TIDMTOYE
RNS Number : 5646Z
Toye & Co PLC
25 September 2009
25 September 2009
TOYE & COMPANY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2009
Chairman's Statement
Results
The current economic climate has without doubt affected your Company's results.
This has resulted in turnover for this first half year of GBP4,000,123, a
reduction of GBP231,949 from the first half year turnover for 2008. Against a
background of reduced sales, lower margins and costs associated with the
redundancy programme, we have recorded a loss for the first half year of
GBP197,006 compared to a loss of GBP195,082 for the first half of 2008 when no
redundancy costs were incurred.
Trading
These are difficult trading conditions for any company as customers respond to
the deepening recession, the effects of which have been most prevalent in the
retail market which has accounted for most of the reduction in sales.
The results have been further affected by a reduction in gross profit margins.
Raw material and component costs, many of which are quoted in US dollars, have
continued to increase due to adverse fluctuations in the exchange rate of
sterling against the US dollar. Pressure on margins will continue in the second
half year particularly in the narrow fabrics market as the new MoD ribbon
contract, won last year after a reverse auction leading to extremely low
margins, goes into production.
The Company is continuing to implement measures to reduce overheads and improve
productivity. Redundancies costs occur before the corresponding saving is felt.
For the first half year redundancy costs amounted to GBP48,676. Further costs of
GBP15,000 were charged in the first half year with the closure of the Preston
branch which comprised a small showroom and workroom.
Management
Fiona Toye was appointed Chief Executive of the Company on 1st August 2009. I
will remain as Chairman and will actively support the new Chief Executive and
the Company by utilising my experience, knowledge, connections and skills, built
up over many years.
Outlook
In her new role as Chief Executive, Fiona is taking the opportunity to review
the operation and management team. This will apply to all sites with particular
emphasis on the fundamentals of cost analysis, rationalisation of processes,
productivity and product estimating. Attention to job specification and
performance to improve individual effectiveness and team work, service to our
customers and job satisfaction for our employees will be paramount. We hope that
these actions will ultimately result in improved margins but recognise that
initially costs will need to be incurred before the benefits are recognised.
The Company is continuing to improve its e-commerce services through both its
expanding www.toye.com web site and the introduction of the new 'Small-order' on
line shopping website at www.thetoyeshop.com which is being developed to host
retail as well as military products. These enable us to access a global market,
without "on the ground" facilities, thus reducing sales administration and other
overheads, whilst giving us the financial benefit of immediate cash sales. A
full list of current web sites is listed on the inside back cover of this half
year statement.
A new Corporate Brochure is planned for launch at the end of this month. This
will provide for both current and potential new customers an introduction to our
wide ranging design services which are backed by our capability to produce
detailed specifications, sourcing and our own quality production.
The recession continues to affect all markets in which we operate and in
particular the supply of product to other retailers. I am pleased to report that
we have retained our retail customers albeit the orders received have been
reduced in volume. In some regions of the world we have increased our customer
base which augurs well for those overseas markets as and when they move out of
recession.
In these difficult economic times, the Company has responded to wide ranging
changes in the world at large with wide ranging changes of its own. The Company
is looking inwards to improve organisation, reduce overheads, improve
productivity and sourcing; and outwards to new markets, new products and
generally improved sales with the goal of being well placed to take advantage of
an upturn in the economic situation and of returning to profitability.
