TIDMTOYE
RNS Number : 3740N
Toye & Co PLC
28 September 2012
TOYE & CO PLC
(AIM: TOYE)
Interim Results to 30 June 2012
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
2012.
Contacts:
Toye & Company plc www.toye.com
Fiona Toye, Chief Executive +44 (0) 20 7242 0471
WH Ireland Limited www.wh-ireland.co.uk
Marc Davies / Mike Coe +44 (0) 117 945 3470
Chief Executive's Statement
Results
For the half year your Company has achieved a profit of
GBP527,559, an increase on the GBP9,120 reported at this time in
2011.
The turnover is GBP5,476,188, an increase on last year's
GBP4,495,726. It is important to note that these results were
boosted both in the first half of last year and this year by the
income from two large contracts. The underlying sales in our
traditional markets have actually fallen reflecting the difficult
business environment which will have an impact on our results in
the second half.
Gross profit margins have increased this year due to the margins
achieved on a substantial one off contract, which was manufactured
in-house, meaning that additional overhead recovery was achieved
whilst fixed costs remained constant.
Trading
Our results have been sustained by the income from the large
contract. The turnover and return from our traditional markets have
been reduced due to two main factors - the erosion of margins
through pressure from our customers, and the reduction in the
volume and value of orders.
Your Company's management have followed a clearly defined
strategy to reduce overheads and adjust our operational structure
to respond to the current market requirements.
We have consolidated the sales offices, reducing the manpower
whilst working to deliver a motivated sales force, with our
representatives out in the field ably supported by an efficient
administration and effective supply chain. Strengthening the
management of our supply chain has been crucial for the continuous
review of our cost base to achieve best margin, and for achieving
best value in purchasing and so enhance our competitiveness and
profitability.
Staff
As part of the overall strategy to reduce overheads it has been
necessary to reduce staff costs. This has been achieved through a
reduction in staff numbers and an adjustment to the hours worked
each week. Some members of staff have been made redundant or
applications for voluntary redundancy have been accepted at all
levels of the business from the senior management to the sales
administration and shop floor. Changes in procedure and process are
resulting in improved efficiencies and productivity.
Whilst some of this work and associated costs were incurred in
the period to June, the majority of the costs will accrue in the
second half.
Following the completion of the one off contract during the
first six months, the management and staff have agreed to the
introduction of a thirty-four hour working week. This is a highly
effective cost saving measure, however I would like to see us
reverting to a thirty-seven and a half hour week as soon as
possible. Staffing attendance is being co-ordinated at all sites to
ensure optimum customer response.
The priorities are to retain jobs, skills and productivity.
Outlook
The overall economic environment is not inspiring. However this
Company in its very long history has weathered previous economic
storms, and the management and staff are working hard to bring our
overheads in line with our underlying turnover, and capitalise on
our heritage and our unique range of skills.
There are a number of exciting projects and rewarding sales
initiatives in hand.
The redevelopment of the Great Queen Street site is nearly
complete with a new tenant for the large ground floor and basement
retail areas, and the refurbishment of the first and second floors
that we are retaining for our own use. We will shortly be inviting
customers to come and visit the new Toye Club Room, and our
improved corporate sales offices.
Our sales team have been putting a great deal of energy into our
sales campaigns overseas and have identified good opportunities in
a number of market areas. We will continue to devote resources to
improving this promising trend.
An under-lying seam of finished product sale with minimal
administrative overhead is an important element for a stable
financial foundation for the business, and we are improving our
e-commerce provision and increasing our on-line sales. Our factory
shop in Bedworth serving the local community is doing well.
These are tough times that have meant tough changes for the
business. It is also a time of opportunity to deliver constructive
changes that will re-equip and adapt the Company for the future.
However I do not expect these improvements to have a material
impact on the second half of the year.
Regalia House Mrs F A TOYE
19, 20 & 21 Great Queen Street, Chief Executive
London, WC2B 5BE
28 September 2012
Group Statement of
Comprehensive Income
For the six months ended 30 June
2012
Six months Six months Year to
to 30 June to 30 June 31
2012 2011 December
GBP GBP 2011
Notes GBP
Revenue 5,476,188 4,495,726 7,981,006
Operating expenses 4,917,008 4,459,496 8,369,796
------------------------------- ------ ------------ ------------ ----------
Operating profit / (loss) 559,180 36,230 (388,790)
Finance costs (31,621) (27,110) (50,601)
------------------------------- ------ ------------ ------------ ----------
Profit / (loss) before and
after taxation 527,559 9,120 (439,391)
------------------------------- ------ ------------ ------------ ----------
Earnings per share - basic
and diluted 2 23.47p 0.41p (19.55)p
All activities relate to continuing operations.
