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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 : 2157H
Toye & Co PLC
15 May 2014
TOYE & COMPANY PLC
(AIM: TOYE)
Preliminary Final Results for the Year Ended 31 December 2013
The Board of Toye & Company Plc ("Toye" or "the Company") announces today Final Results for the year ended 31 December 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, Ed Allsopp +44 (0) 117 945 3470
Extracts from the Strategic Report
RESULTS
Turnover for the year ended 31 December 2013 amounted to GBP6,466,927 compared to GBP8,936,996 for the previous year. As previously reported the prior year included significant contracts that did not recur in 2013. There was an operating profit of GBP520,705 in 2012. Because of the decreased turnover in 2013 there was an operating loss of GBP679,932 before sale of the Great Queen Street property.
During December 2013 the Board and management began the implementation of our long-term strategic plan for improving the operational performance of the Group. Redundancy costs of GBP172,397 have been included in the 2013 figures which have adversely affected our trading results.
Investment has been made in sales expertise and initiatives which might not generate profit until late 2014 and beyond.
The Group has made a profit of GBP942,078 before and after tax. The key contributor to this result was the disposal of the Great Queen Street site. The profit on this transaction was GBP1,603,480.
Our earnings per share for the year therefore increased from 20.19p in 2012 to 41.91p.
SALE OF GREAT QUEEN STREET
On 28 January 2013 the Company entered into an unconditional loan facility agreement, legal charge, and 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 28 January 2013, the date of sale, the Property had a carrying value of GBP942,984.
Subject to certain conditions being met, the Company may be entitled to additional consideration of GBP500,000 and a share of any ultimate development profit relating to the property. At the time of preparing these accounts the Company did not have evidence to support that the conditions would be met. The Directors therefore have no alternative other than to consider that the receipt of the additional consideration is very unlikely and as such no allowance has been made in these accounts for any additional consideration.
Under the terms of the agreement, two representatives of Stability Investments Limited, Robin Edwards and Robert Luck, have been appointed as Non-Executive Directors of the Company.
Full details of the transaction can be found in note 25 on page 40 of the annual report.
TRADING CONDITIONS
The economic recession shows signs of ebbing. There was some positive news in the last UK budget and there is cautious confidence in the financial press. However the reality is that average wages and salaries have not increased and investment returns are low. The retail market is a good indicator of recovery, and though improved it is hardly booming.
We have global competition in all our markets, and our long heritage, British manufacturing base and Royal Warrant are effective advantages as we compete for a larger share of the business. Success will depend on our ability to exploit our advantages, manage our operating costs and expand our capabilities.
MANAGEMENT AND STAFF
Mr N K S Wills retired as a non-executive of the Company with effect from 31 December 2013. Nicholas has been a valuable and long serving member of the Board since his appointment in 1996. We wish him well.
During the year we have with regret made further redundancies throughout all tiers of the business including senior management.
We have retained all our essential trade skills, and through training and new recruits we are enhancing our abilities and capabilities in production, purchasing and sales.
We continue to work a 34 hour week, with sales and administration working flexible hours to cover customer services. Surges in requirement for production are effectively handled by overtime work and the use of outworkers and ancillary businesses.
Facilities
Our operational facilities in the Midlands are unique not only in what they do, but in their strong ties to their locations. All our skilled staff live locally to the sites, and there is an irreplaceable network of outworkers and small ancillary businesses that support our production. A London office and Showroom is essential for the sales Divisions. Our Design Studio is based in the Birmingham factory, and some marketing services are out-sourced.
PROGRESS AND OUTLOOK
2013 has been a year of planning and transition. The tough trading conditions of the last few years have concentrated the minds of the Board and management on reconfiguring the Company for the next one hundred years.
Difficult decisions have had to be made concerning personnel, and Great Queen Street. It is essential that we maintain our presence in London, and we will be established in a new central location in 2015.
The key objectives of the Strategic Plan have already been outlined in this report. The management are implementing the new Divisional structure which will improve accountability, and focus the Divisional team members on driving their sector of the business for optimum performance and profit.
To reflect our streamlined operational structure we are reviewing the presentation and marketing of our Brand to make it clear to customers and potential customers what we can do for them, and make it easy for them to buy from us.
