TOYE & COMPANY PLC 
By 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.comFiona Toye, Chief Executive +44 (0) 20 7242 0471WH Ireland Limited www.wh-ireland.co.ukMike Coe / Marc Davies +44 (0) 117 945 3470Chief Executive’s StatementResultsAt the half year the Company returned a small profit of £9,120 (2010:£26,205) on a turnover of
£4,495,726, an increase of some £360,000 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.TradingCurrent 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.StaffThe 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.OutlookWe 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 TOYE19, 20 & 21 Great Queen Street, Chief ExecutiveLondon, WC2B 5BE28 September 2011Group Statement ofComprehensive IncomeFor the six months ended 30 June 2011
NotesSix months to30 June 2011£Six months to 30 June
2010£Year to 31December2010£Revenue 4,495,726 4,131,022 8,489,519Operating expenses 4,459,496 4,075,301 8,329,900
Operating profit 36,230 55,721 159,619Finance costs (27,110) (29,516) (59,473)
Profit before and after taxation 9,120 26,205 100,146Earnings per share – basic and diluted 2 0.41p 1.17p 4.45p
All activities relate to continuing operations.Statement of Financial Positionat 30 June 2011
AssetsNon-current assetsNotes
At 30June2011£At 30
June2010£At 31December2010£Plant, property and equipment 1,973,814 2,018,085 1,998,817
Current assetsInventories 1,251,262 1,201,545 1,333,818
Trade and other receivables 1,353,675 1,435,353 1,660,642Cash and cash equivalents 7,761 5,702 21,0562,612,698 2,642,600 3,015,516LiabilitiesCurrent liabilitiesTrade and other payables 1,505,006 1,318,330 1,483,315
Current borrowings 4 363,822 565,088 761,760Current portion of long term borrowings 4 123,320 120,635 122,0121,992,148 2,004,053 2,367,087Net current assets 620,550 638,547 648,429Non-current liabilitiesNon-current borrowings 4 921,843 1,045,172 983,845
Deferred payments - 22,000 -921,843 1,067,172 983,845Net assets 1,672,521 1,589,460 1,663,401Equity attributable to equity holders of the parentOrdinary shares 562,000 562,000 562,000
Share premium 2,677 2,677 2,677Retained earnings 1,107,844 1,024,783 1,098,724Total equity 1,672,521 1,589,460 1,663,401Statement of Changes in EquityFor the six months ended 30 June 2011
Ordinary shares£Share premium£Retained earnings£Total equity£Balance at 1 January 2010 562,000 2,677 998,578 1,563,255Changes in equity for 2010Profit for the year - - 100,146 100,146
Total comprehensive income for theyear - - 100,146 100,146Balance at 31 December 2010 562,000 2,677 1,098,724 1,663,401Changes in equity for the periodProfit for the period - - 9,120 9,120
Total comprehensive income for theperiod - - 9,120 9,120Balance at 30 June 2011 562,000 2,677 1,107,844 1,672,521Statement of Cash FlowsFor the six months ended 30 June 2011
NotesSix months to30 June 2011£Six months to 30 June
2010£Year to 31December2010£Cash flows from/(used by) operating activitiesCash 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 activitiesPurchase of property, plant and
equipment (20,150) (15,226) (57,551) Net cash flows from/(used in) investingactivities (20,150) (15,226) (57,551)
Cash flows from financing activitiesRepayment of borrowings (60,694) (59,350) (119,300)
Net cash flows (used in) financingactivities (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) |
of the period 3 (356,061) (559,386) (740,704)
Notes to the Interim Financial Statements1. Basis of preparationThe 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 31December 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 28September 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 shareThe 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 debtAt 1 January
2011Cashflow£Other non cash changes£At 30 June2011£Cash at bank and in hand 21,056 (13,295) - 7,761Overdraft and invoicediscounting facility (761,760) 397,938 - (363,822) Total cash and cashequivalents (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. BorrowingsCurrent
At 30 June2011£At 30 June
2010£At 31December2010£Bank overdraft and invoice discounting 363,822 565,088 761,760Bank loans 123,320 120,635 122,012487,142 685,723 883,772Non currentBank loans 921,843 1,045,172 983,845
Total bank borrowings 1,408,985 1,730,895 1,867,617
