Jubilee boosts Toye & Co turnover by almost £1m

But jewellery and medals firm contends with redundancies.

Birmingham-based jewellery and regalia company Toye, Kenning & Spencer (Toye & Co), has reported an increase in its full-year turnover for 2012, hitting £8,936,996.

The company’s turover was up £966,990 on 2011’s figures, largely due to a contract to supply medals for the Queen’s Diamond Jubilee in collaboration with two other firms in the Jewellery Quarter.

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Despite the positive upturn the company says its traditional markets remain challenging and that worldwide economic conditions have impacted export sales. As a result Toye & Co’s export revenue fell to £1.68 million in 2012, down from the £1.87m recorded in the previous year, though this was also related to the schedule of deliveries on orders, some of which had been fulfilled in 2011.

The company’s chief executive Fiona Toye said: “The ongoing economic recession continues to influence all our markets in the UK and overseas. Buyers are cautious and lacking in confidence. They want the lowest possible price, but are slow to make the decision to order, which has resulted in reduced lead-times for manufacture.

“Customers’ demands are increasing in terms of pre-order design and sampling work, rightly setting the service of one supplier against another. This adds to our origination costs before we have even won an order."

However some pricing demands have lead the company to cut costs by implementing redundancies, cutting working hours, selling off several assets and reducing the number of loss-making lines.

Despite the difficulties, the company has reported a pre-tax profit of £453,872, noting the Diamond Jubilee contract being a key contributor to this.

Toye added: “Even in our comparatively niche market areas there is increasing global competition. We are all vying for reduced custom.

"Success will depend on our ability to manage our operating costs and maintain and even expand our operating capabilities. Formidable challenges for a labour intensive traditional craft business.”

The company was named Apprentice Employer of the Year 2013 at the recent Holts Academy Awards.




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