Toy firm Casdon wants to delist
CASDON, the small Blackpool-based toy manufacturer and supplier, has posted a fall in annual profits and says it wants to delist its shares from AIM.
The company, which listed in 1989, said it was hard to justify the listing from a cost perspective, and that it doesn’t feel it can raise capital either. Investors will vote on the board’s proposals on August 26 .
Chairman Paul Cassidy stated: “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.”
Despite a 15% increase in turnover to £7.5m in the year to April 30, profits fell from £549,084 to £377,680 mostly as a result of costs relating to maintaining property assets.
Mr Cassidy said the company has made good progress in export markets, but quality concerns had altered its thinking on sourcing more product from Indonesia.
He added results of UK trade fairs in the early part of 2014 have been “very encouraging” in regards to a new range of wooden toys.
