DHAIS plc
LSE : DHAP

March 25, 2015 11:06 ET

Interim results for the six month period ended 31 December 2014

DHAIS PLC
Interim results for the six month period ended 31 December 2014

Chairman's statement
        
I am pleased to report that we continue to make progress.

The  results for the first 6 month period to 31 December 2014 show an increase in Group turnover of 8.5%  to
GBP  5.1 million with a profit of GBP 75k compared to turnover of GBP 4.7 million for the equivalent 6 month
period to 31 December 2013 in which we made a profit of GBP 74k.

The  Group activities continue to comprise of the parent company's marketing activities based in London  and
its  subsidiary, Hearing Health and Mobility Ltd ("HHML")'s retail activities of Hearing and Mobility stores
which are spread across the UK, with its central offices based in Cardiff.

HHML  operates 16 Hearing and Mobility stores and has increasing numbers of new customers to supplement  the
established customer base with lots of inherent goodwill in respective communities.

Sales and services are provided inside our stores and in customers' own homes.  Both routes to market are as
important as each other, to us and to our customers.  The stores which are based predominantly in the  South
and  in  the  Midlands  are supplemented with associated stores and representation in  Northern  towns.   We
therefore have national coverage between our own employees and associates.

HHML  is an accredited Motability dealer, participating in the national scheme which helps people get mobile
by exchanging their mobility allowance to lease a scooter or powered wheelchair.

In the same way that opticians do not dispense spectacles to the blind, hearing aid dispensers do not supply
hearing aids to the deaf.  Mobility aids are supplied as aids to mobility to those who need assistance,  and
that is the need of the growing over 55's 'grey' market.

The Directors of the Group are content that we are in the 'right market space' and 'at the right time'.

Our  existing  customers  grow older and seek more of our products.  We have the exceptional  capability  of
nationally stimulating our market with effective press advertising and also by generating lots of  enquiries
from our stores.

The  Group's  mission includes having the best products, the best service, the best marketing and  the  best
staff, both customer facing and back office.

The  Group's activities are principally funded by an interest free loan from a hearing aid manufacturer, the
first  repayment  instalment of which has been made. This funding is reflective of the confidence  shown  in
Dhais plc by its suppliers.
        
Outlook
        
The  group  is  amongst  the leaders in its sectors and its range of products and  services  is  continually
improving  and expanding within the growing demographics of the country.  The prospects for business  growth
are therefore substantial, and they blend well with the Government's overall economic policies in the United
Kingdom.
        
The future strategy is to build on the Group's robust business model of advertising, retail sales of hearing
aids  in  store  and in customers' homes and by increasing the number of mobility store outlets  to  give  a
greater geographic presence across the United Kingdom.


Mark Moss
Mark@mmoss.co.uk
+44(0)7727 648664
25 March 2015
The Directors of the Issuer accept responsibility for this announcement.
Enquiries:
Amin Kiddy
Director, DHAIS Plc
Tel:  +44 (0) 2920 666888

Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel: +44 (0) 20 7251 3762

Consolidated group profit and loss account
for the six month period ended 31 December 2014

                                                    6 months to         6 months to            Year to
                                                       31.12.14            31.12.13           30.06.14
                                                            GBP                 GBP                GBP
                                                                                            
 Turnover                                             5,129,585           4,717,354          9,650,222
                                                                                            
 Cost of sales                                       (2,057,733)         (1,930,610)        (4,388,256)
                                                                                            
 Gross profit                                         3,071,852           2,786,744          5,261,966
                                                                                            
 Distribution costs                                  (2,631,066)         (2,370,922)        (4,424,009)
                                                                                            
 Administrative expenses                               (453,179)           (392,130)          (780,943)
                                                                                            
                                                        (12,393)             23,692             57,014
                                                                                            
 Other operating income                                  87,042              51,274            105,254
                                                                                           
                                                                                            
 Operating profit                                        74,649              74,966             162,268
                                                                                            
                                                                                            
 Interest receivable and similar income                      15                  40                  50
                                                                                           
                                                                                            
                                                                                            
                                                         74,664              75,006             162,318
                                                                                            
 Interest payable and similar charges                         -                (750)             (1,061)
                                                                                            
 Profit on ordinary activities before taxation           74,664              74,256             161,257
                                                                                            
 Tax on profit on ordinary activities                         -                   -                   -
                                                                                            
 Profit on ordinary activities after taxation            74,664              74,256             161,257
                                                                                            
                                                                                            
 Profit retained for the period                          74,664              74,256             161,257
                                                                                            
 Retained deficit brought forward                    (3,346,857)         (3,508,114)         (3,508,114)
                                                                                            
 Retained deficit carried forward                    (3,272,193)         (3,433,858)         (3,346,857)
                                                                                            
 Profit / (Loss) per share                                                                  
 Basic/diluted                                         GBP 0.24            GBP 0.24            GBP 0.26

CONTINUING OPERATIONS

Turnover and operating profit derive wholly from continuing operations.