We are enhancing our traditional skills with the latest technological aides for design and engineering that will allow us to achieve a consistency in execution and delivery of beautifully crafted product designed and made in England.
The Strategic Report was approved by the Board on 15 May 2014 and signed on its behalf by:
F A Toye
Chief Executive
Group Statement of Comprehensive Income for the year ended 31 December 2013 2013 2012 GBP GBP Revenue 6,466,927 8,936,996 Operating expense (7,146,859) (8,416,291) ---------------------------------------------- -------------- ------------- (Loss) /profit on operations before profit on sale of property (679,932) 520,705 Profit on sale of leasehold 1,603,480 - property ---------------------------------------------- -------------- ------------- Profit from operations 923,548 520,705 Finance costs (84,537) (66,833) Finance income 103,067 - Profit before taxation 942,078 453,872 Taxation - - Profit and total comprehensive income for the year 942,078 453,872 ---------------------------------------------- -------------- ------------- All of the comprehensive income for the year is attributable to equity holders of the parent. All activities relate to continuing operations. Earnings per share Earnings per share (basic and diluted) 41.91p 20.19p Statements of Financial Position Company Number 198641 at 31 December 2013 The Group The Company 2013 2012 2013 2012 GBP GBP GBP GBP Assets Non-current assets Property, plant & equipment 938,184 1,959,086 871,760 1,858,786 Investments in subsidiary undertakings - - 1,024,614 1,155,852 ----------------------------------------- ----------- ----------- ----------- ------------- 938,184 1,959,086 1,896,374 3,014,638 ----------------------------------------- ----------- ----------- ----------- ------------- Current assets Inventories 1,154,248 1,154,462 - - Trade and other receivables 3,420,234 1,115,709 3,074,218 3,041 Cash and cash equivalents 431,751 4,390 27 - ----------------------------------------- ----------- ----------- ----------- ------------- 5,006,233 2,274,561 3,074,245 3,041 ----------------------------------------- ----------- ----------- ----------- ------------- Liabilities Current liabilities Trade and other payables 1,244,560 1,133,324 175,667 946,760 Current borrowings 2,079,897 559,687 2,079,897 - Current portion of long term borrowings - 120,607 - 120,607 ----------------------------------------- ----------- ----------- ----------- ------------- 3,324,457 1,813,618 2,255,564 1,067,367 ----------------------------------------- ----------- ----------- ----------- ------------- Net current assets / (liabilities) 1,681,776 460,943 818,681 (1,064,326) ----------------------------------------- ----------- ----------- ----------- ------------- Non-current liabilities Non-current borrowings - 742,147 - 742,147 - 742,147 - 742,147 ----------------------------------------- ----------- ----------- ----------- ------------- Net assets 2,619,960 1,677,882 2,715,055 1,208,165 ----------------------------------------- ----------- ----------- ----------- ------------- 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 2,055,283 1,113,205 2,150,378 643,488 ----------------------------------------- ----------- ----------- ----------- ------------- Total equity 2,619,960 1,677,882 2,715,055 1,208,165 ----------------------------------------- ----------- ----------- ----------- ------------- Statements of Changes in Equity for the year ended 31 December 2013 Ordinary Share Retained Total shares premium earnings equity GBP GBP GBP GBP The Group Balance at 1 January 2012 562,000 2,677 659,333 1,224,010 Changes in equity for 2012 Profit 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 2013 Profit and total comprehensive income for the year - - 942,078 942,078 Balance at 31 December 2013 562,000 2,677 2,055,283 2,619,960 ------------------------------------ ---------- ---------- ----------- ----------- All equity is attributable to equity holders of the parent. The Company Balance at 1 January 2012 562,000 2,677 632,042 1,196,719 Changes in equity for 2012 Profit and total comprehensive income for the year - - 11,446 11,446 Balance at 31 December 2012 562,000 2,677 643,488 1,208,165 Changes in equity for 2013 Profit and total comprehensive income for the year - - 1,506,890 1,506,890 Balance at 31 December 2013 562,000 2,677 2,150,378 2,715,055 ------------------------------------ ---------- ---------- ----------- ----------- Statements of Cash Flows for the year ended 31 December 2013 The Group The Company 2013 2012 2013 2012 GBP GBP GBP GBP Cash flows (used in) / generated from operating activities Cash (used in) / generated from operating activities (97,897) 464,475 (1,171,043) 211,778 Interest received - - 