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DHAIS plc: Final Results for the year ended 30 June 2016




30.11.16 14:59
dpa-AFX


DHAIS Plc ("DHAIS" or the "Company")


Final Results for the year ended 30 June 2016


Chairman's statement


I am pleased to report on our fifteenth year of trading and our eighth year as an ISDX Growth Market listed company.


The results for the 12 month period to 30 June 2016 show a decrease in Group turnover of 7% to GBP 9,857,765 with an operating loss of GBP 197,605 compared to turnover of GBP 10,578,102 for the equivalent 12 month period to 30 June 2015 in which we made an operating loss of GBP 85,157.


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.


The reason for the loss for the 12 month period to 30 June 2016 was largely due to the decrease in turnover and realignment costs in the Mobility division of the Group.  As part of the current strategy, the directors of the Group are reviewing options for the Mobility division and focusing on the expansion of the Hearing Aid division, which continues to offer significant growth and profit potential. The advertising activities of the Group are being varied accordingly.


At the EBITDA level the Group continued to be cash generative to the extent of GBP 93k in the year to 30 June 2016.


In line with the above strategy, during the year to 30 June 2016 the Group disposed of its Swindon and Staines stores to local Mobility operators whilst retaining the use of the Hearing Aid test facilities within the stores. Two other stores were closed and the respective leases surrendered where such transfer opportunities were not available.  The Sidmouth store has been transferred to a local Mobility operator after the year end and the Hearing Aid test facilities retained, the 10 remaining stores are in manageable clusters.


Generally, and as before, sales and services are provided inside stores and in customers' own homes.  Both routes to market are as important as each other, to us and to our customers.  The stores are based predominantly in the South and in the Midlands.


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.


The Directors of the Group are content that we are in the right sector at the right time.  The emphasis to boost the Hearing division follows recognition of the difficulties embedded in operating profitably our Mobility division in which some of the stores are spread far apart thus not benefitting from the cluster advantage enjoyed by some of our Mobility competitors.


The Group's mission continues to be to have 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.  Due to changes in certain Financial Reporting requirements in the UK, some adjustments have had to be made to now include a notional interest charge in the profit and loss account and restate prior period profit and loss accounts and balance sheets, as shown in the accounts.


Outlook


The Group is amongst the leaders in its sectors and its range of products and services is continually improving within the growing demographics of the country.  The prospects for business growth are substantial.  The future strategy is to build on the Group's business model of advertising, retail sales of hearing aids in store and in customers' homes and to maximise the return from the mobility division.


Mark Moss Chairman 30 November 2016



Enquiries:


+------------------------------------+---------------+

| DHAIS Plc                          | 029 2066 6888 |
| Amin Kiddy, Finance Director       |               |
+------------------------------------+---------------+
| ISDX Growth Market Advisor:        | 020 7251 3762 |
| Alfred Henry Corporate Finance Ltd |               |
| www.alfredhenry.com                |               |
| Jon Isaacs/Nick Michaels           |               |
+------------------------------------+---------------+


The Directors accept responsibility for this announcement.


Statutory Information


The financial information set out below does not constitute the Group's statutory accounts for the year ended 30 June 2016 but is derived from those accounts.


The financial information has been extracted from the statutory accounts of DHAIS Plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors, PricewaterhouseCoopers LLP, gave an unqualified report on 30 November 2016.


The Annual Report of DHAIS Plc for year ended 30 June 2016 is available upon request from the Company's registered office at 61 Cowbridge Road East, Cardiff, CF11 9AE.



Consolidated Profit and Loss Account for the Year Ended 30 June 2016



    30.6.16   30.6.15


    GBP GBP   GBP GBP




TURNOVER     9,857,765     10,578,102


Cost of sales     (4,178,301)     (4,682,154)


GROSS PROFIT     5,679,464     5,895,948




Distribution costs   (4,717,545)     (4,967,969)


Administrative expenses   (1,337,419)     (1,159,786)


      (6,054,964)     (6,127,755)




      (375,500)     (231,807)


Other operating income     177,895     146,650




OPERATING LOSS     (197,605)     (85,157)




Interest payable and     (97,213)     (101,073) similar charges




LOSS ON ORDINARY     (294,817)     (186,230) ACTIVITIES BEFORE TAXATION




Tax on loss on ordinary     -     - activities





LOSS FOR THE FINANCIAL     (294,817)     (186,230) YEAR






Loss attributable to:     (294,817)     (186,230) Owners of the parent




Earnings per share expressed in pence per share:


Basic     -0.47     -0.30


Diluted     -0.47     -0.30





Consolidated Balance Sheet as at 30 June 2016


    30.6.16   30.6.15


    GBP GBP   GBP GBP




FIXED ASSETS


Intangible assets     1,968,494     2,260,937


Tangible assets     139,822     204,673




      2,108,316     2,465,610




CURRENT ASSETS


Stocks   455,842     649,463


Debtors   830,435     884,096


Cash at bank and in hand   215,592     274,939




    1,501,869     1,808,498




CREDITORS


Amounts falling due within   (2,010,727)     (2,275,536) one year


NET CURRENT LIABILITIES     (508,858)     (467,038)




TOTAL ASSETS LESS CURRENT     1,599,458     1,998,572 LIABILITIES




CREDITORS


Amounts falling due after     (1,373,180)     (1,477,477) more than one year




NET ASSETS     226,278     521,095






CAPITAL AND RESERVES


Called up share capital     62,396     62,396


Share premium     3,328,604     3,328,604


Capital redemption reserve     4,000     4,000


Other reserves     11,210     11,210


Retained earnings     (3,179,932)     (2,885,115)




