TIDMTOYE
RNS Number : 4325T
Toye & Co PLC
29 September 2010
TOYE & CO PLC
(AIM: TOYE)
Interim Results to 30 June 2010
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 2010.
+-----------------------------------+-----------------------------------+
| Contacts: | |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| Toye & Company plc | www.toye.com |
+-----------------------------------+-----------------------------------+
| Fiona Toye, Chief Executive | +44 (0) 20 7242 0471 |
+-----------------------------------+-----------------------------------+
| Neil Haynes, Finance Director | +44 (0) 247 684 8800 |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| WH Ireland Limited | www.wh-ireland.co.uk |
+-----------------------------------+-----------------------------------+
| Mike Coe / Marc Davies | +44 (0) 117 945 3470 |
+-----------------------------------+-----------------------------------+
Chief Executive's Statement
Results
Despite the gloomy press forecasts for business, sales have held firm in most of
our key markets and gross profits have been held. The reduced cost base
achieved through implementation of the reduction programme and procedural review
in 2009 has without doubt contributed to our recording a small profit after tax
for the first half year of 2010.
Your Company's turnover to the half-year is GBP4,131,022, an increase of
GBP130,899 or 3.3% on GBP4,000,123 at the half-year in 2009.
The gross profit has remained static, despite the continued low value of
sterling during the first half of 2010. This has resulted in the Company
returning a profit of GBP26,205, compared with a loss of GBP197,006 for the same
period in 2009. This builds on the small profit of GBP10,528 made in the second
half of 2009.
Trading
Despite the overall increase in sales, some of our traditional markets such as
the Ministry of Defence, Police, Fire and Ambulance are being adversely affected
by reductions in Government spending and changes in purchasing methods. We lost
the MoD Button and Badge Contract on reverse auction. I believe there is no
value for your Company in pursuing such work for little or no margin. The
contract will be fulfilled by overseas manufacturers with scant attention to
specification or responsible working practices.
The adverse exchange rate was compensated for by lower operating costs and
improved factory throughput achieved in the first half of the year. Factory
overheads are down 10% on the same period for 2009.
Staff
Over the last eighteen months your company has worked hard to reduce overheads
and improve productivity. This has involved making tough decisions such as
staff redundancies, shorter working hours and the closure of our Preston Branch.
Throughout these difficult changes the staff have been exemplary in supporting
the management in improving our operations and maximising opportunities, and
this impetus is being sustained.
It was very satisfying for everyone in the Company to achieve a small profit at
the half year.
Outlook
Without doubt there are challenges ahead. The planned reductions in Government
expenditure will impact on many of our market areas. The continued high bullion
costs affects our business, from State Insignia through to individual jewellery
as customers have to consider cheaper alternatives. All customers, whether
public or private, wholesale or individual, are influenced by the political and
social desire for economic accountability and responsible spending.
Your Company is concentrating on achieving sales in other markets for higher
value work with good margins. This ensures we retain the core elements of our
manufacturing and our expertise within the Company and in the UK. Crucial to
improved and increasing sales are our exceptional design capabilities, which we
apply to our own in-house manufacture and an ever widening range of factored
items. We are increasingly supplying not just specialist goods, but customised
design and customer services too. To maintain and grow sales in all market
areas we must be design and service led.
Your Company's aim is to deliver best value product for all our markets. The
combined resources of the Company are unique, and through targeted marketing,
improved and increased e-commerce service, and a highly motivated workforce we
are focused on increasing our sales budgets and improving our trading
performance.