72,000 72,000 Interest paid (4,640) (66,833) (4,640) (66,833) Net cash (used in) / generated from operating activities (102,537) 397,642 (1,103,683) 216,945 --------------------------------------- ------------- ------------- ------------- ----------- Cash flows from investing activities Purchase of property, plant and equipment (14,125) (121,536) - (95,854) Payments in respect of disposal of fixed asset (33,536) - (33,536) - Net cash flows (used in) investing activities (47,661) (121,536) (33,536) (95,854) --------------------------------------- ------------- ------------- ------------- ----------- Cash flows from financing activities Repayment of borrowings (862,754) (121,091) (862,754) (121,091) New financing 2,000,000 - 2,000,000 - --------------------------------------- ------------- ------------- ------------- ----------- Net cash flows generated from / (used in) financing activities 1,137,246 (121,091) 1,137,246 (121,091) --------------------------------------- ------------- ------------- ------------- ----------- Net increase in cash and cash equivalents 987,048 155,015 27 - Cash and cash equivalents at the beginning of the year (555,297) (710,312) - - --------------------------------------- ------------- ------------- ------------- ----------- Cash and cash equivalents at the end of the financial year 431,751 (555,297) 27 - --------------------------------------- ------------- ------------- ------------- ----------- 1. Basis of preparation The consolidated financial statements from which this financial information is extracted 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 statements. 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. Textiles Friendly Metals Total societies 2013 2013 2013 2013 GBP GBP GBP GBP Revenue 2,294,414 1,529,754 2,642,759 6,466,927 -------------------------------- ----------- ------------ ----------- ------------- Gross profit 1,487,628 471,239 837,952 2,796,819 Works overheads 504,658 51,250 473,383 1,029,291 -------------------------------- ----------- ------------ ----------- ------------- Manufacturing contribution by segment 982,970 419,989 364,569 1,767,528 -------------------------------- ----------- ------------ ----------- Selling and administration costs (2,099,888) ------------- (Loss) before finance, restructuring and redundancy costs, profit on sale of Great Queen Street property and costs associated with the AIM listing (332,360) Restructuring and redundancy costs (172,397) Profit on sale of Great Queen Street 1,603,480 Costs associated with the AIM listing (107,894) Other bank charges and leasing costs (67,281) Interest (84,537) Finance income 103,067 --------------------------------------------- ------------ ----------- ------------- Net profit 942,078 -------------------------------- ----------- ------------ ----------- ------------- Textiles Friendly Metals Total societies 2012 2012 2012 2012 GBP GBP GBP GBP Revenue 3,140,400 1,049,822 4,746,774 8,936,996 ----------------------------------------- ------------- -------------- ----------- ------------- Gross profit 1,503,728 384,028 2,156,602 4,044,358 Works overheads 538,755 47,744 564,104 1,150,603 ----------------------------------------- ------------- -------------- ----------- ------------- Manufacturing contribution by segment 964,973 336,284 1,592,498 2,893,755 --------------------------------------------- ------------- -------------- ----------- Selling and administration costs (2,207,490) ------------- Profit before finance and costs associated with the AIM listing 686,265 Costs associated with the AIM listing (83,377) Other bank charges and leasing costs (82,183) Interest (66,833) ---------------------------------------------------------------- ---------- ----------- ------------- Net profit 453,872 ----------------------------------------- ----------------- ---------- ----------- ------------- The Group's revenues from external customers are divided into the following geographical markets: 2013 2012 GBP GBP United Kingdom 4,858,985 7,256,232 Rest of World 1,607,942 1,680,764 ----------- ------------- 6,466,927 8,936,996 ----------- ------------- All non-current assets are held within the United Kingdom. During 2013 no single customer accounted for 10% or more of the Group's revenue. During 2012, GBP1,955,450 or 21.9% of the Group's revenues depended on a single customer whose sales were made from the metals segment. The assets of the business have been attributed to the segments on the following basis. Textiles Friendly Metals Total societies 2013 2013 2013 2013 GBP GBP GBP GBP Inventories 635,969 278,785 239,494 1,154,248 Unallocated assets 4,790,169 Unallocated liabilities (3,324,457) 2012 2012 2012 2012 GBP GBP GBP GBP Inventories 624,088 258,746 271,628 1,154,462 Unallocated assets 3,079,185 Unallocated liabilities (2,555,765) Non-current assets are not allocated between segments. All segments 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 segments. Similarly all segments of the Group purchase from the same suppliers and as such the trade payables are not attributed to the business segments. Borrowing and finance costs are arranged centrally by the Group and are not attributed to the business segments. 