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Toye & Co PLC (TOYE)

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Thursday 28 September, 2006

Toye & Co PLC

Interim Results

Toye & Co PLC
28 September 2006

Toye & Company p.l.c.

Interim Report for the six months ended 30th June 2006



                        Chairman's Statement


Results


The turnover for the first half of the year of £4,352,166 was down by £32,296
against the previous half year results, which were enhanced by two large
contracts taken at reduced margins. There is a small profit of £10,844. The
Company's Export Sales are up this year to £684,895, an increase of
£143,695 on 2005, which reflects an improvement in sales of the retail range as
well as our traditional products.



Trading


The significant MoD contract, won earlier this year at low margins, for metal
and textile insignia and buttons was gained against very fierce competition. The
contract, worth in the region of £2 million, will be supplied over the next four
years.


We are undertaking a significant and long overdue reorganisation programme
within our Birmingham factory. This will affect our results in the second half
of 2006 and the first half of 2007. The work includes relocating existing
departments and plant and the purchase of additional equipment. This will expand
our specialist manufacturing capabilities and streamline production in all its
stages; manufacture, stores, quality control and despatch. Working conditions
will be much improved.


General


Trading conditions for a company like ours are exceedingly competitive. It is
frustrating to be constantly hampered by new European Union Directives and by
Employment Legislation which affects our cost base.


The legislative issues also impact on the regulatory environment of the
Alternative Investment Market, with the possibility of further and more onerous
burdens to come. Your Board is considering the value to your Company of
continuing with a Formal Listing.


Outlook


We have a strong order book and good prospects in both the domestic and export
markets. We hope to further increase our order book, through attention to
design, quality and service.


Strong UK and overseas competition keeps margins low, especially on large
contracts such as the MoD and civil authorities, so cost-cutting efficiencies
are essential. The minimum wage rising to £5.35 per hour in October 2006 will
not help.


Your Company will prosper as a specialist manufacturing company and
merchandising house, by investing in an excellent workforce, cutting edge
design, unrivalled product expertise and superlative service, all of which we
are striving to achieve.



Regalia House                                  BRYAN TOYE
19, 20 & 21 Great Queen Street,                Chairman
London, WC2B 5BE


28th September 2006




SUMMARISED GROUP PROFIT AND LOSS ACCOUNT

for the six months ended 30th June 2006
                                                                                Half year ended               Year ended
                                                                                      30th June            31st December
                                                                    2006                   2005                     2005
                                                                       £                      £                        £
Turnover
Continuing operations                                          4,352,166              4,384,462                8,227,663
Change in stocks of finished goods and work in
  progress                                                      (53,019)                 68,896                   91,273
                                                               4,299,147              4,453,358                8,318,936
Other operating charges                                      (4,234,320)            (4,407,159)              (8,208,912)
Operating profit                                                  64,827                 46,199                  110,024

Net interest payable                                            (53,983)               (43,969)                (106,154)
Profit on ordinary activities before taxation                     10,844                  2,230                    3,870
Taxation                                                               -                      -                        -
Profit for the financial period                                   10,844                  2,230                    3,870
Proposed dividend                                                      -                      -                        -
Transfer to reserves                                             £10,844                 £2,230                   £3,870
Earnings per share - basic and diluted                             0.48p                  0.10p                    0.17p





STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

Profit for the period                                             10,844                  2,230                    3,870
Prior year adjustment                                                  -                      -                (775,640)
Total recognised losses since previous year end                  £10,844                 £2,230               £(771,770)






