TIDMTOYE
RNS Number : 4282G
Toye & Co PLC
12 May 2011
TOYE & COMPANY PUBLIC LIMITED COMPANY ("Toye" or the
"Company")
12 MAY 2011
FULL YEAR RESULTS
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
Chief Executive's Report
RESULTS
Turnover for the year ended 31 December 2010 amounted to
GBP8,489,519 compared to GBP8,231,068 for the previous year. This
is an improvement of GBP258,451 or 3.1%.
Overall we recorded a profit for the year of GBP100,146, against
a loss of GBP186,478 in 2009, after charging interest payable and
stock write downs. The Company continues to pursue strategies to
reduce overheads, improve productivity, reduce administrative
procedures and increase sales.
Our export sales have increased from GBP1,318,129 last year to
GBP1,786,619 in 2010. The increase has arisen in sales to both our
traditional markets and the retail market which has remained
buoyant both in the UK and overseas.
Our gross profits have held steady. The continued pursuit of
improvement in all areas of operations has contributed to this,
though our ability to progress at the rate we would like to is
dependent upon cash resources.
TRADING
Our objectives for 2010 have been to continue to improve our
operations in all areas from productivity through to customer
service. In particular we are working hard to increase all sales
and we are doing so despite the very difficult trading
conditions.
The economic downturn may be showing signs of a rising curve in
the financial markets but large scale reductions in public spending
and redundancies in the public sector without doubt will have an
impact on our traditional business that we must compensate for in
other market areas.
A return to profit of GBP100,146 for the year confirmed that we
are following the right path.
DIRECTORS, MANAGEMENT AND STAFF
The revised management structure, which clearly defines the
roles and responsibilities of the executive directors and managers,
is working well. The on-going improvements within the company both
in administrative and performance terms, and in actual working
conditions are reflected in good staff morale, though in common
with many businesses we have not raised salaries this year and have
only increased wages in response to statutory requirements.
Nicholas Ellwood has joined the management team with
responsibility for Business Development in the Masonic and Friendly
Societies market.
OUTLOOK
This last year has been about investment in the company, our
customers and our communities. By this I do not mean using our
precious cash resources to achieve change though this has been done
too, but much of the investment has been in time, training,
ingenuity and sheer hard work. I want this to continue in the year
ahead.
It is easy to be diverted by grim news in this country and
overseas, and we need to factor in the impact these events may have
on our business, but we have to keep our eye on the ball - we have
achieved a momentum of change and improvement and must carry it
through and gather speed and effect as we do so.
Management are committed to continuing the Company tradition of
high quality manufacture in metal, enamel and textiles. We are
committed to the two present factory sites and are implementing an
on-going programme to improve productivity. Both sites now boast
handsome Showrooms. In the case of the Bedworth factory this is
also a shop for the local schools and clubs. It is very important
to raise awareness and appreciation of the manufacturing process
amongst our present and future customers as this materially
influences their decisions to place orders or buy.
Our manufacturing is intrinsic to the Company, but it is no
longer the engine room. We win the work for a fashion cufflink,
corporate headwear, Civic Badge or army uniform because of our
design. Obviously our interpretation and production of the design,
and service is key, but you have to get the order first!
We are working to create a far more pro-active sales team to
communicate all the Company's possibilities to customers old and
new, and respond to the customer's requirements in terms of design,
quality, price, delivery and service. Sales in turn must be backed
up by our design team, and our sourcing team, who may choose to
procure product from our own factories or outside the Company
depending on the customer's requirements.
The new warehouse facilities on our Bedworth site are now
nearing completion and we are already successfully providing the
inventory and distribution services for some of our key customers.
This facility will also become the order intake and distribution
hub for our e-commerce service as it is added to and improved
during the year. The development and delivery of our improved
e-commerce sites has proved a far greater challenge than I
anticipated, our greatest enemy being the sheer amount and
variation of product we produce. I am pleased to report that we are
now getting on top of this challenge and you will see new
e-commerce sites added to the www.toye.com website during the
course of the year.
Apprenticeship is the 'buzz word' at the moment, and has real
significance for us as it is essential to bring young blood into
the company and the trade. Our company is unique in the sheer
breadth of skills and training possibilities on offer. But the
reality is that ours is a lowly paid business, margins are tight
and profit elusive. An apprentice costs in the region of
GBP10,000-GBP12,000 to train per annum. There needs to be a source
of supplementary funding that follows the apprentice for employers
in our trade to take them on in any number, and fundamentally we
need to bring the right sort of work into our workshops too.
However I am working with others in the Jewellery Quarter to
develop a workable scheme.