Regalia House
BRYAN TOYE
19, 20 & 21 Great Queen Street
Chairman
London
WC2B 5BE
25 September 2009
+---------------------+--+---------+-----------+-----------+-----------+
| Consolidated Income Statement | | | |
| for the six months ended 30 June | | | |
| 2009 | | | |
+----------------------------------+-----------+-----------+-----------+
| | | Notes | Six | Six | Year to |
| | | | months | months | 31 |
| | | | to | to | December |
| | | | 30 June | 30 June | 2008 |
| | | | 2009 | 2008 | GBP |
| | | | GBP | GBP | |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Revenue | | | 4,000,123 | 4,232,072 | 8,604,610 |
+---------------------+--+---------+-----------+-----------+-----------+
| Operating expenses | | | 4,165,946 | 4,363,079 | 8,750,184 |
+---------------------+--+---------+-----------+-----------+-----------+
| Operating (loss) | | | (165,823) | (131,007) | (145,574) |
+---------------------+--+---------+-----------+-----------+-----------+
| Finance costs | | | (31,183) | (64,075) | (121,866) |
+---------------------+--+---------+-----------+-----------+-----------+
| (Loss) before and | | (197,006) | (195,082) | (267,440) |
| after taxation | | | | |
+------------------------+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| (Loss) per share - | 2 | (8.76)p | (8.68)p | (11.90)p |
| basic and diluted | | | | |
+------------------------+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| All activities relate to | | | |
| continuing operations. | | | |
+----------------------------------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Statement of Recognised Income | | | |
| and Expenses | | | |
+----------------------------------+-----------+-----------+-----------+
| (Loss) for the | | | (197,006) | (195,082) | (267,440) |
| period | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Total recognised | | (197,006) | (195,082) | (267,440) |
| (expenses) for the | | | | |
| period | | | | |
+------------------------+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
+---------------------+--+---------+-----------+-----------+-----------+
| Consolidated Balance | | | | |
| Sheet | | | | |
| at 30 June 2009 | | | | |
+------------------------+---------+-----------+-----------+-----------+
| | | Notes | At | At | At 31 |
| | | | 30 June | 30 June | December |
| | | | 2009 | 2008 | 2008 |
| | | | GBP | GBP | GBP |
+---------------------+--+---------+-----------+-----------+-----------+
| Assets | | | | | |
| Non-current assets | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Plant, property and | | | 2,079,777 | 2,192,148 | 2,124,595 |
| equipment | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Current assets | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Inventories | | | 1,260,261 | 1,538,283 | 1,473,668 |
+---------------------+--+---------+-----------+-----------+-----------+
| Trade and other | | | 1,286,768 | 1,335,445 | 1,679,024 |
| receivables | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Cash and cash | | | 4,671 | 6 | 4,866 |
| equivalents | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Total current | | | 2,551,700 | 2,873,734 | 3,157,558 |
| assets | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Liabilities | | | | | |
| Current liabilities | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Trade and other | | | 1,100,658 | 1,450,771 | 1,356,621 |
| payables | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Current borrowings | | 4 | 790,278 | 427,522 | 902,842 |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | 1,890,936 | 1,878,293 | 2,259,463 |
+---------------------+--+---------+-----------+-----------+-----------+
| Net current assets | | | 660,764 | 995,441 | 898,095 |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Non-current | | | | | |
| liabilities | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Non-current | | 4 | 1,165,814 | 1,299,498 | 1,250,957 |
| borrowings | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Deferred payments | | | 22,000 | 66,000 | 22,000 |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | 1,187,814 | 1,365,498 | 1,272,957 |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Net assets | | | 1,552,727 | 1,822,091 | 1,749,733 |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Equity - Capital and reserves | | | |
| attributable to the Company's | | | |
| equity holders | | | |
+----------------------------------+-----------+-----------+-----------+
| Share capital | | | 562,000 | 562,000 | 562,000 |
+---------------------+--+---------+-----------+-----------+-----------+
