinary shareholders on the
register at the close of business on 5 March 2004.







Future Prospects

We expect sales of the existing product range to plateau this year in the UK but
increase to the rest of the world, in particular Australia, Spain and Italy.
The latter sales don't affect turnover as we are paid on a commission basis.
Revenue earned in this way is used to reduce 'Cost of Sales'.  Further regular
revenue can be expected as of 1 December 2003 from a successful long term
leasing of 12,000 sq ft of surplus warehouse space, which apart from some
occasional short term let income has remained empty for four years.



We plan to enter the Arts and Crafts category of trade with a product which is
based on forensic facial reconstruction using pegs placed in certain positions
on the skull.  It hasn't been attempted before and we believe it will be a world
first.  It will be aimed not only at the toy trade but also the adult hobby
market, and at varied skill levels.  For those of us who have tried 'painting by
numbers' one could describe this range as 'sculpture by numbers' and patents
have been applied for.  One of the sculptured subjects in the range will be a
character licensed from a recent box office hit film and an ideal subject for
this product, supported by Neanderthal man, Tyrannosaurus Rex and Julius Caesar.



Paul M. Cassidy

Chairman

14 January 2004





Enquiries


Paul Cassidy                                         01253 766 411
Chairman, Cassidy plc

Russell Cook                                         020 7739 2000
Charles Stanley




Profit and Loss Account                            Six months             Six months              Year
                                                        ended                  ended             ended
                                                   31 October             31 October          30 April
                                                         2003                   2002              2003
                                                  (unaudited)            (unaudited)
                                                            #                      #                 #

Turnover                                            2,314,350              3,249,909         5,343,290
Cost of Sales                                     (1,412,194)            (1,920,196)       (3,122,702)

Gross Profit                                          902,156              1,329,713         2,220,588

Warehouse and Distribution Costs                    (510,724)              (697,580)       (1,399,867)
Administrative Expenses                             (279,110)              (279,634)         (607,302)
Other operating income                                 14,008                 14,455            26,444

Operating profit                                      126,330                366,954           239,863

Net interest payable                                 (12,620)               (26,801)          (45,480)

Profit on ordinary
activities before taxation                            113,710                340,153           194,383

Taxation                                             (22,742)               (68,031)           (8,591)

Profit  attributable
to shareholders                                        90,968                272,122           185,792

Dividends (see below)                                (41,432)               (55,243)         (165,730)

Retained profit                                        49,536                216,879            20,062

Dividends are as follows:
Interim dividend of 0.75p per share                    41,432                 55,243            55,243
Final dividend of 2.00p per share                           -                      -           110,487

                                                       41,432                 55,243           165,730

Earnings per share                                      1.65p                  4.93p             3.36p








Summarised Balance Sheets                              As at                As at                  As at
                                                  31 October           31 October               30 April
                                                        2003                 2002                   2003
                                                 (unaudited)          (unaudited)
                                                           #                    #                      #

Fixed assets                                       2,152,171            2,257,290              2,174,213

Stock                                              1,181,516            1,435,515              1,297,852
Debtors                                            1,787,097            2,172,213                329,243
Cash                                                 287,316              412,444                524,038
Current assets                                     3,255,929            4,020,172              2,151,133


Creditors: amounts falling due
   within one year                               (1,619,760)          (2,290,730)              (568,140)

Net current assets                                 1,636,169            1,729,442              1,582,993

Total assets less current liabilities              3,788,340            3,986,732              3,757,206

Deferred liabilities and provisions                 (81,924)            (133,035)              (100,326)

Net assets employed                                3,706,416            3,853,697              3,656,880

Share capital                                        552,435              552,435                552,435

Reserves                                           3,153,981            3,301,262              3,104,445

Shareholders' funds                                3,706,416            3,853,697              3,656,880





Cash Flow Statement                               Six Months           Six Months                 Year
                                                       Ended                Ended                Ended
                                                  31 October           31 October             30 April
                                                        2003                 2002                 2003
                                                           #                    #                    #


Operating Profit                                     126,330              366,954              239,863

Depreciation charges                                 137,193              125,824              245,762
Profit on sale of tangible fixed assets                                   (4,500)              (4,500)
(Increase) / Decrease in Stock                       116,336            (523,883)            (386,220)
(Increase) / Decrease in Debtors                 (1,457,854)          (1,634,122)              208,495
Increase / (Decrease) in Creditors                   154,410              135,022            (220,373)

                                                   (923,585)          (1,534,705)               83,027

Net Interest paid                                   (12,620)             (26,801)             (45,480)
Taxation                                                                                      (27,661)
Capital Expenditure                                (115,151)            (183,963)            (331,270)
Equity Dividends paid                              (110,487)            (117,392)            (172,635)
Unsecured loan and Finance lease                      75,174                1,081             (50,722)

(Decrease) in Cash Flow                          (1,086,669)          (1,861,780)            (544,741)








Notes



1. The results for the half year ended 31 October 2003, which have been prepared
inaccordance with the accounting policies adopted in the financial statements
for the year ended 30 April 2003, have not been audited or reviewed by the
Company's Auditors and do not constitute statutory accounts as defined in s240
of the Companies Act 1985.



The financial information for the year ended 30 April 2003 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 October 2003 has been based on the
estimated effective tax rate for the full year.



3. The calculation of Earnings per share is based upon the profit after taxation
for the period divided by the weighted average number of ordinary shares in
issue during the period. The weighted average number of shares in issue was
5,524,350 ordinary shares.



4. This interim report will be available from the Company's offices and will be
sent to shareholders by no later than 21 January 2004.





5. Analysis of Deferred liabilities and provisions


                                                       As at                As at                As at
                                                  31 October           31 October             30 April
                                                        2003                 2002                 2003
                                                           #                    #                    #

Finance leases and Hire Purchase                      15,924               61,035               34,326
Deferred Taxation                                     66,000               72,000               66,000

Deferred liabilities and provisions                   81,924              133,035              100,326




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