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Casdon plc (the 'Company')

Preliminary Announcement of results for the year ended 30th April 2013

Chairman's  Statement 

Revenue for the 12 months ended 30th April 2013 of £6,490,088 (2012: £5,266,073) is a significant improvement on the previous year. The Company has managed to secure a high level of new business from the US in the last financial year which has made up a large proportion of the increase in sales.

The gross profit £2,393,278, (2012: £1,882,726) has been achieved in spite of forsaking low margin sales, a tendency easily fallen into with certain FOB business, in pursuit of the vanity of turnover.

The company's application of exclusive product development for certain overseas customers has provided a profit before tax of £549,084 (2012: £215,344).

The balance sheet remains strong supporting the company with net assets of £3,669,538 (2012: £3,335,181).

Current Trading

The UK trade fairs in January and February 2013 were busy with customers showing little sign of despondency, and there was a marked increase in the value of orders taken compared to last year.

At a more recent trade fair, where discounts were offered for orders placed there and then, we were delighted to see an increase of 40% on the previous year. This is significant, as these orders for both immediate and forward deliveries, from small to medium independent UK retailers, give an indication of where certain sectors are "bucking the trend".

Our international trade fairs in Hong Kong, Nuernberg and New York, which appeared to be generally quieter in the halls, were nevertheless lucrative for Casdon, and I will be better able to report on by 'how much' in my interim report.

Future Prospects

The company is now recruiting for administrative staff for the processing of overseas orders at our Blackpool head office. This is the first time we have recruited office staff for eight years, and the more sustainable our overseas business becomes, the prospect of a permanently manned Hong Kong showroom could be on the horizon.

The decision to move production of some of our products to Indonesia is soon to be crystalised. This factory is a new build, and is now operational. A personal visit to this factory is planned for the last week in June 2013. Quality audit certificates from several accredited audit institutions are now to hand, the most important of which, is that of I.C.T.I (International Council of Toy Industries). This audits' task is many fold, and the most important being that of interviewing the factory staff with regard to their personal treatment, the work environment, and to make sure there is no child labour used.

Final Dividend

In conclusion the company's current plans involve the refurbishment of the company's warehouse property, which will involve the replacement of old asbestos corrugated roofing.

The directors therefore recommend no increase in the final dividend paid, which will remain at 0.75p per share (2012 0.75p), payable on 25th September 2013 to shareholders on the register on 16th August 2013.

Paul Cassidy

Chairman

For further information please contact;

Casdon plc

Paul Cassidy                                                                Tel 01253 766411

Zeus Capital Limited                                                  Tel 0161 831 1512

Nick Cowles

Ross Andrews

Profit & Loss Account

Company Number 565383






For the year ended 30 April 2013



























2013


2012


Notes


£


£







Turnover

2


6,490,088


5,266,073

Cost of Sales



(4,096,810)


(3,383,347)

GROSS PROFIT



2,393,278


1,882,726







Warehouse & Distribution costs



(1,582,045)


(1,287,500)

Administrative expenses



(408,237)


(496,216)

Other operating income



150,209


130,914







OPERATING PROFIT

3


553,205


229,924

Interest receivable and similar income

5


284


299

Interest payable and similar charges

6


(4,405)


(14,879)

PROFIT ON ORDINARY ACTIVITIES






BEFORE TAXATION



549,084


215,344







Tax on Profit on ordinary activities

10


(131,862)


(42,971)







PROFIT FOR THE FINANCIAL YEAR



417,222


172,373













EARNINGS  PER SHARE - BASIC AND DILUTED

11


7.55


3.12



















Balance Sheet

Company Number 565383








At 30 April 2013



















2013


2012


Notes


£

£


£

£

FIXED ASSETS








Tangible assets

12



2,281,936



2,336,190





2,281,936



2,336,190









CURRENT ASSETS








Stocks

13


888,474



754,198


Debtors

14


547,300



525,927


Cash at bank and in hand



766,696



381,375





2,202,470



1,661,500










CREDITORS(amounts falling due within one year)

15


(789,512)



(631,587)










NET CURRENT ASSETS




1,412,958



1,029,913









TOTAL ASSETS LESS CURRENT LIABILITIES




3,694,894



3,366,103









CREDITORS








(amounts falling due after more than one year)

16



-



(3,266)

PROVISIONS FOR LIABILITIES

17



(25,356)



(27,656)









NET ASSETS




3,669,538



3,335,181

























CAPITAL AND RESERVES








Called up share capital

18



552,435



552,435

Share premium account

19



43,522



43,522

Revaluation reserve

19



579,014



594,039

Profit and loss account

19



2,494,567



2,145,185









EQUITY SHAREHOLDERS' FUNDS

21



3,669,538



3,335,181

























Cash Flow Statement

For the year ended 30 April 2013



























2013


2012


Notes


£

£


£

£









NET CASH INFLOW FROM








OPERATING ACTIVITIES

22



619,855



740,456

















RETURNS ON INVESTMENTS AND








SERVICING OF FINANCE








Interest received



284



299


Interest paid



(4,405)



(14,561)


Interest element of finance lease rental payments



-



(318)






















(4,121)



(14,580)









TAXATION








Corporation tax




(44,232)



33,642









CAPITAL EXPENDITURE








Payments to acquire tangible fixed assets



(90,700)



(65,782)


Receipts from sales of tangible fixed assets



1,600



-














(89,100)



(65,782)









EQUITY DIVIDENDS PAID




(82,865)



(82,865)

















NET CASH INFLOW BEFORE FINANCING




399,537



610,871

















FINANCING
















Unsecured loan repayments

22


(14,216)



(16,536)


Capital element of finance lease rental payments

22


-  



(6,776)


















NET CASH (OUTFLOW) FROM FINANCING




(14,216)



(23,312)

































INCREASE  IN CASH

22



385,321



587,559

























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 2012 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 2013, 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 £417,222 (2012 £172,373) and on the weighted average number of shares in issue during the year of 5,524,350 (2011 5,524,350).

3.   Dividends

The Directors recommend the payment of a final dividend of 0.75p per share (2012 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 and, for a period of one month, from the Company's offices at Cornford Road, Blackpool, Lancashire FY4 4QW.


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