Tough environment for Toye & Co but Queen’s Jubilee contract gives firm a boost

BIRMINGHAM’S oldest manufacturer Toye & Co has blamed difficult trading conditions, fierce competition and the winding down of a significant contract for a dip in turnover.

The Jewellery Quarter company, which makes military and masonic regalia, medals, badges and related textiles, saw turnover for the year ended December 31 decrease from £8,489,510 at the end of 2010 to £7,981,006 (a fall of £508,513).

But the firm says export sales have continued to be resilient, with an increase to £1,870,949 over last year’s £1,786,619.

One notable overseas contract saw the firm playing a key role in reproducing historical textiles for restoration work at the Kremlin.

But overall gross profits have declined due to increased prices for precious metals and factored goods from overseas.

The tough trading conditions have resulted in a loss for the year of £439,391, which directly reflects the fall in turnover.

The firm suggests a key contract to produce medals for the Queen’s Diamond Jubilee Medal will underpin an improved trading performance for 2012.

This medal is being awarded to serving members of the armed forces, emergency services and the prison service. With two other companies in the Jewellery Quarter it is manufacturing 450,000 die-struck medals.

Toye says it has further ‘rationalised’ staff to match the continued challenging trading conditions.

It has also created a new sales administration office in Bedworth and
increased its portfolio of work for leading High Street retail brands in the UK and overseas.