+---------------------------------+---------------------------------+
| Regalia House | Mrs F A TOYE |
| 19, 20 & 21 Great Queen Street, | Chief Executive |
| | |
| London, WC2B 5BE | |
| | |
| 28 September 2010 | |
+---------------------------------+---------------------------------+
+--------------------+-+----------+-----------+-----------+-----------+
| Consolidated Statement of Comprehensive | | |
| Income | | |
| for the six months ended 30 June 2010 | | |
+---------------------------------------------+-----------+-----------+
| | | | | | Year to |
| | | | Six | Six | 31 |
| | | Notes | months | months | December |
| | | | to | to | 2009 |
| | | | 30 June | 30 June | GBP |
| | | | 2010 | 2009 | |
| | | | GBP | GBP | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Revenue | | | 4,131,022 | 4,000,123 | 8,231,068 |
+--------------------+-+----------+-----------+-----------+-----------+
| Operating expenses | | | 4,075,301 | 4,165,946 | 8,358,633 |
+--------------------+-+----------+-----------+-----------+-----------+
| Operating profit / | | | 55,721 | (165,823) | (127,565) |
| (loss) | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Finance costs | | | (29,516) | (31,183) | (58,913) |
+--------------------+-+----------+-----------+-----------+-----------+
| Profit / (loss) | | 26,205 | (197,006) | (186,478) |
| before and after | | | | |
| taxation | | | | |
+----------------------+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Earnings / (loss) | 2 | 1.17p | (8.76)p | (8.30)p |
| per share - basic | | | | |
| and diluted | | | | |
+----------------------+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| All activities relate to | | | |
| continuing operations. | | | |
+---------------------------------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Statement of Recognised Income | | | |
| and Expenses | | | |
+---------------------------------+-----------+-----------+-----------+
| Profit / (loss) | | | 26,205 | (197,006) | (186,478) |
| for the period | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Total recognised | | | | |
| income / | | 26,205 | (197,006) | (186,478) |
| (expenses) for the | | | | |
| period | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
+--------------------+-+----------+-----------+-----------+-----------+
| Statement of | | | | |
| Financial Position | | | | |
| at 30 June 2010 | | | | |
+----------------------+----------+-----------+-----------+-----------+
| | | | | | At |
| | | | At | At | 31 |
| | | | 30 June | 30 June | December |
| | | Notes | 2010 | 2009 | 2009 |
| | | | GBP | GBP | GBP |
+--------------------+-+----------+-----------+-----------+-----------+
| Assets | | | | | |
| Non-current assets | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Plant, property | | | 2,018,085 | 2,079,777 | 2,057,461 |
| and equipment | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Current assets | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Inventories | | | 1,201,545 | 1,260,261 | 1,207,486 |
+--------------------+-+----------+-----------+-----------+-----------+
| Trade and other | | | 1,435,353 | 1,286,768 | 1,213,244 |
| receivables | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Cash and cash | | | 5,702 | 4,671 | 9,810 |
| equivalents | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Total current | | | 2,642,600 | 2,551,700 | 2,430,540 |
| assets | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Liabilities | | | | | |
| Current | | | | | |
| liabilities | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Trade and other | | | 1,318,330 | 1,100,658 | 1,235,590 |
| payables | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Current borrowings | | 4 | 565,088 | 672,324 | 441,999 |
+--------------------+-+----------+-----------+-----------+-----------+
| Current portion of | | | | | |
| long term | | 4 | 120,635 | 117,954 | 119,300 |
| borrowings | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | 2,004,053 | 1,890,936 | 1,796,889 |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
| Net current assets | | | 638,547 | 660,764 | 633,651 |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Non-current | | | | | |
| liabilities | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Non-current | | 4 | 1,045,172 | 1,165,814 | 1,105,857 |
| borrowings | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Deferred payments | | | 22,000 | 22,000 | 22,000 |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | 1,067,172 | 1,187,814 | 1,127,857 |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Net assets | | | 1,589,460 | 1,552,727 | 1,563,255 |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Equity - Capital and reserves | | | |
| attributable to the Company's | | | |
| equity holders | | | |
+---------------------------------+-----------+-----------+-----------+
| Share capital | | | 562,000 | 562,000 | 562,000 |
+--------------------+-+----------+-----------+-----------+-----------+
| Share premium | | | 2,677 | 2,677 | 2,677 |
| account | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Retained profits | | | 1,024,783 | 988,050 | 998,578 |
+--------------------+-+----------+-----------+-----------+-----------+
| Total equity | | | 1,589,460 | 1,552,727 | 1,563,255 |
+--------------------+-+----------+-----------+-----------+-----------+
| Statement of Changes in Equity | | | |
| for the six months ended 30 | | | |
| June 2010 | | | |
+---------------------------------+-----------+-----------+-----------+
| | | Share | Share | Retained | Total |
| | | capital | premium | earning | GBP |
| | | GBP | GBP | GBP | |
+--------------------+-+----------+-----------+-----------+-----------+
| Balance at 1 | | 562,000 | 2,677 | 1,185,056 | 1,749,733 |
| January 2009 | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| (Loss) for the | | - | - | (186,478) | (186,478) |
| year | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Total | | | | | |
| comprehensive | | - | - | (186,478) | (186,478) |
| income for the | | | | | |
| year | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Balance at 31 | | 562,000 | 2,677 | 998,578 | 1,563,255 |
| December 2009 | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Profit for the | | - | - | 26,205 | 26,205 |
| period | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Total | | | | | |
| comprehensive | | - | - | 26,205 | 26,205 |
| income for the | | | | | |
| period | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
| Balance at 30 June | | 562,000 | 2,677 | 1,024,783 | 1,589,460 |
| 2010 | | | | | |
+--------------------+-+----------+-----------+-----------+-----------+