SUMMARISED GROUP BALANCE SHEET

as at 30th June 2006
                                                                                                       
                                                                                   At 30th June         At 31st December
                                                                   2006                    2005                     2005
                                                                      £                       £                        £
Fixed assets
Tangible assets                                               2,193,820               2,248,071                2,222,055
Current assets
Stocks                                                        1,557,553               1,545,658                1,591,651
Debtors                                                       1,565,860               1,322,370                1,127,529
Cash at bank and in hand                                         72,786                  68,163                   97,123
                                                              3,196,199               2,936,191                2,816,303
Creditors: Amounts falling due
 within one year                                            (3,120,702)             (1,699,229)              (1,724,325)
Net current assets                                               75,497               1,236,962                1,091,978
Total assets less current liabilities                         2,269,317               3,485,033                3,314,033
Creditors: Amounts falling due
 after more than one year                                     (314,800)             (1,500,000)              (1,370,360)
Net assets excluding pension liability                        1,954,517               1,985,033                1,943,673
Pension liability                                                     -                (43,000)                        -
Net assets including pension liability                       £1,954,517              £1,942,033               £1,943,673

Capital and reserves
Called up share capital                                         562,000                 562,000                  562,000
Share premium account                                             2,677                   2,677                    2,677
Revaluation reserve                                           1,463,248               1,502,719                1,489,562
Profit and loss account                                        (73,408)               (125,363)                (110,566)
Equity Shareholders' funds                                   £1,954,517              £1,942,033               £1,943,673



SUMMARISED GROUP STATEMENT OF CASH FLOWS

for the six months ended 30th June 2006
                                                                                Half year ended               Year ended
                                                                                      30th June            31st December
                                                                   2006                    2005                     2005
                                                                      £                       £                        £
Cash flow from operating activities                              24,779               (609,838)                (460,632)
Returns on investments and servicing of finance
Interest paid                                                  (54,589)                (44,133)                (107,077)
Interest received                                                   606                     164                      923
                                                               (53,983)                (43,969)                (106,154)
Taxation                                                              -                       -                        -
Capital expenditure and financial investment
Purchase of tangible fixed assets                              (16,569)                 (4,930)                 (29,571)
Receipts from sale of tangible fixed assets                                               4,000                   13,342
                                                               (16,569)                   (930)                 (16,229)

Cash (outflow) before use of finance                           (45,773)               (654,737)                (583,015)

Financing
New bank loans                                                        -                 500,000                  500,000
Repayment of borrowings                                        (55,560)                       -                 (18,520)
                                                               (55,560)                 500,000                  481,480

(Decrease) in cash in the period                             £(101,333)              £(154,737)               £(101,535)

Reconciliation of net cash flow to movement in net debt
(Decrease) in cash in the period                              (101,333)               (154,737)                (101,535)
Cash outflow/ (inflow) from decrease/(increase) in debt         55,560               (500,000)                (481,480)
Change in net debt resulting from cashflows                    (45,773)               (654,737)                (583,015)
Net debt at 1st January 2006                                (1,701,130)             (1,118,115)              (1,118,115)
Net debt at 30th June 2006                                 £(1,746,903)            £(1,772,852)             £(1,701,130)




Notes


Comparative figures for the year ended 31st December 2005 are an abridged
version of the Group's full accounts which carried an unqualified audit report
and have been delivered to the Registrar.


1. Basis of accounting


The interim results have been prepared in accordance with the accounting
policies set out on page 16 of the Annual Report & Accounts for the year ended
31st December 2005. 2. Turnover and Group Profit


Turnover represents the amounts derived from the provision of goods and services
which fall within the Group's ordinary activities, stated net of sales related
taxes. The Group operates in one principal area of activity, that of marketing,
selling, manufacturing as appropriate and procurement of identity products.

The turnover, all of which has been generated in the U.K., is analysed by 
geographical markets as follows:


                                                                                Half year ended               Year ended
                                                                                      30th June            31st December
                                                                   2006                    2005                     2005
                                                                      £                       £                        £
United Kingdom                                                3,667,271               3,843,262                6,941,114
Rest of Europe                                                  193,403                 171,230                  355,148
Africa                                                           63,119                  57,406                  149,217
Australasia                                                      73,320                  50,893                  119,033
Far East                                                         25,022                  24,909                   56,566
North America                                                   220,613                 145,710                  333,603
Rest of World                                                   109,418                  91,052                  272,982
                                                             £4,352,166              £4,384,462               £8,227,663
Notes (continued)