| Share premium | | | 2,677 | 2,677 | 2,677 |
| account | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Retained profits | | | 988,050 | 1,257,414 | 1,185,056 |
+---------------------+--+---------+-----------+-----------+-----------+
| Total equity | | | 1,552,727 | 1,822,091 | 1,749,733 |
+---------------------+--+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
+---------------------+--+---------+----------+-----------+-----------+
| Consolidated Statement of Changes in Equity | | |
| for the six months ended 30 June 2009 | | |
+---------------------------------------------+-----------+-----------+
| | | Share | Share | Retained | Total |
| | | capital | premium | earning | GBP |
| | | GBP | GBP | GBP | |
+---------------------+--+---------+----------+-----------+-----------+
| Balance at 31 | | 562,000 | 2,677 | 1,452,496 | 2,017,173 |
| December 2007 | | | | | |
+---------------------+--+---------+----------+-----------+-----------+
| Total recognised | | - | - | (267,440) | (267,440) |
| expenses | | | | | |
+---------------------+--+---------+----------+-----------+-----------+
| Balance at 31 | | 562,000 | 2,677 | 1,185,056 | 1,749,733 |
| December 2008 | | | | | |
+---------------------+--+---------+----------+-----------+-----------+
| Total recognised | | - | - | (197,006) | (197,006) |
| expenses | | | | | |
+---------------------+--+---------+----------+-----------+-----------+
| Balance at 30 June | | 562,000 | 2,677 | 988,050 | 1,552,727 |
| 2009 | | | | | |
+---------------------+--+---------+----------+-----------+-----------+
+---------------------+--+---------+-----------+-----------+-----------+
| Consolidated Cash Flow Statement | | | |
| for the six months ended 30 June | | | |
| 2009 | | | |
+----------------------------------+-----------+-----------+-----------+
| | | | Six | Six | Year to |
| | | Notes | months | months | 31 |
| | | | to | to | December |
| | | | 30 June | 30 June | 2008 |
| | | | 2009 | 2008 | GBP |
| | | | GBP | GBP | |
+---------------------+--+---------+-----------+-----------+-----------+
| Cash flows from / | | | | |
| (used in) operating | | | | |
| activities | | | | |
+------------------------+---------+-----------+-----------+-----------+
| Cash generated from / | | 243,333 | (39,815) | (498,100) |
| (used by) operating | | | | |
| activities | | | | |
+------------------------+---------+-----------+-----------+-----------+
| Interest received | | | - | 2,135 | 5,774 |
+---------------------+--+---------+-----------+-----------+-----------+
| Interest paid | | | (31,183) | (66,210) | (127,640) |
+---------------------+--+---------+-----------+-----------+-----------+
| Net cash generated | | 212,150 | (103,890) | (619,966) |
| from / (absorbed by) | | | | |
| operating activities | | | | |
+------------------------+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Cash flows from investing | | | |
| activities | | | |
+----------------------------------+-----------+-----------+-----------+
| Purchase of property, | | (14,638) | (5,945) | (38,894) |
| plant and equipment | | | | |
+------------------------+---------+-----------+-----------+-----------+
| Proceeds from sale of | | - | - | 127,106 |
| property, plant and | | | | |
| equipment | | | | |
+------------------------+---------+-----------+-----------+-----------+
| Net cash flows from investing | (14,638) | (5,945) | 88,212 |
| activities | | | |
+----------------------------------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Cash flows from financing | | | |
| activities | | | |
+----------------------------------+-----------+-----------+-----------+
| Net repayment of | | | (56,854) | (42,174) | (87,398) |
| borrowings | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Net cash flows from financing | (56,854) | (42,174) | (87,398) |
| activities | | | |
+----------------------------------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Net | | 140,658 | (152,009) | (619,152) |
| increase/(decrease) in | | | | |
| cash and cash | | | | |
| equivalents | | | | |
+------------------------+---------+-----------+-----------+-----------+
| Cash and cash | 3 | (808,311) | (189,159) | (189,159) |
| equivalents at the | | | | |
| beginning of the | | | | |
| period | | | | |
+------------------------+---------+-----------+-----------+-----------+
| Cash and cash | 3 | (667,653) | (341,168) | (808,311) |
| equivalents at the end | | | | |
| of the period | | | | |
+------------------------+---------+-----------+-----------+-----------+
| | | | | | |
+---------------------+--+---------+-----------+-----------+-----------+
