Information  X 
Enter a valid email address

Casdon PLC (CDY)

  Print      Mail a friend       Annual reports

Friday 01 August, 2014

Casdon PLC

Preliminary Results

RNS Number : 9609N
Casdon PLC
01 August 2014
 



 

                               

Casdon plc (the 'Company')

 

Preliminary Announcement of results for the year ended 30th April 2014

 

 

Chairman's  Statement 

 

Company turnover for the 12 months ended 30th April 2014 of £7,514,576  (2013: £6,490,088)  has increased by 15.78%. This has been achieved through the pursuit of national account business in the USA (with turnover increasing by 70% to £1,918,090), where payment is secure, but margin suffers.

 

Profit for the year of £289,651 (2013: £417,222), a drop of over 30%, is not in its entirety laid at the door of the USA business, but reflects the necessity of maintaining the Company's property assets.

 

The Directors have reviewed the Company's property portfolio, resulting in two of the Company's oldest properties (built in 1956/7) being demolished, the cost of keeping them and paying local authority rates outweighed their usefulness as overspill storage facilities. The most visible of our warehouse assets, although old, is on a valuable site on the main road, and therefore worthy of renovation.

 

The Company's net assets have increased to £3,876,324, (2013: £3,669,538) due to an increase in debtors and US dollar cash deposits. The fall in the value of the US dollar was not a welcome event when converted back into sterling in the accounts.

 

 

Current Trading

The results of the UK trade fairs in January and February 2014 were very encouraging with regard to a new wooden toy range, which has the advantage of no capital development costs. It is a section of the toy trade that Casdon has never tapped, and how far we expand into this sector will depend largely on its performance in 2014. With more of our larger independent retailers taking our stock directly from China, and therefore bearing the costs of shipping, import and storage, trade fairs are becoming more a shop window and preview arena than an order taking venue.

 

These UK Free on Board (FoB) sales however relieve us from the usual warehouse costs, results in payment several months quicker, and in US dollars. These dollars can then be used to pay our Chinese factory, which also functions as a natural hedge against currency fluctuations.

 

Our international trade fairs in Hong Kong, Nuernberg and New York, have secured us more export business, which now stands at 38% of the company's turnover.

 

 

Future Prospects

Our plans to move some manufacturing to Indonesia have been set back due to adverse quality assurance issues, revealed by recent audits. These will have to be addressed before we commit to a manufacturing program in this country, in spite of preferential duty tariffs and lower labour costs.

 

 

Dividends

The directors recommend no increase in the final dividend paid, which will remain at 0.75p per share (2013 0.75p), payable on 24th September to shareholders on the register on 15th August 2014.

 

Delisting

For the past 25 years the Company has never used its plc status to raise capital other than the first IPO in 1989, and the Directors do not believe that the opportunity to raise a meaningful amount of capital will arise in future. In addition there has not been a liquid market in the Company's shares for some time, and the Directors believe that the money and management time saved by no longer being listed can be used elsewhere in the business for the benefit of shareholders.

 

It is our wish to revert back to a private company by way of delisting from the AIM market.

 

The reasons for delisting are set out in detail in the circular published earlier today and which requires your immediate attention.

 

In summary it is the Company's intention to continue to:

 

            Pay Dividends as before subject to the Company's profitability

            Provide information to all shareholders

            Provide a facility for Shareholders to trade in the Company's shares.

 

I personally believe that delisting from the AIM market is in the best interests of the Company and its shareholders, as do the other members of the Board.