We are justifiably proud of our traditional skills, and our
design capabilities and I have not yet mentioned innovation and
product development. In partnership with Bradford University we
launched a new textile infra-red badge. This has been very well
received, and is already being trialled by a number of Special
Force Units and Security forces. After the Idex Show in Abu Dhabi
in February it was 'blogged' as the best innovation at the Show, an
accolade indeed considering the other contenders.
Whilst we consider that the trading conditions will continue to
be difficult the Directors are hopeful that the success of 2010
will continue. In 2011 the Company will continue to design,
manufacture and supply beautifully conceived and crafted identity
products in the UK and worldwide.
Fiona Toye
Chief Executive
12 May 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
Group Statement of Comprehensive Income
for the year ended 31 December 2010
2010 2009
GBP GBP
Revenue 8,489,519 8,231,068
Operating expense (8,329,900) (8,358,633)
---------------------------------------------- -------------- --------------
Operating profit/(loss) 159,619 (127,565)
Finance costs (59,473) (58,913)
Profit/(loss) before taxation 100,146 (186,478)
Taxation - -
Profit/(loss) for the year 100,146 (186,478)
---------------------------------------------- -------------- --------------
Other comprehensive income
Other comprehensive income
for the year - -
---------------------------------------------- -------------- --------------
Total comprehensive income
for the year 100,146 (186,478)
---------------------------------------------- -------------- --------------
All of the profit and comprehensive income for the year is attributable
to equity holders of the parent.
All activities relate to continuing operations.
Earnings per share
Earnings/(loss) per share (basic
and diluted) 4.45p (8.30)p
Statements of Financial
Position at 31 December
2010
The Group The Company
2010 2009 2010 2009
GBP GBP GBP GBP
Assets
Non-current assets
Property, plant &
equipment 1,998,817 2,057,461 1,841,740 1,880,760
Investments in
subsidiary
undertakings - - 1,467,014 1,377,748
-------------------------- ----------- ----------- ----------- -----------
1,998,817 2,057,461 3,308,754 3,258,508
-------------------------- ----------- ----------- ----------- -----------
Current assets
Inventories 1,333,818 1,207,486 - -
Trade and other
receivables 1,660,642 1,213,244 5,267 9,955
Cash and cash
equivalents 21,056 9,810 - -
-------------------------- ----------- ----------- ----------- -----------
3,015,516 2,430,540 5,267 9,955
-------------------------- ----------- ----------- ----------- -----------
Liabilities
Current liabilities
Trade and other payables 1,483,315 1,235,590 479,308 466,512
Current borrowings 761,760 441,999 109,164 91,158
Current portion of long
term borrowings 122,012 119,300 122,012 119,300
-------------------------- ----------- ----------- ----------- -----------
2,367,087 1,796,889 710,484 676,970
-------------------------- ----------- ----------- ----------- -----------
Net current assets /
(liabilities) 648,429 633,651 (705,217) (667,015)
-------------------------- ----------- ----------- ----------- -----------
Non-current liabilities
Non-current borrowings 983,845 1,105,857 983,845 1,105,857
Deferred payments - 22,000 - -
-------------------------- ----------- ----------- ----------- -----------
983,845 1,127,857 983,845 1,105,857
-------------------------- ----------- ----------- ----------- -----------
Net assets 1,663,401 1,563,255 1,619,692 1,485,636
-------------------------- ----------- ----------- ----------- -----------
Equity attributable to
equity holders of the
parent
Ordinary shares 562,000 562,000 562,000 562,000
Share premium 2,677 2,677 2,677 2,677
Retained earnings 1,098,724 998,578 1,055,015 920,959
-------------------------- ----------- ----------- ----------- -----------
Total equity 1,663,401 1,563,255 1,619,692 1,485,636
-------------------------- ----------- ----------- ----------- -----------
Statements of Changes in
Equity for the year ended
31 December 2010
Ordinary Share Retained Total
shares premium earnings equity
GBP GBP GBP GBP
The Group
Balance at 1 January 2009 562,000 2,677 1,185,056 1,749,733
Changes in equity for 2009
(Loss) for the year - - (186,478) (186,478)
---------------------------- ---------- ---------- ----------- -----------
Total comprehensive income
for the year - - (186,478) (186,478)
Balance at 31 December
2009 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
---------------------------- ---------- ---------- ----------- -----------
All equity is attributable
to equity holders of the
parent.
