Return to profits at city’s oldest company
TOYE & CO, which runs one of Birmingham’s oldest businesses making badges and regalia in the Jewellery Quarter, stemmed losses in 2010 following a drive to cut costs and increase exports.
Turnover at the owners of Toye, Kenning & Spencer for the year ended December 31, 2010, amounted to £8.5m compared to £8.2m for the previous year, an increase of 3.1%.
It posted a profit of £100,146, compared to a loss of £186,478 in 2009, after charging interest payable and stock write downs.
Chief executive Fiona Toye said: “The company continues to pursue strategies to reduce overheads, improve productivity, reduce administrative procedures and increase sales.”
She said export sales increased from £1.3m last year to £1.7m in 2010, and gross profits had “held steady”.
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She said: “The continued pursuit of improvement in all areas of operations has contributed to this, though our ability to progress at the rate we would like to is dependent upon cash resources.
“Our objectives for 2010 have been to continue to improve our operations in all areas from productivity through to customer service. In particular we are working hard to increase all sales and we are doing so despite the very difficult trading conditions.
“The economic downturn may be showing signs of a rising curve in the financial markets but large scale reductions in public spending and redundancies in the public sector without doubt will have an impact on our traditional business that we must compensate for in other market areas.”
Ms Toye said she was confident the company’s fortunes would continue to improve, with a stronger focus on sales and marketing.
She said: “It is easy to be diverted by grim news in this country and overseas, and we need to factor in the impact these events may have on our business, but we have to keep our eye on the ball – we have achieved a momentum of change and improvement and must carry it through and gather speed and effect as we do so.
“We are committed to the two present factory sites and are implementing an on-going programme to improve productivity.
“Our manufacturing is intrinsic to the company, but it is no longer the engine room. We are working to create a far more pro-active sales team to communicate all the company’s possibilities to customers old and new, and respond to the customer’s requirements in terms of design, quality, price, delivery and service.”
She said new warehouse facilities in Bedworth site were nearing completion and will become the order intake and distribution hub for the firm’s e-commerce service, whose implementation had been frustrated by the sheer volume and complexity of Toye’s product range, but was now back on track.
