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 01253 766411
Zeus Capital Limited Tel 0161 831 1512
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
END
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