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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 : 0463P
Toye & Co PLC
27 September 2013
TOYE & CO PLC
(AIM: TOYE)
Interim Results to 30 June 2013
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 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 +44 (0) 117 945 3470
Chief Executive's Statement
Results
Our results for the half-year are disappointing with a loss of GBP265,511, against a profit of GBP527,559 reported at this time in 2012.
The turnover is GBP3,403,788 a decrease on last year's half-year turnover of GBP5,476,188. It is important to note that last year's results were boosted by the income from one large contract that generated turnover of GBP1,955,450. It has continued to be extremely challenging to achieve sales in our traditional markets and this will be reflected in our end of year results.
Our gross profit margin has fallen back to historic levels, as last year's level was raised by the large contract.
Trading
Trading in our traditional UK markets continues to be reduced compared to previous years. The sales team is working hard to compensate for this by concentrating on increasing sales overseas. However the results from this will not be seen in the short term. The nature of our business means that there is a great deal of development in terms of design, sampling, quotation and bid submissions before a contract is awarded, delivered and payment received.
Staff
The combined sales administration and procurement office is working effectively. Staff have adjusted well to the 34 hour week, and have worked hard to maintain a good level of customer response and service.
Property
On 28(th) January 2013 the Company entered into an unconditional loan facility agreement, legal charge and conditional sale agreement to dispose of its leasehold property at 19-21 Great Queen Street to Stability Investments Limited for a consideration of at least GBP2,750,000. At 31 December 2012 the property had a carrying value of GBP945,000. The Company may be entitled to additional consideration of GBP500,000 and a share of any ultimate development profit relating to the property.
The loan facility agreement provides that Stability Investments Limited advances to the Company an amount of up to GBP2,500,000. This advance is secured by a legal charge. All other outstanding charges over the Company's interest in the property have been released.
An advance was paid to the Company on 28 January 2013. The balance of the advance, some GBP500,000, is available to be released to the Company.
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.
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.
Outlook
The property deal concerning our Great Queen Street premises has been the catalyst for change.
In this first half of the year we have introduced new blood to the Board and to the Executive team. Our two new Non-Executive Directors bring commercial expertise and a fresh and objective approach to our business. A new Sales Director with great experience in our key markets has already brought focus and drive to our sales campaigns.
The arrangement with Stability Investments included the development and implementation of a business plan. This plan is in the process of being prepared and will consider the Group's structure and our cost base, and include a review of the markets we service. The aim is to create a business that can be more adaptive to market conditions.
We are not expecting a significant change in trading conditions in the second half of the year.
Regalia House Fiona Toye 19, 20 & 21 Great Queen Street, Chief Executive
London, WC2B 5BE
26 September 2013
Group Statement of Comprehensive Income For the six months ended 30 June 2013 Six months Six months Year to 31 to 30 June to 30 June December 2013 2012 2012 Notes GBP GBP GBP Revenue 3,403,788 5,476,188 8,936,996 Operating expenses 3,628,390 4,917,008 8,416,291 ------------------------------- ------ ------------ ------------ ----------- Operating (loss) / profit (224,602) 559,180 520,705 Finance costs (40,909) (31,621) (66,833) ------------------------------- ------ ------------ ------------ ----------- (Loss) / profit before and after taxation (265,511) 527,559 453,872 ------------------------------- ------ ------------ ------------ ----------- (Loss) / earnings per share - basic and diluted 2 (11.81)p 23.47p 20.19p All activities relate to continuing operations. Statement of Financial Position at 30 June 2013 At 30 At 30 At 31 June June December 2013 2012 2012 Notes GBP GBP GBP Assets Non-current assets Plant, property and equipment 1,921,141 1,898,722 1,959,086 ---------------------------------- ------ ---------- ---------- ---------- Current assets Inventories 1,125,112 1,142,795 1,154,462 Trade and other receivables 1,255,177 1,573,411 1,115,709 Cash and cash equivalents 439,871 4,286 4,390 ---------------------------------- ------ ---------- ---------- ---------- 2,820,160 2,720,492 2,274,561 ---------------------------------- ------ ---------- ---------- ---------- Liabilities Current liabilities Trade and other payables 1,293,043 1,596,463 1,133,324 Current borrowings 4 2,035,887 338,996 559,687 Current portion of long term borrowings 4 - 129,073 120,607 ---------------------------------- ------ ---------- ---------- ---------- 3,328,930 2,064,532 