3. Operating profit


Reconciliation of operating profit to operating cashflow:
                                                                                Half year ended               Year ended
                                                                                      30th June            31st December
                                                                   2006                    2005                     2005
                                                                      £                       £                        £
Operating profit                                                 64,827                  46,199                  110,024
Depreciation                                                     44,804                  50,120                   91,435
Defined benefit pension scheme credit to operating
profit plus contributions paid                                        -               (536,431)                (579,430)
Decrease/(increase) in stocks                                    34,098                  28,457                 (17,536)
(Increase) in debtors                                         (438,331)               (200,659)                  (5,818)
Increase/(decrease) in creditors                                319,381                   2,476                 (59,307)
Net cash flows from operating activities                        £24,779              £(609,838)               £(460,632)



4. Analysis of net debt
                                         At 1st January                            Other non cash          At 30th June
                                                   2006            Cashflow                     £                  2006
                                                      £                   £                                           £
Cash at bank and in hand                         97,123            (24,337)                     -                72,786
Overdraft                                     (316,773)            (76,996)                     -             (393,769)
                                              (219,650)           (101,333)                     0             (320,983)
Debt due within one year                      (111,120)              55,560           (1,055,560)           (1,111,120)
Debt due after one year                     (1,370,360)                   0             1,055,560             (314,800)
                                        £   (1,701,130)       £    (45,773)    £                0        £   (1,746,903)
                                                                                                

Notes (continued)

5. Earnings per share


The calculation of earnings per ordinary 25p share is based on Group profit
after taxation and the unchanged number of 2,248,000 ordinary shares of the
Company.


6. Financial information


The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information for the full preceding year is based on the
statutory accounts for the financial year ended 31st December 2005. Those
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.


This Interim Report was approved by the Board and authorised for issue on 28th
September 2006.


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.






                            Toye, Kenning & Spencer Ltd

                       Manufacturing Premises and Showrooms

           77 Warstone Lane                                              Newtown Road
          Birmingham B18 6NL                                               Bedworth
          Tel: 0121 236 3615                                         Warwickshire CV12 8QR
          Fax: 0121 236 7217                                          Tel: 024 76 848800
       E-mail: [email protected]                                        Fax: 024 76 643018
Badge, medal, cufflink & jewellery                            E-mail: [email protected]
      manufacturer and showroom                                   E-mail: [email protected]
                                                              Civil & military regalia, textile
                                                                  manufacturer and showroom
                                                                     Headdress manufacturer
                                                                           Fraternal
                                                                  manufacturer and showroom
                               19, 20 & 21 Great Queen Street
                                     London WC2B 5BE
                            Tel: 020 7242 0471 & 020 7405 3063
                            Fax: 020 7831 8692 & 020 7430 9177
                               E-mail: [email protected]
                                Fraternal & Group products
                                        showroom
        50 Manchester Road                                  Unit 3, Enterprise Park, Etna Road
         Preston PR1 3YH                                    Bury St. Edmunds, Suffolk IP33 1JF
        Tel: 01772 556688                                            Tel: 01284 755586
        Fax: 01772 204738                                            Fax: 01284 769845
            Textile                                                   Corporate tie
    manufacturer and showroom                                          manufacturer
                                        WEBSITES
                                      www.toye.com
                              (Catalogue of group products)
       www.lbblondon.com                                          www.kjdjewellers.com
(Catalogue of men's accessories)                           (Catalogue of cufflinks and mens accessories)
    www.staddendirect.com                                      www.bentonandjohnson.com
(Online shopping for pewter models & figurines)                (Online shopping for embroidery requisites)
   www.toyekenningandspencer.com                                 tks-uniform-insignia.co.uk
   (Online masonic shopping)                           (Catalogue of embossed technology products)
 www.tksidentityclothing.co.uk                               www.corneliajamesneckwear.co.uk
(Catalogue of identity clothing)                            (Catalogue of corporate neckwear)
  www.tksmedalsandribbons.co.uk                                    www.rotaryregalia.com
(Online shopping for medals and ribbons)                        (Online rotary products shopping)
                                                                       Under Development


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