3. Operating expenses by nature 2013 2012 GBP GBP Changes in inventories of finished goods and work in progress 878 199,824 Raw materials and consumables used 2,596,686 3,697,883 Employee benefits 2,521,330 2,930,599 Depreciation - owned assets 71,631 96,691 Audit and non-audit services 50,300 36,350 Hire of plant and machinery 53,756 35,599 Other expenses 1,852,278 1,419,345 ----------------------------------------------- ----------- ----------- 7,146,859 8,416,291 ----------------------------------------------- ----------- ----------- 4. Profit for the financial year The profit dealt with in the accounts of the Parent Company was GBP1,506,890 (2012: GBP11,446). The Parent Company had no other comprehensive income for the year other than the profit for the year (2012: GBPnil). 5. Earnings per ordinary 25p share The earnings per ordinary 25p share is based on the profit or loss after taxation and the average number of shares in issue throughout the year. 2013 2012 Profit GBP942,078 GBP453,872 Average number of shares in issue 2,248,000 2,248,000 Profit per share - basic and diluted 41.91p 20.19p There were no potentially dilutive ordinary shares in issue. 6. Share Capital 2013 2012 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 from/(used in) operating activities The Group The Company 2013 2012 2013 2012 GBP GBP GBP GBP Profit from operations 923,548 520,705 1,285,122 6,279 Depreciation - property, plant and equipment 71,631 96,691 23,630 39,788 (Profit) on sale of fixed assets (1,587,168) - (1,583,068) - Addition to provision against investments - - 131,238 - Decrease in inventories 214 196,842 - - Decrease/(increase) in trade and other receivables 382,642 (147,240) (388,110) 365 Increase/(decrease) in trade and other payables 111,236 (202,523) (639,855) 165,346 ---------------------------------------- --------------- ------------- --------------- ----------- (97,897) 464,475 (1,171,043) 211,778 ---------------------------------------- --------------- ------------- --------------- ----------- 8. Sale of leasehold land and buildings On 28 January 2013 the Company entered into an unconditional loan facility agreement, legal charge, and 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 28 January 2013, the date of sale, the Property had a carrying value of GBP942,984. Subject to certain conditions being met, the Company may be entitled to additional consideration of GBP500,000 and a share of any ultimate development profit relating to the property. At the time of preparing these accounts the Company did not have evidence to support that the conditions would be met. The Directors therefore have no alternative other than to consider that the receipt of the additional consideration is very unlikely and as such no allowance has been made in these accounts for the additional considerations. 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 was paid to the Company on 28 January 2013. A further GBP500,000 will be released to the Company, on agreement of and in line with the business plan and the remaining GBP250,000 on 28 July 2014 or completion of the sale if earlier. 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. The advance attracts compound interest at a rate of 3.75 per cent above the Bank of England base rate. 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. Sale Agreement The sale agreement provides that Stability Investments Limited shall complete the transaction on or before 28 July 2014. 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. The Company's entitlement to such additional consideration and/or to any share of development profit is contingent upon certain future events occurring which, if they occur, will be payable at future dates which cannot yet be determined. The financial information, which has been prepared on the same basis as set out in the 2012 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 2013 has been extracted from the statutory accounts on which an unqualified audit opinion has been issued. Statutory accounts for the year ended 31 December 2013 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 2012. 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 19 June 2014 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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