1,813,618 ---------------------------------- ------ ---------- ---------- ---------- Net current (liabilities)/assets (508,770) 655,960 460,943 ---------------------------------- ------ ---------- ---------- ---------- Non-current liabilities Non-current borrowings 4 - 803,113 742,147 - 803,113 742,147 ---------------------------------- ------ ---------- ---------- ---------- Net assets 1,412,371 1,751,569 1,677,882 ---------------------------------- ------ ---------- ---------- ---------- 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 847,694 1,186,892 1,113,205 ---------------------------------- ------ ---------- ---------- ---------- Total equity 1,412,371 1,751,569 1,677,882 ---------------------------------- ------ ---------- ---------- ---------- Statement of Changes in Equity For the six months ended 30 June 2013 Ordinary Share Retained Total shares premium earnings equity GBP GBP GBP GBP Balance at 1 January 2012 562,000 2,677 659,333 1,224,010 Changes in equity for 2012 Profit for the year 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 the period (Loss) for the period and total comprehensive income for the period - - (265,511) (265,511) Balance at 30 June 2013 562,000 2,677 847,694 1,412,371 --------- --------- ---------- ---------- Statement of Cash Flows For the six months ended 30 June 2013 Six months Six months Year to 31 to 30 June to 30 June December 2013 2012 2012 Notes GBP GBP GBP Cash flows (used by) / generate from operating activities Cash (used by) / generated from operating activities (125,730) 467,319 464,475 Interest received - - - Interest paid (5,022) (31,621) (66,883) ---------------------------------- ------ ------------ ------------ ----------- Net cash (used by) / generated from operating activities (130,752) 435,698 397,642 ---------------------------------- ------ ------------ ------------ ----------- Cash flows from investing activities Purchase of property, plant and equipment (11,326) (8,437) (121,536) Net cash flows used in investing activities (11,326) (8,437) (121,536) ---------------------------------- ------ ------------ ------------ ----------- Cash flows from financing activities Financing 2,000,000 - - Repayment of borrowings (862,754) (51,659) (121,091) ---------------------------------- ------ ------------ ------------ ----------- Net cash flows from / (used in) financing activities 1,137,246 (51,659) (121,091) ---------------------------------- ------ ------------ ------------ ----------- Net increase in cash and cash equivalents 995,168 375,602 155,015 Cash and cash equivalents at the beginning of the period (555,297) (710,312) (710,312) ---------------------------------- ------ ------------ ------------ ----------- Cash and cash equivalents at the end of the period 3 439,871 (334,710) (555,297) ---------------------------------- ------ ------------ ------------ -----------
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 2012 and expected to apply in the Financial Statements for the year ended 31 December 2013.
The results for the six months ended 30 June 2013 and 30 June 2012 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 2012 has been derived from the statutory accounts included in the Annual Report 2012, 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 26 September 2013. 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 At 1 January Other non At 30 June 2013 Cashflow cash changes 2013 GBP GBP GBP GBP Cash at bank and in hand 4,390 435,481 - 439,871 Overdraft and invoice discounting facility (559,687) 559,687 - - Total cash and cash equivalents (555,297) 995,168 - 439,871 Debt due within one year (120,607) (1,137,246) (778,034) (2,035,887) Debt due after one year (742,147) - 742,147 - -------------------------- ------------- ------------ -------------- ------------ (1,418,051) (142,078) (35,887) (1,596,016) -------------------------- ------------- ------------ -------------- ------------ 4. Borrowings At 30 June At 30 June At 31 December 2013 2012 2012 GBP GBP GBP Current Bank overdraft and invoice discounting - 338,996 559,687 Bank loans - 129,073 120,607 Other loans 2,035,887 - - ---------------------------------------- ----------- ----------- --------------- 2,035,887 468,069 680,294 ---------------------------------------- ----------- ----------- --------------- Non current Bank loans - 803,113 742,147 ---------------------------------------- ----------- ----------- --------------- Total bank borrowings - 1,271,182 1,422,441 ---------------------------------------- ----------- ----------- --------------- 5. Other loans
On 28 January 2013 the Company entered into an unconditional loan facility agreement, legal charge, and conditional 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 30 June 2013 the Property had a carrying value of GBP934,000. The Company may be entitled to additional consideration of GBP500,000 and a share of any ultimate development profit relating to the Property.
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 has been paid to the Company on 28 January 2013. The balance of the advance, some GBP500,000, is available to be released to the Company, in line with the business plan.
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.
Sale Agreement
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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