The Company
Balance at 1 January 2009 562,000 2,677 1,100,384 1,665,061
Changes in equity for 2009
(Loss) for the year - - (179,425) (179,425)
---------------------------- ---------- ---------- ----------- -----------
Total comprehensive income
for the year - - (179,425) (179,425)
Balance at 31 December
2009 562,000 2,677 920,959 1,485,636
Changes in equity for 2010
Profit for the year - - 134,056 134,056
---------------------------- ---------- ---------- ----------- -----------
Total comprehensive income
for the year - - 134,056 134,056
Balance at 31 December
2010 562,000 2,677 1,055,015 1,619,692
---------------------------- ---------- ---------- ----------- -----------
Statements of Cash Flows
for the year ended 31
December 2010
The Group The Company
2010 2009 2010 2009
GBP GBP GBP GBP
Cash flows (used by)/
from operating
activities
Cash generated (used
by)/from operating
activities (72,191) 593,339 845 55,918
Interest received - - 159,922 79,960
Interest paid (59,473) (58,913) (59,473) (58,913)
-------------------------- ----------- ----------- ----------- -----------
Net cash (absorbed
by)/generated from
operating activities (131,664) 534,426 101,294 76,965
-------------------------- ----------- ----------- ----------- -----------
Cash flows from
investing activities
Purchase of property,
plant and equipment (57,551) (54,450) - -
Proceeds from sale of
property, plant and
equipment - 11,611 - -
-------------------------- ----------- ----------- ----------- -----------
Net cash flows (used in)
investing activities (57,551) (42,839) - -
-------------------------- ----------- ----------- ----------- -----------
Cash flows from
financing activities
Repayment of borrowings (119,300) (115,465) (119,300) (115,465)
-------------------------- ----------- ----------- ----------- -----------
Net cash flows (used in)
financing activities (119,300) (115,465) (119,300) (115,465)
-------------------------- ----------- ----------- ----------- -----------
Net (decrease)/increase
in cash and cash
equivalents (308,515) 376,122 (18,006) (38,500)
Cash and cash
equivalents at the
beginning of the year (432,189) (808,311) (91,158) (52,658)
-------------------------- ----------- ----------- ----------- -----------
Cash and cash
equivalents at the end
of the financial year (740,704) (432,189) (109,164) (91,158)
-------------------------- ----------- ----------- ----------- -----------
1. Basis of preparation
These consolidated financial statements have been prepared in accordance
with IFRS and International Financial Reporting Interpretations Committee
("IFRIC") interpretations as adopted by the European Union, and those
parts of the Companies Act 2006 applicable to companies reporting under
IFRS.
2. Segmental reporting
In identifying its operating segments, management generally follow the
manufacturing or sourcing of the products. The Group operates in the supply
of identity products to a large and varied market and customer base. The type
of products sold into this market generally fall under either a textile or
metals (including corporate gifts) umbrella. The exception to this being the
friendly societies market. Each of the textile, metals and friendly societies
operating segments is managed separately as each of these segments requires
different resources and core skills. All transfers between the segments are
carried out at cost. The measurement policies the Group uses for segment
reporting under IFRS 8 are the same as those used in its financial statement.
Management currently identifies three units as operating segments as
described above. These operating segments are monitored and strategic
decisions are made on the basis of segment operating results.
Friendly
Textiles societies Metals Total
2010 2010 2010 2010
GBP GBP GBP GBP
Revenue 3,337,388 945,397 4,475,944 8,758,729
----------------------------- ---------- ----------- ---------- ----------
Gross profit 1,438,817 328,456 1,947,568 3,714,841
Works overheads 511,861 56,570 614,400 1,182,831
----------------------------- ---------- ----------- ---------- ----------
Manufacturing contribution
by segment 926,956 271,886 1,333,168 2,532,010
----------------------------- ---------- ----------- ----------
Selling and administration costs 2,219,079
----------
Profit before finance and costs associated with the listing 312,931
Costs associated with the
AIM listing 81,956
Other bank charges and leasing costs 71,356
Interest 59,473
----------------------------------------- ----------- ---------- ----------
Net profit 100,146
----------------------------- ---------- ----------- ---------- ----------
Included in total revenue is GBP269,210 in respect of sales between business
sectors.
Friendly
Textiles societies Metals Total
2009 2009 2009 2009
GBP GBP GBP GBP
Revenue 4,014,297 1,086,655 3,389,850 8,490,802
------------------------------- ------------- ---------- ------------ ------------
Gross profit 1,784,049 398,841 1,211,356 3,394,246
Works overheads 511,611 65,935 609,365 1,186,911
------------------------------- ------------- ---------- ------------ ------------
Manufacturing contribution
by segment 1,272,438 332,906 601,991 2,207,335
------------------------------- ------------- ---------- ------------
Selling and administration costs 2,086,339
------------
Profit before finance, restructuring and costs associated
with the listing 120,996
Reorganisation, restructuring and
redundancy costs 87,779
Costs associated with the AIM listing 81,551
Other bank charges and leasing costs 79,231
Interest 58,913
---------------------------------------------- ---------- ------------ ------------
Net (loss) (186,478)
------------------------------- ------------- ---------- ------------ ------------
Included in total revenue is GBP259,734 in respect of sales between business
sectors.
