Bumper year for Cassidy Brothers

A BLACKPOOL toy firm has seen its profits grow despite suffering a sharp slump in UK sales as the recession began.

Pre-tax profits jumped by 34.5% at Cassidy Brothers in the year to April 30 while sales grew 17% to £3.8m.

But the company, which makes toys under the Casdon brand, has not been immune to the downturn and saw UK sales drop by 9% in the last three months of 2008.

The business was affected by the decline of Woolworths but did not incur any losses from its collapse. However, it did take a £37,000 hit from the receivership of what it describes as “a large northern wholesaler”.

The group’s strong figures were supported by good sales in Australia and by using dollars to buy stock in September 2008 when its value was low against the pound.

Cassidy Brothers said it is now working on five new products for 2010. Its development of toy Dyson vacuum cleaners and a toy version of the George Foreman Grill have led to enquiries from, “increasing numbers” of domestic appliance manufacturers.