TIDMTOYE
RNS Number : 0463P
Toye & Co PLC
27 September 2013
TOYE & CO PLC
(AIM: TOYE)
Interim Results to 30 June 2013
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
2013.
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 +44 (0) 117 945 3470
Chief Executive's Statement
Results
Our results for the half-year are disappointing with a loss of
GBP265,511, against a profit of GBP527,559 reported at this time in
2012.
The turnover is GBP3,403,788 a decrease on last year's half-year
turnover of GBP5,476,188. It is important to note that last year's
results were boosted by the income from one large contract that
generated turnover of GBP1,955,450. It has continued to be
extremely challenging to achieve sales in our traditional markets
and this will be reflected in our end of year results.
Our gross profit margin has fallen back to historic levels, as
last year's level was raised by the large contract.
Trading
Trading in our traditional UK markets continues to be reduced
compared to previous years. The sales team is working hard to
compensate for this by concentrating on increasing sales overseas.
However the results from this will not be seen in the short term.
The nature of our business means that there is a great deal of
development in terms of design, sampling, quotation and bid
submissions before a contract is awarded, delivered and payment
received.
Staff
The combined sales administration and procurement office is
working effectively. Staff have adjusted well to the 34 hour week,
and have worked hard to maintain a good level of customer response
and service.
Property
On 28(th) January 2013 the Company entered into an unconditional
loan facility agreement, legal charge and conditional sale
agreement to dispose of its leasehold property at 19-21 Great Queen
Street to Stability Investments Limited for a consideration of at
least GBP2,750,000. At 31 December 2012 the property had a carrying
value of GBP945,000. The Company may be entitled to additional
consideration of GBP500,000 and a share of any ultimate development
profit relating to the property.
The loan facility agreement provides that Stability Investments
Limited advances to the Company an amount of up to GBP2,500,000.
This advance is secured by a legal charge. All other outstanding
charges over the Company's interest in the property have been
released.
An advance was paid to the Company on 28 January 2013. The
balance of the advance, some GBP500,000, is available to be
released to the Company.
GBP2,000,000 of the advance has been applied by the Company to
repay in full the indebtedness of the Group to Lloyds Bank PLC and
to meet the working capital requirements of the Group.
Under the terms of the loan facility agreement, two
representatives of Stability Investments Limited, Robin Edwards and
Robert Luck, have been appointed as Non-Executive Directors of the
Company.
Outlook
The property deal concerning our Great Queen Street premises has
been the catalyst for change.
In this first half of the year we have introduced new blood to
the Board and to the Executive team. Our two new Non-Executive
Directors bring commercial expertise and a fresh and objective
approach to our business. A new Sales Director with great
experience in our key markets has already brought focus and drive
to our sales campaigns.
The arrangement with Stability Investments included the
development and implementation of a business plan. This plan is in
the process of being prepared and will consider the Group's
structure and our cost base, and include a review of the markets we
service. The aim is to create a business that can be more adaptive
to market conditions.
We are not expecting a significant change in trading conditions
in the second half of the year.
Regalia House Fiona Toye
19, 20 & 21 Great Queen Street, Chief Executive
London, WC2B 5BE
26 September 2013
Group Statement of
Comprehensive Income
For the six months ended 30 June
2013
Six months Six months Year to 31
to 30 June to 30 June December
2013 2012 2012
Notes GBP GBP GBP
Revenue 3,403,788 5,476,188 8,936,996
Operating expenses 3,628,390 4,917,008 8,416,291
------------------------------- ------ ------------ ------------ -----------
Operating (loss) / profit (224,602) 559,180 520,705
Finance costs (40,909) (31,621) (66,833)
------------------------------- ------ ------------ ------------ -----------
(Loss) / profit before and
after taxation (265,511) 527,559 453,872
------------------------------- ------ ------------ ------------ -----------
(Loss) / earnings per share
- basic and diluted 2 (11.81)p 23.47p 20.19p
All activities relate to continuing operations.