 

 

 

Paul Cassidy

Chairman

 

For further information please contact;

 

Casdon plc

Paul Cassidy                                                                Tel 01253 766411

 

Zeus Capital Limited                                                   Tel 0161 831 1512

Nick Cowles

 

 

 

 

 

Profit & Loss Account

Company Number 565383





For the year ended 30 April 2014






















2014


2013



£


£






Turnover


7,514,756


6,490,088

Cost of Sales


(4,923,795)


(4,096,810)

GROSS PROFIT


2,590,961


2,393,278






Warehouse & Distribution costs


(1,860,438)


(1,582,045)

Administrative expenses


(461,108)


(408,237)

Other operating income


113,000


150,209






OPERATING PROFIT


382,415


553,205

Interest receivable and similar income


385


284

Interest payable and similar charges


(5,120)


(4,405)

PROFIT ON ORDINARY ACTIVITIES





BEFORE TAXATION


377,680


549,084






Tax on Profit on ordinary activities


(88,029)


(131,862)






PROFIT FOR THE FINANCIAL YEAR


289,651


417,222











EARNINGS  PER SHARE - BASIC AND DILUTED


5.24p


 7.55p






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

 

Company Number 565383







At 30 April 2014
















2014


2013



£

£


£

£

FIXED ASSETS







Tangible assets



2,266,675



2,281,936




2,266,675



2,281,936








CURRENT ASSETS







Stocks


766,782



888,474


Debtors


752,576



547,300


Cash at bank and in hand


863,896



766,696




2,383,254



2,202,470









CREDITORS (amounts falling due within one year)


(746,370)



(789,512)









NET CURRENT ASSETS



1,636,884



1,412,958








TOTAL ASSETS LESS CURRENT LIABILITIES



3,903,559



3,694,894








CREDITORS







(amounts falling due after more than one year)



                  -



0

PROVISIONS FOR LIABILITIES



(27,235)



(25,356)








NET ASSETS



3,876,324



3,669,538






















CAPITAL AND RESERVES







Called up share capital



552,435



552,435

Share premium account



43,522



43,522

Revaluation reserve



563,989



579,014

Profit and loss account



2,716,378



2,494,567








EQUITY SHAREHOLDERS' FUNDS



3,876,324



3,669,538















 

 

 

 

Cash Flow Statement

 

For the year ended 30 April 2014























2014


2013



£

£


£

£








NET CASH INFLOW FROM







OPERATING ACTIVITIES



425,761



619,855















RETURNS ON INVESTMENTS AND







SERVICING OF FINANCE







Interest received


385



284


Interest paid


(5,120)



(4,405)


Interest element of finance lease rental payments


 -



-



















(4,735)



(4,121)








TAXATION







Corporation tax



(133,713)



(44,232)








CAPITAL EXPENDITURE







Payments to acquire tangible fixed assets


(127,661)



(90,700)


Receipts from sales of tangible fixed assets


25,999



1,600












(101,662)



(89,100)








EQUITY DIVIDENDS PAID



(82,865)



(82,865)















NET CASH INFLOW BEFORE FINANCING



102,786



399,537















FINANCING














Unsecured loan repayments


(5,586)



(14,216)


Capital element of finance lease rental payments


                -  



0
















NET CASH (OUTFLOW) FROM FINANCING



(5,586)



(14,216)





























INCREASE  IN CASH



97,200



385,321






















 

 

 

Segmental Breakdown of Sales

 

An analysis of turnover by




  Geographical destination is as follows:

2014


2013


£


£





  United Kingdom

4,659,874


4,895,083

  Europe

475,734


301,648

  Australia

84,146


          -

  U.S.A.

1,918,090


1,130,426

  Rest Of World

376,910


162,931


7,514,754


6,490,088

 

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 30th April 2013 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 498 (2) to (4) of the Companies Act 2006. The auditors reported on the accounts for the year ended 30th April 2014, but such accounts have not yet been delivered to the Registrar of Companies.

2.   Earnings Per Share

Earnings per share are calculated on the profit for the financial year of £289,651 (2013 £417,222) and on the weighted average number of shares in issue during the year of 5,524,350 (2013 5,524,350).

3.   Dividends

The Directors recommend the payment of a final dividend of 0.75p per share (2013 0.75p).

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 4QW.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR EAXXFDEPLEFF

a d v e r t i s e m e n t