The Group's revenues from external customers are divided into the following
geographical markets:
2010 2009
GBP GBP
United Kingdom 6,702,900 6,912,939
Rest of World 1,786,619 1,318,129
------------------------------- ------------- ---------- ------------ ------------
8,489,519 8,231,068
-------------------------------------------- ---------- ------------ ------------
All non-current assets are held within the United Kingdom.
During 2010, GBP1,208,732 or 14.2% (2009 GBP1,055,071 or 12.8%) of the
Group's revenues depended on a single customer whose sales were made from
the textiles and metals segments.
The assets of the business have been attributed to the segments on the
following basis.
Friendly
Textiles societies Metals Total
2010 2010 2010 2010
GBP GBP GBP GBP
Inventories 647,649 275,074 411,095 1,333,818
Unallocated assets 3,680,515
Unallocated liabilities 3,350,932
2009 2009 2009 2009
GBP GBP GBP GBP
Inventories 558,392 247,771 401,323 1,207,486
Unallocated assets 3,280,515
Unallocated liabilities 2,924,746
Fixed assets are not allocated between sectors.
All sectors of the Group sell into the same markets and share many of the
same customers and thus receivables are not attributed to the individual
business sectors.
Similarly all sectors of the Group purchase from the same suppliers and
as such the trade payables are not attributed to the business sectors.
Borrowing and finance costs are arranged centrally by the Group and are
not attributed to the business sectors.
3. Operating expenses by nature
2010 2009
GBP GBP
Changes in inventories of finished goods and
work in progress (108,150) 182,514
Raw materials and consumables used 3,847,095 3,626,209
Employee benefits, excluding redundancy
costs 3,123,510 2,964,624
Depreciation - owned assets 116,195 109,973
Audit and non-audit services 36,150 37,100
Reorganisation, restructuring and redundancies - 87,779
Hire of plant and machinery 25,414 25,452
Rent of land and buildings - 6,000
Other expenses 1,289,686 1,318,982
---------------------------------------------------- ----------- -----------
8,329,900 8,358,633
---------------------------------------------------- ----------- -----------
The restructure and reorganisation costs relate to the Group's commitment
to improve its working conditions and manufacturing efficiencies.
Included in cost of raw materials and consumables used is a credit of
GBP39,044 (2009: credit GBP55,640) in respect of movement in the inventory
provision.
4. Profit for the financial
year
The profit dealt with in the accounts of the Parent Company was GBP134,056
(2009: GBP179,425 Loss). The parent company had no other comprehensive
income for the year other than the profit for the year (2009: GBPnil).
5. Earnings per ordinary 25p
share
The earnings per ordinary 25p share is based on the profit after taxation
and the average number of shares in issue throughout the year.
2010 2009
Profit/(loss) GBP100,146 GBP (186,478)
Average number of shares in
issue 2,248,000 2,248,000
Profit/(loss) per share - basic
and diluted 4.45p (8.30)p
There were no potentially dilutive ordinary shares in issue.
6. Share Capital
2010 2009
GBP GBP
Authorised
3,000,000 Ordinary shares of
25p each 750,000 750,000
-------------------------------- --------- ---------
Allotted and fully paid
2,248,000 Ordinary shares of
25p each 562,000 562,000
-------------------------------- --------- ---------
7. Cash generated (used by)/from
operating activities
The Group The Company
2010 2009 2010 2009
GBP GBP GBP GBP
Operating profit/(loss) 159,619 (127,565) 33,607 (200,472)
Depreciation - property, plant
and equipment 116,195 109,973 39,020 39,020
(Release)/addition to provision
against investments - - (89,266) 177,502
(Increase)/decrease in
inventories (126,332) 266,182 - -
(Increase)/decrease in trade and other
receivables (447,398) 465,780 4,688 130,000
Increase/(decrease) in trade and other
payables 225,725 (121,031) 12,796 (90,132)
------------------------------------------- ----------- ----------- ---------- -----------
(72,191) 593,339 845 55,918
------------- ----------- ----------- ---------- -----------
The financial information, which has been prepared on the same
basis as set out in the 2009 Annual Accounts, does not constitute
statutory accounts as defined in section 435 of the Companies Act
2006. The financial information for the year ended 31 December 2010
has been extracted from the statutory accounts on which an
unqualified audit opinion has been issued. Statutory accounts for
the year ended 31 December 2010 will be delivered to the registrar
in due course. The comparative financial information is based on
the statutory accounts for the financial year ended 31 December
2009. Those accounts, upon which the auditors issued an unqualified
opinion, have been delivered to the registrar of companies.
The Report and Accounts will be posted later today to
Shareholders and the Annual General Meeting will be held on 21 June
2011 at 12.30 pm at the company's offices at Regalia House, 19-21
Great Queen Street, London WC2B 5BE. The Report and Accounts will
also be available from the Company's website, www.toye.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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