Statement of Financial Position
at 30 June 2013
At 30 At 30 At 31
June June December
2013 2012 2012
Notes GBP GBP GBP
Assets
Non-current assets
Plant, property and equipment 1,921,141 1,898,722 1,959,086
---------------------------------- ------ ---------- ---------- ----------
Current assets
Inventories 1,125,112 1,142,795 1,154,462
Trade and other receivables 1,255,177 1,573,411 1,115,709
Cash and cash equivalents 439,871 4,286 4,390
---------------------------------- ------ ---------- ---------- ----------
2,820,160 2,720,492 2,274,561
---------------------------------- ------ ---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables 1,293,043 1,596,463 1,133,324
Current borrowings 4 2,035,887 338,996 559,687
Current portion of long
term borrowings 4 - 129,073 120,607
---------------------------------- ------ ---------- ---------- ----------
3,328,930 2,064,532 1,813,618
---------------------------------- ------ ---------- ---------- ----------
Net current (liabilities)/assets (508,770) 655,960 460,943
---------------------------------- ------ ---------- ---------- ----------
Non-current liabilities
Non-current borrowings 4 - 803,113 742,147
- 803,113 742,147
---------------------------------- ------ ---------- ---------- ----------
Net assets 1,412,371 1,751,569 1,677,882
---------------------------------- ------ ---------- ---------- ----------
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 847,694 1,186,892 1,113,205
---------------------------------- ------ ---------- ---------- ----------
Total equity 1,412,371 1,751,569 1,677,882
---------------------------------- ------ ---------- ---------- ----------
Statement of Changes in Equity
For the six months ended 30 June 2013
Ordinary Share Retained Total
shares premium earnings equity
GBP GBP GBP GBP
Balance at 1 January 2012 562,000 2,677 659,333 1,224,010
Changes in equity for 2012
Profit for the year and total
comprehensive income for the
year - - 453,872 453,872
Balance at 31 December 2012 562,000 2,677 1,113,205 1,677,882
--------- --------- ---------- ----------
Changes in equity for the
period
(Loss) for the period and
total comprehensive income
for the period - - (265,511) (265,511)
Balance at 30 June 2013 562,000 2,677 847,694 1,412,371
--------- --------- ---------- ----------
Statement of Cash Flows
For the six months ended 30 June 2013
Six months Six months Year to 31
to 30 June to 30 June December
2013 2012 2012
Notes GBP GBP GBP
Cash flows (used by) / generate
from operating activities
Cash (used by) / generated
from operating activities (125,730) 467,319 464,475
Interest received - - -
Interest paid (5,022) (31,621) (66,883)
---------------------------------- ------ ------------ ------------ -----------
Net cash (used by) / generated
from operating activities (130,752) 435,698 397,642
---------------------------------- ------ ------------ ------------ -----------
Cash flows from investing
activities
Purchase of property, plant
and equipment (11,326) (8,437) (121,536)
Net cash flows used in investing
activities (11,326) (8,437) (121,536)
---------------------------------- ------ ------------ ------------ -----------
Cash flows from financing
activities
Financing 2,000,000 - -
Repayment of borrowings (862,754) (51,659) (121,091)
---------------------------------- ------ ------------ ------------ -----------
Net cash flows from / (used
in) financing activities 1,137,246 (51,659) (121,091)
---------------------------------- ------ ------------ ------------ -----------
Net increase in cash and
cash equivalents 995,168 375,602 155,015
Cash and cash equivalents
at the beginning of the
period (555,297) (710,312) (710,312)
---------------------------------- ------ ------------ ------------ -----------
Cash and cash equivalents
at the end of the period 3 439,871 (334,710) (555,297)
---------------------------------- ------ ------------ ------------ -----------
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 2012 and expected to apply in the Financial
Statements for the year ended 31 December 2013.
The results for the six months ended 30 June 2013 and 30 June
2012 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 2012
has been derived from the statutory accounts included in the Annual
Report 2012, 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 26 September 2013. 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
At 1 January Other non At 30 June
2013 Cashflow cash changes 2013
GBP GBP GBP GBP
Cash at bank and in hand 4,390 435,481 - 439,871
Overdraft and invoice
discounting facility (559,687) 559,687 - -
Total cash and cash
equivalents (555,297) 995,168 - 439,871
Debt due within one year (120,607) (1,137,246) (778,034) (2,035,887)
Debt due after one year (742,147) - 742,147 -
-------------------------- ------------- ------------ -------------- ------------
(1,418,051) (142,078) (35,887) (1,596,016)
-------------------------- ------------- ------------ -------------- ------------
4. Borrowings
At 30 June At 30 June At 31 December
2013 2012 2012
GBP GBP GBP
Current
Bank overdraft and invoice discounting - 338,996 559,687
Bank loans - 129,073 120,607
Other loans 2,035,887 - -
---------------------------------------- ----------- ----------- ---------------
2,035,887 468,069 680,294
---------------------------------------- ----------- ----------- ---------------
Non current
Bank loans - 803,113 742,147
---------------------------------------- ----------- ----------- ---------------
Total bank borrowings - 1,271,182 1,422,441
---------------------------------------- ----------- ----------- ---------------
5. Other loans
On 28 January 2013 the Company entered into an unconditional
loan facility agreement, legal charge, and conditional sale
agreement to dispose of its leasehold property at 19-21 Great Queen
Street ("the Property") to Stability Investments Limited for a
consideration of at least GBP2.75 million. At 30 June 2013 the
Property had a carrying value of GBP934,000. The Company may be
entitled to additional consideration of GBP500,000 and a share of
any ultimate development profit relating to the Property.
Loan Facility Agreement and Legal Charge
The loan facility agreement provides that Stability Investments
Limited advances to the Company an amount of up to GBP2.5 million.
This advance is secured by a legal charge and all other outstanding
charges over the Company's interest in the Property have been
redeemed.
Of the advance, GBP2,000,000 has been paid to the Company on 28
January 2013. The balance of the advance, some GBP500,000, is
available to be released to the Company, in line with the business
plan.
The advance has been applied by the Company to repay in full the
indebtedness of the Group to Lloyds Bank plc and to meet the
working capital requirements of the Group.
Sale Agreement
The purchase price is payable on completion of the transfer of
the Company's interest in the Property, which is then applied to
repay in full amounts advanced under the loan facility agreement,
and accrued interest.
This information is provided by RNS
The company news service from the London Stock Exchange
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