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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Toye & Co. | LSE:TOYE | London | Ordinary Share | GB0009001669 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 37.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
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