+--------------------+-+---------------+-----------+-----------+-----------+
| Statement of Cash Flows | | | |
| for the six months ended 30 | | | |
| June 2010 | | | |
+--------------------------------------+-----------+-----------+-----------+
| | | | | | Year to |
| | | | Six | Six | 31 |
| | | | months | months | December |
| | | | to | to | 2009 |
| | | Notes | 30 June | 30 June | GBP |
| | | | 2010 | 2009 | |
| | | | GBP | GBP | |
+--------------------+-+---------------+-----------+-----------+-----------+
| Cash flows (used in) | | | | |
| / from operating | | | | |
| activities | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| Cash generated (used | | | | |
| by) / from operating | | (23,105) | 243,333 | 593,339 |
| activities | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| Interest received | | | - | - | - |
+--------------------+-+---------------+-----------+-----------+-----------+
| Interest paid | | | (29,516) | (31,183) | (58,913) |
+--------------------+-+---------------+-----------+-----------+-----------+
| Net cash generated | | | | |
| (absorbed by) / from | | (52,621) | 212,150 | 534,426 |
| operating activities | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+---------------+-----------+-----------+-----------+
| Cash flows from investing | | | |
| activities | | | |
+--------------------------------------+-----------+-----------+-----------+
| Purchase of | | | | |
| property, plant and | | (15,226) | (14,638) | (54,450) |
| equipment | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| Proceeds from sale | | | | |
| of property, plant | | - | - | 11,611 |
| and equipment | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| Net cash flows from investing | (15,226) | (14,638) | (42,839) |
| activities | | | |
+--------------------------------------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+---------------+-----------+-----------+-----------+
| Cash flows from financing | | | |
| activities | | | |
+--------------------------------------+-----------+-----------+-----------+
| Net repayment of | | | (59,350) | (56,854) | (115,465) |
| borrowings | | | | | |
+--------------------+-+---------------+-----------+-----------+-----------+
| Net cash flows from financing | (59,350) | (56,854) | (115,465) |
| activities | | | |
+--------------------------------------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+---------------+-----------+-----------+-----------+
| Net (decrease) / | | | | |
| increase in cash and | | (127,197) | 140,658 | 376,122 |
| cash equivalents | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| Cash and cash | | | | |
| equivalents at the | 3 | (432,189) | (808,311) | (808,311) |
| beginning of the | | | | |
| period | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| Cash and cash | | | | |
| equivalents at the | 3 | (559,386) | (667,653) | (432,189) |
| end of the period | | | | |
+----------------------+---------------+-----------+-----------+-----------+
| | | | | | |
+--------------------+-+---------------+-----------+-----------+-----------+
| Cash and cash equivalents comprise cash in hand and | |
| at bank net of bank overdrafts. | |
+--------------------+-+---------------+-----------+-----------+-----------+
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 2009 and expected
to apply in the Financial Statement for the year ended 31 December 2010.
The results for the six months ended 30 June 2010 and 30 June 2009 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 2009 has been derived from the statutory accounts included in
the Annual Report 2009, 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 2010. 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 share
The calculation of earnings per ordinary share is based on Group profit after
taxation and the unchanged number of 2,248,000 ordinary shares of the Company.
3. Analysis of net debt
+--------------------+--+----------+-----------+-----------+-------------+
| | | | Other | At 30 |
| | At 1 | Cashflow | non cash | June |
| | January | GBP | changes | 2010 |
| | 2010 | | GBP | GBP |
| | GBP | | | |
+--------------------+-------------+-----------+-----------+-------------+
| Cash at bank and | 9,810 | (4,108) | - | 5,702 |
| in hand | | | | |
+--------------------+-------------+-----------+-----------+-------------+
| Overdraft and | | | - | |
| invoice | (441,999) | (123,089) | | (565,088) |
| discounting | | | | |
| facility | | | | |
+--------------------+-------------+-----------+-----------+-------------+
| | (432,189) | (127,197) | - | (559,386) |
+--------------------+-------------+-----------+-----------+-------------+
| | | | | |
+--------------------+-------------+-----------+-----------+-------------+
| Debt due within | (119,300) | 59,350 | (60,685) | (120,635) |
| one year | | | | |
+--------------------+-------------+-----------+-----------+-------------+
| Debt due after one | (1,105,857) | - | 60,685 | (1,045,172) |
| year | | | | |
+--------------------+-------------+-----------+-----------+-------------+
| | (1,657,346) | (67,847) | - | (1,725,193) |
+--------------------+-------------+-----------+-----------+-------------+
| | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| 4. | | | | | |
| Borrowings | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| | | | | | At |
| | | | At | At | 31 |
| | | | 30 June | 30 June | December |
| | | | 2009 | 2008 | 2009 |
| | | | GBP | GBP | GBP |
+--------------------+--+----------+-----------+-----------+-------------+
| Current | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| Bank overdraft and | | | | | |
| invoice | | | 565,088 | 672,324 | 441,999 |
| discounting | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| Bank loans | | | 120,635 | 117,954 | 119,300 |
+--------------------+--+----------+-----------+-----------+-------------+
| | | | 685,723 | 790,278 | 561,299 |
+--------------------+--+----------+-----------+-----------+-------------+
| | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| Non current | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| Bank loans | | | 1,045,172 | 1,165,814 | 1,105,857 |
+--------------------+--+----------+-----------+-----------+-------------+
| | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| Total bank | | | 1,730,895 | 1,956,092 | 1,667,156 |
| borrowings | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
| | | | | | |
+--------------------+--+----------+-----------+-----------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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