News blog
Toye
- BY: Andrew Hore |
- POSTED: 28/09/2011 |
Medals and trophies supplier Toye & Co has reported a decline in profit and the share price has slumped 16p to 46.5p.
Revenues grew from £4.13m to £4.5m in the six months to June 2011 but pre-tax profit fell from £26,000 to £9,000 as precious metals costs increased. There are no signs of improvement and overheads are being reduced. Toye says that customers are generally buying in smaller volumes.
During August, Noble Investments boss Ian Goldbart increased his stake in Toye from 4% to 5.13%. His stakebuilding has been behind the recent rise in the Toye share price. The share price is still higher than when Goldbart initially revealed his shareholding in June.
The attraction is that Toye owns freehold and long leasehold property whose deemed cost is based on a 1997 revaluation. At the end of 2010, Toye’s management believed that the underlying value of the property was £850,000 higher than book value. The stated net asset value at the end of June was £1.67m so this suggests that the underlying NAV could be £2.5m. Net debt was £1.3m, which was lower than at the end of 2010.
Toye is currently valued at £1.05m.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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