| Cash and cash equivalents comprise cash in hand and at bank net |
| of bank overdrafts. |
+---------------------+--+---------+-----------+-----------+-----------+
+---------------------+--+---------+----------+----------+----------+
| 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 2008 |
| except for the adoption |
| in the period of: |
| IFRS 8 - Operating |
| segments, which had no |
| material impact on |
| these financial |
| statements. |
| IFRS1 - Presentation of |
| financial statements, |
| which has resulted in |
| the inclusion of the |
| consolidated statement |
| of changes in equity as |
| a primary statement. |
| The adoption of this |
| standard has not |
| changed the recognition |
| or measurement of |
| specific transactions |
| or events. |
| The results for the six |
| months ended 30 June |
| 2009 and 30 June 2008 |
| have not been audited |
| and do not constitute |
| statutory accounts |
| within the meaning of |
| Section 240 of the |
| Companies Act 1985. The |
| abridged financial |
| information for the |
| year ended 31 December |
| 2008 has been derived |
| from the statutory |
| accounts included in |
| the Annual Report 2008, |
| 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 237 (2) |
| or (3) of the Companies |
| Act 1985 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 |
| 25 September 2009. 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 share |
| |
| The calculation of |
| earnings per ordinary |
| share is based on Group |
| (loss) after taxation |
| and the unchanged |
| number of 2,248,000 |
| ordinary shares of the |
| Company. |
+-------------------------------------------------------------------+
| | | | | | |
+---------------------+--+---------+----------+----------+----------+
| | | |
+---------------------+--+---------+----------+----------+----------+
+---------------------+---+---------+-----------+-----------+-------------+
| 3. | | | | |
| Analysis of net debt | | | | |
+-------------------------+---------+-----------+-----------+-------------+
| | At 1 | Cashflow | Other | At 30 |
| | January | GBP | non cash | June |
| | 2009 | | changes | 2009 |
| | GBP | | GBP | GBP |
+---------------------+-------------+-----------+-----------+-------------+
| Cash at bank and in | 4,866 | (195) | - | 4,671 |
| hand | | | | |
+---------------------+-------------+-----------+-----------+-------------+
| Bank overdraft and | (813,177) | 140,853 | - | (672,324) |
| invoice discounting | | | | |
+---------------------+-------------+-----------+-----------+-------------+
| | (808,311) | 140,658 | - | (667,653) |
+---------------------+-------------+-----------+-----------+-------------+
| | | | | |
+---------------------+-------------+-----------+-----------+-------------+
| Debt due within one | (89,665) | 56,854 | (85,143) | (117,954) |
| year | | | | |
+---------------------+-------------+-----------+-----------+-------------+
| Debt due after one | (1,250,957) | - | 85,143 | (1,165,814) |
| year | | | | |
+---------------------+-------------+-----------+-----------+-------------+
| | (2,148,933) | 197,512 | - | (1,951,421) |
+---------------------+-------------+-----------+-----------+-------------+
| | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| 4. | | | | | |
| Borrowings | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| | | | At | At | At |
| | | | 30 June | 30 June | 31 |
| | | | 2009 | 2008 | December |
| | | | GBP | GBP | 2008 |
| | | | | | GBP |
+---------------------+---+---------+-----------+-----------+-------------+
| Current | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| Bank overdraft and | | | 672,324 | 341,174 | 813,177 |
| invoice discounting | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| Bank loans | | | 117,954 | 86,348 | 89,665 |
+---------------------+---+---------+-----------+-----------+-------------+
| | | | 790,278 | 427,522 | 902,842 |
+---------------------+---+---------+-----------+-----------+-------------+
| | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| Non current | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| Bank loans | | | 1,165,814 | 1,299,498 | 1,250,957 |
+---------------------+---+---------+-----------+-----------+-------------+
| | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| Total bank | | | 1,956,092 | 1,727,020 | 2,153,799 |
| borrowings | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
| | | | | | |
+---------------------+---+---------+-----------+-----------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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