TIDMTOYE
RNS Number : 0364P
Toye & Co PLC
28 September 2011
TOYE & CO PLC
(AIM: TOYE)
Interim Results to 30 June 2011
Toye & Co plc ("Toye" or "the Company"), the manufacturer of
military and masonic regalia, medals, badges and related textiles,
announces its Interim Results for the six months to 30 June
2011.
Contacts:
Toye & Company plc www.toye.com
Fiona Toye, Chief Executive +44 (0) 20 7242 0471
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Marc Davies +44 (0) 117 945 3470
Chief Executive's Statement
Results
At the half year the Company returned a small profit of GBP9,120
(2010:GBP26,205) on a turnover of GBP4,495,726, an increase of some
GBP360,000 over the corresponding period in 2010.
The increase in turnover was achieved despite last year's
performance benefitting from a large contract which has now been
completed and which has yet to be replaced by one or more similar
high volume contracts with equivalent margins.
However, whilst gross profit is higher in absolute terms than in
the previous year, the gross margin has fallen, largely due to
continuing increases in raw material costs, most notably precious
metals. This has resulted in a lower profit before tax than in the
corresponding period last year.
Trading
Current trading conditions are extremely challenging in all
market areas. The reduction in spending by government departments
and other organisations has resulted in reduced capacity to spend
both for organisations as well as for individuals.
Operational efficiency and productivity has improved and in some
markets we have obtained the majority of available work, and added
new customers to our client base. However, in the short term, this
has not improved profitability as customers are generally
purchasing smaller volumes and because of the gross margin pressure
referred to earlier.
With our specialist and location-focused craft skills, it is
difficult to reduce overheads by combining sites but we continue to
concentrate our efforts on improving productivity at all levels of
the business.
Staff
The company is committed to retaining the highest level of
craftsmanship so, whilst the workforce is leaner; it continues to
possess great expertise with the attendant ability to fulfil a
combination of production tasks to a very high standard.
With the end of the large contract referred to above, it was
sadly necessary to make some staff redundant at our Birmingham
factory.
Outlook
We do not anticipate any significant improvement in our markets
in the coming months. In addition, we continue to seek ways of
reducing our overheads without jeopardising our reputation for
quality, supply and customer service.
Regalia House Mrs F A TOYE
19, 20 & 21 Great Queen Street, Chief Executive
London, WC2B 5BE
28 September 2011
Group Statement of
Comprehensive Income
For the six months ended 30 June
2011
Year to
Six months Six months 31
to 30 June to 30 June December
2011 2010 2010
Notes GBP GBP GBP
Revenue 4,495,726 4,131,022 8,489,519
Operating expenses 4,459,496 4,075,301 8,329,900
-------------------------------------- ------------ ------------ ----------
Operating profit 36,230 55,721 159,619
Finance costs (27,110) (29,516) (59,473)
-------------------------------------- ------------ ------------ ----------
Profit before and after
taxation 9,120 26,205 100,146
-------------------------------------- ------------ ------------ ----------
Earnings per share - basic 2 0.41p 1.17p 4.45p
and diluted
All activities relate to continuing operations.
Statement of Financial Position
at 30 June 2011
At 30 At 30 At 31
June June December
2011 2010 2010
Notes GBP GBP GBP
Assets
Non-current assets
Plant, property and equipment 1,973,814 2,018,085 1,998,817
------------------------------- ------ ---------- ---------- ----------
Current assets
Inventories 1,251,262 1,201,545 1,333,818
Trade and other receivables 1,353,675 1,435,353 1,660,642
Cash and cash equivalents 7,761 5,702 21,056
------------------------------- ------ ---------- ---------- ----------
2,612,698 2,642,600 3,015,516
------------------------------- ------ ---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables 1,505,006 1,318,330 1,483,315
Current borrowings 4 363,822 565,088 761,760
Current portion of long
term borrowings 4 123,320 120,635 122,012
------------------------------- ------ ---------- ---------- ----------
1,992,148 2,004,053 2,367,087
------------------------------- ------ ---------- ---------- ----------
Net current assets 620,550 638,547 648,429
------------------------------- ------ ---------- ---------- ----------
Non-current liabilities
Non-current borrowings 4 921,843 1,045,172 983,845
Deferred payments - 22,000 -
------------------------------- ------ ---------- ---------- ----------
921,843 1,067,172 983,845
------------------------------- ------ ---------- ---------- ----------
Net assets 1,672,521 1,589,460 1,663,401
------------------------------- ------ ---------- ---------- ----------
Equity attributable to equity
holders
of the parent
Ordinary shares 562,000 562,000 562,000
Share premium 2,677 2,677 2,677
Retained earnings 1,107,844 1,024,783 1,098,724
------------------------------- ------ ---------- ---------- ----------
Total equity 1,672,521 1,589,460 1,663,401
------------------------------- ------ ---------- ---------- ----------
Statement of Changes in Equity
For the six months ended 30 June 2011