TOTAL RECOGNISED GAINS AND LOSSES

The group has no recognised gains or losses other than the profits or losses above and therefore no separate
statement of total recognised gains or losses has been presented.


Group balance sheet
As at 31 December 2014

                                               31.12.14                   31.12.13                   30.06.14
                                    GBP            GBP            GBP           GBP           GBP           GBP
 Fixed assets                                                                                            
                                                                                                         
 Tangible assets                                196,363                      139,162                     144,466
 Intangible assets                              2,111,909                    2,241,095                   2,190,050
 Fixed asset investment                         260,759                      260,759                     260,759
                                                                                                         
                                                2,569,031                    2,641,016                   2,595,275
                                                                                                         
 Current assets                                                                                          
                                                                                                         
 Stock                           666,400                       521,530                     543,174       
 Debtors                         403,223                       260,723                     703,981       
 Cash at bank and in hand        289,553                       365,211                     316,889       
                                                                                                         
                                 1,359,176                     1,147,464                   1,564,044     
                                                                                                         
 Creditors: amounts falling                                                                              
 due within one year                                                                       
                                 (1,571,696)                   (1,355,128)                 (1,877,472)
                                                                                                         
 Net current assets /                           (212,520)                    (207,664)                   (313,428)
 (liabilities)
                                                                                                         
 Total assets less current                                                                               
 liabilities                                    2,356,511                    2,433,352                   2,281,847
                                                                                                         
 Creditors: amounts falling                                                                              
 due after more than one year                                                                            
                                                (2,222,494)                  (2,461,000)                 (2,222,494)
                                                                                                         
 Total assets less total                                                                                 
 liabilities                                    134,017                      (27,648)                    59,353
                                                                                                         
                                                                                                         
 Capital and reserves                                                                                    
                                                                                                         
 Called up share capital                        62,396                       62,396                      62,396
 Share premium                                  3,328,604                    3,328,604                   3,328,604
 Other reserves                                 15,210                       15,210                      15,210
 Profit and loss account                        (3,272,193)                  (3,433,858)                 (3,346,857)
                                                                                                         
 Shareholders' funds                            134,017                      (27,648)                    59,353


Group cash flow statement
for the six month period ended 31 December 2014



                                                   6 months to       6 months to          Year to
                                                   31.12.14          31.12.13             30.06.14
                                                   GBP               GBP                  GBP
                                                                                            
                                                                                          
 Net cash inflow from operating activities         151,654           100,686              213,735
                                                                                           
 Returns on investments and servicing of finance   15                 (710)                 (1,011)
                                                                                           
 Taxation                                          -                  -                    -
                                                                                           
 Capital expenditure and  financial investment     (4,005)            (333,287)             (430,851)
                                                                                           
                                                   147,664            (233,311)             (218,127)
                                                                                           
 Financing                                         (175,000)         190,000              126,494
                                                                                           
 (Decrease) / Increase  in cash in the period      (27,336)           (43,311)              (91,633)



Notes to interim group results
for the six month period ended 31 December 2014


1.      The  financial information set out above does not constitute statutory accounts for the  purpose  of
        Section  435  of  the  Companies Act 2006.  The financial information has been  extracted  from  the
        management accounts of DHAIS plc and its subsidiary companies Hearing Health & Mobility Limited  and
        Owen  Hearing  Limited  and is presented using the same accounting policies as  those  used  in  the
        statutory  accounts of the respective companies. The accounts for the year ended 30 June  2014  have
        been extracted from the statutory accounts filed with the Registrar of Companies; the report of  the
        auditors on those accounts was unqualified.


2.      Profit per share

        Basic  profit per share is calculated by dividing the earnings attributable to ordinary shareholders
        by  the  weighted average number of ordinary shares during the period.  The weighted average  number
        of  equity  shares in issue during the period was 31,454,271 (31.12.13 - 31,423,188) and the  profit
        after tax was GBP 74,664 (6 month period to 31.12.13 - GBP 74,256).
        



Contact Information

  • DHAIS plc