Statement of Financial Position
at 30 June 2012
At 30 At 30 At 31
June June December
2012 2011 2011
Notes GBP GBP GBP
Assets
Non-current assets
Plant, property and equipment 1,898,722 1,973,814 1,934,241
------------------------------- ------ ---------- ---------- ----------
Current assets
Inventories 1,142,795 1,251,262 1,351,304
Trade and other receivables 1,573,411 1,353,675 968,469
Cash and cash equivalents 4,286 7,761 5,665
------------------------------- ------ ---------- ---------- ----------
2,720,492 2,612,698 2,325,438
------------------------------- ------ ---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables 1,596,463 1,505,006 1,335,847
Current borrowings 4 338,996 363,822 715,977
Current portion of long
term borrowings 4 129,073 123,320 124,724
------------------------------- ------ ---------- ---------- ----------
2,064,532 1,992,148 2,176,548
------------------------------- ------ ---------- ---------- ----------
Net current assets 655,960 620,550 148,890
------------------------------- ------ ---------- ---------- ----------
Non-current liabilities
Non-current borrowings 4 803,113 921,843 859,121
803,113 921,843 859,121
------------------------------- ------ ---------- ---------- ----------
Net assets 1,751,569 1,672,521 1,224,010
------------------------------- ------ ---------- ---------- ----------
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 1,186,892 1,107,844 659,333
------------------------------- ------ ---------- ---------- ----------
Total equity 1,751,569 1,672,521 1,224,010
------------------------------- ------ ---------- ---------- ----------
Statement of Changes in Equity
For the six months ended 30 June 2012
Ordinary Share Retained Total
shares premium earnings equity
GBP GBP GBP GBP
Balance at 1 January 2011 562,000 2,677 1,098,724 1,663,401
Changes in equity for
2011
(Loss) for the year - - (439,391) (439,391)
Total comprehensive income
for the year - - (439,391) (439,391)
---------------------------- --------- --------- ---------- ----------
Balance at 31 December
2011 562,000 2,677 659,333 1,224,010
Changes in equity for
the period
Profit for the period - - 527,559 527,559
Total comprehensive income
for the period - - 527,559 527,559
---------------------------- --------- --------- ---------- ----------
Balance at 30 June 2012 562,000 2,677 1,186,892 1,751,569
Statement of Cash Flows
For the six months ended 30 June 2012
Six months Six months Year to
to 30 June to 30 June 31
2012 2011 December
GBP GBP 2011
Notes GBP
Cash flows from/(used by)
operating activities
Cash generated from operating
activities 467,319 492,597 232,281
Interest paid (31,621) (27,110) (50,601)
--------------------------------- ------ ------------ ------------ ----------
Net cash generated from
operating activities 435,698 465,487 181,680
--------------------------------- ------ ------------ ------------ ----------
Cash flows from investing
activities
Purchase of property, plant
and equipment (8,437) (20,150) (40,149)
Proceeds from sale of property,
plant and equipment - - 10,873
--------------------------------- ------ ------------ ------------ ----------
Net cash flows (used in)
investing activities (8,437) (20,150) (29,276)
--------------------------------- ------ ------------ ------------ ----------
Cash flows from financing
activities
Repayment of borrowings (51,659) (60,694) (122,012)
--------------------------------- ------ ------------ ------------ ----------
Net cash flows (used in)
financing activities (51,659) (60,694) (122,012)
--------------------------------- ------ ------------ ------------ ----------
Net increase in cash and
cash equivalents 375,602 384,643 30,392
Cash and cash equivalents
at the beginning of the
period (710,312) (740,704) (740,704)
--------------------------------- ------ ------------ ------------ ----------
Cash and cash equivalents
at the end of the period 3 (334,710) (356,061) (710,312)
--------------------------------- ------ ------------ ------------ ----------
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 2011 and expected to apply in the Financial
Statements for the year ended 31 December 2012.
The results for the six months ended 30 June 2012 and 30 June
2011 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 2011
has been derived from the statutory accounts included in the Annual
Report 2011, 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 2012. 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 2012
2012 GBP GBP GBP
Cash at bank and in
hand 5,665 (1,379) - 4,286
Overdraft and invoice
discounting facility (715,977) 376,981 - (338,996)
----------------------- ------------- --------- -------------- ------------
Total cash and cash
equivalents (710,312) 375,602 - (334,710)
Debt due within one
year (124,724) 51,659 (56,008) (129,073)
Debt due after one
year (859,121) - 56,008 (803,113)
----------------------- ------------- --------- -------------- ------------
(1,694,157) 427,261 - (1,266,896)
----------------------- ------------- --------- -------------- ------------
4. Borrowings
At 30 June At 30 June At 31 December
2012 2011 2011
GBP GBP GBP
Current
Bank overdraft and invoice discounting 338,996 363,822 715,977
Bank loans 129,073 123,320 124,724
---------------------------------------- ----------- ----------- ---------------
468,069 487,142 840,701
---------------------------------------- ----------- ----------- ---------------
Non current
Bank loans 803,113 921,843 859,121
---------------------------------------- ----------- ----------- ---------------
Total bank borrowings 1,271,182 1,408,985 1,699,822
---------------------------------------- ----------- ----------- ---------------
This information is provided by RNS
The company news service from the London Stock Exchange
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