Ordinary Share Retained Total
shares premium earnings equity
GBP GBP GBP GBP
Balance at 1 January 2010 562,000 2,677 998,578 1,563,255
Changes in equity for
2010
Profit for the year - - 100,146 100,146
Total comprehensive income
for the year - - 100,146 100,146
---------------------------- --------- --------- ---------- ----------
Balance at 31 December
2010 562,000 2,677 1,098,724 1,663,401
Changes in equity for
the period
Profit for the period - - 9,120 9,120
Total comprehensive income
for the period - - 9,120 9,120
---------------------------- --------- --------- ---------- ----------
Balance at 30 June 2011 562,000 2,677 1,107,844 1,672,521
Statement of Cash Flows
For the six months ended 30 June 2011
Year to
Six months Six months 31
to 30 June to 30 June December
2011 2010 2010
Notes GBP GBP GBP
Cash flows from/(used by)
operating activities
Cash generated from/(used
by) operating activities 492,597 (23,105) (72,191)
Interest received - - -
Interest paid (27,110) (29,516) (59,473)
------------------------------ ------ ------------ ------------ ----------
Net cash generated from
/ (absorbed by) operating
activities 465,487 (52,621) (131,664)
------------------------------ ------ ------------ ------------ ----------
Cash flows from investing
activities
Purchase of property, plant
and equipment (20,150) (15,226) (57,551)
------------------------------ ------ ------------ ------------ ----------
Net cash flows from/(used
in) investing activities (20,150) (15,226) (57,551)
------------------------------ ------ ------------ ------------ ----------
Cash flows from financing
activities
Repayment of borrowings (60,694) (59,350) (119,300)
------------------------------ ------ ------------ ------------ ----------
Net cash flows (used in)
financing activities (60,694) (59,350) (119,300)
------------------------------ ------ ------------ ------------ ----------
Net increase/(decrease)
in cash and cash equivalents 384,643 (127,197) (308,515)
Cash and cash equivalents
at the beginning of the
period (740,704) (432,189) (432,189)
------------------------------ ------ ------------ ------------ ----------
Cash and cash equivalents
at the end of the period 3 (356,061) (559,386) (740,704)
------------------------------ ------ ------------ ------------ ----------
Notes to the Interim Financial Statements
1. Basis of preparation
The accounting policies and methods of computation followed in
the interim financial statement are consistent with those published
in the Group's Annual Report and Financial Statements for the year
ended 31 December 2010 and expected to apply in the Financial
Statements for the year ended 31 December 2011.
The results for the six months ended 30 June 2011 and 30 June
2010 have not been audited and do not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006. The
abridged financial information for the year ended 31 December 2010
has been derived from the statutory accounts included in the Annual
Report 2010, which were prepared under International Financial
Reporting Standards (IFRS), and have been filed with the Registrar
of Companies. The auditor's report on these accounts was
unqualified and did not contain statements under Section 498 (2) or
Section 498 (3) of the Companies Act 2006 which deal respectively
with the maintaining of proper accounting books and records and the
availability of information to the auditors.
The Interim Report and Financial Statements were approved by the
Board of Directors on 28 September 2011. A copy of the interim
statement will be posted to shareholders and made available to the
public at the Company's Registered Office, 19, 20 & 21 Great
Queen Street, London and on the Company's website www.toye.com.
2. Earnings per ordinary 25p share
The earnings per ordinary 25p share is based on the profit after
taxation and the unchanged number of 2,248,000 ordinary shares in
issue throughout the period.
3. Analysis of net debt
Other non At 30 June
At 1 January Cashflow cash changes 2011
2011 GBP GBP GBP
Cash at bank and in
hand 21,056 (13,295) - 7,761
Overdraft and invoice
discounting facility (761,760) 397,938 - (363,822)
---------------------- ------------- --------- -------------- ------------
Total cash and cash
equivalents (740,704 384,643 - (356,061)
Debt due within one
year (122,012) 60,694 (62,002) (123,320)
Debt due after one
year (983,845) - 62,002 (921,843)
---------------------- ------------- --------- -------------- ------------
(1,846,561) 445,337 - (1,401,224)
---------------------- ------------- --------- -------------- ------------
4. Borrowings
At 30 June At 30 June At 31 December
2011 2010 2010
GBP GBP GBP
Current
Bank overdraft and invoice
discounting 363,822 565,088 761,760
Bank loans 123,320 120,635 122,012
----------------------------------- ----------- ----------- ---------------
487,142 685,723 883,772
----------------------------------- ----------- ----------- ---------------
Non current
Bank loans 921,843 1,045,172 983,845
----------------------------------- ----------- ----------- ---------------
Total bank borrowings 1,408,985 1,730,895 1,867,617
----------------------------------- ----------- ----------- ---------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UBVSRAAAKUAR
Grafico Azioni Toye & Co (LSE:TOYE)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Toye & Co (LSE:TOYE)
Storico
Da Giu 2023 a Giu 2024