SHAREHOLDERS' FUNDS     226,278     521,095



Consolidated Cash Flow Statement for the year ended 30 June 2016


      30.6.16     30.6.15


      GBP     GBP




Cash flows from operating activities




Cash generated from operations      32,621     281,812




Net cash from operating activities     32,621     281,812






Cash flows from investing activities


Purchase of tangible fixed assets     (29,515)     (147,362)


Sale of intangible fixed assets     89,057     -


Sale of tangible fixed assets     25,000     -




Net cash from investing activities     84,542     (147,362)






Cash flows from financing activities


Loan repayments in year     (175,000)     (175,000)


Interest paid     (1,510)     (1,400)




Net cash from financing activities     (176,510)     (176,400)




Decrease in cash and cash equivalents     (59,347)     (41,950)


Cash and cash equivalents at beginning of year      274,939     316,889




Cash and cash equivalents at end of year        215,592     274,939







Notes to the Consolidated Financial Statements for the year ended 30 June 2016


1.       ACCOUNTING POLICIES


1     General information


Dhais plc and its subsidiary company's activities comprise a marketing lead generating business and the sale of hearing aids and mobility products.


The company is a public company limited by shares and is incorporated in the United Kingdom.  The address of its registered office is 61 Cowbridge Road East, Cardiff, CF11 9AE.


2.1 Basis of preparation of financial statements


The group and company's financial statements have been prepared on a going concern basis, under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.


2.2     Basis of consolidation


The Group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 June 2016.


A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.


All intra-Group transactions, balances, income and expenses are eliminated on consolidation.


2.3     Business combinations and goodwill


Business combinations are accounted for by applying the purchase method.


The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction


On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.


Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the Group's interest in the identifiable net assets, liabilities and contingent liabilities acquired.


Goodwill is amortised over its expected useful life.  The Group is able to make a reliable estimate of useful life and goodwill is amortised over a period of 20 years.


An associate is an entity, being neither a subsidiary nor a joint venture in which the group holds a long term interest and where the group has significant influence.  The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.  The results of associates are accounted for using the equity method of accounting.


The group has elected not to apply section 19 of FRS102 to business combinations occurring before the date of transition.


2.4    Revenue


Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:


Revenue from the sale of goods is recognised when all of the following conditions are satisfied:


* the Group has transferred the significant risks and rewards of ownership to the buyer; * the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; * the amount of revenue can be measured reliably; * it is probable that the Group will receive the consideration due under the transaction; * the costs incurred or to be incurred in respect of the transaction can be measured reliably.


On the sale of mobility products, revenues are recognised when goods have been sold over the counter or delivered to the customer.  Income on the sale of hearing aids is accounted for when the hearing aids have been fitted.  Income arising on marketing leads is accounted for on delivery of service.


2.5 Tangible assets


Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.


Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.


The estimated useful lives range as follows:


Fixtures and fittings          25% Motor vehicles                  25% Office equipment              25%


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.


Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the consolidated income statement.


2.6      Operating leases


Rentals paid under operating leases are charged to the consolidated income statement on a straight line basis over the period of the lease.


2.7     Stocks


Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.  Cost is determined on an average cost basis.


At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the consolidated income statement.


2.8      Debtors


Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


2.9    Cash and cash equivalents


Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with


2.10    Financial instruments


The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.


Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated income statement.


For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


2.11    Creditors


Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


2.12    Foreign currency translation


Functional and presentation currency


The company's functional and presentational currency is GBP.


Transactions and balances


Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.


Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement except when deferred in other comprehensive income as qualifying cash flow hedges.


Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Income Statement.


2.13     Finance costs


Finance costs are charged to the consolidated income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.


2.14     Leased assets


Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.


Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.


Lessors that do not transfer the risks and rewards of ownership  are classified as operating leases.  Payments under operating leases are charged to the consolidated statement of income on a straight line basis over the period of the lease.


2.15    Pensions


Defined contribution pension plan


The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payments obligations.


The contributions are recognised as an expense in the consolidated income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.


2.16    Borrowing costs


All borrowing costs are recognised in the consolidated income statement in the year in which they are incurred.


2.17    Current and deferred taxation


The tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated income statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.


The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:


* The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and * Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. * Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


2.18     Impairment of non-financial assets


At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired.  If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit).


The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use.  Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the assets (or asset's cash generating unit) continued use.  These cash flows are discounted using a pre-tax discount rate that represents the current market risk free rate and the risks inherent in the asset.


If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to be a recoverable amount.  An impairment loss is recognised in the consolidated income statement.


If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods.  A reversal of an impairment loss is recognised in the consolidated income statement.


2.19     Going concern


The group financial statements have been historically affected by trading losses suffered in prior years.  The directors expect the group to trade profitably and continue to be cash generative in the future and as a result, the financial statements have been prepared on a going concern basis



2.       EARNINGS PER SHARE


Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.


Reconciliations are set out below.     30.6.16


    Earnings GBP Weighted average Per-share amount number of shares pence




Basic EPS


Earnings attributable     (294,817) 62,395,701 -0.47 to ordinary shareholders




Diluted EPS


Adjusted earnings     (294,817) 62,395,701 -0.47






    30.6.15


    Earnings GBP Weighted average Per-share amount number of shares pence




Basic EPS


Earnings attributable   (186,230) 62,395,701 -0.30 to ordinary shareholders




Diluted EPS


Adjusted earnings   (186,230) 62,395,701 -0.30









This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.


Source: DHAIS plc via GlobeNewswire



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