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DJ Sandal plc Final Results

 
TIDMSAND 
 
 
 
   18 October 2016 
 
   SANDAL PLC 
 
   ("Sandal" or the "Company") 
 
 
 
   Annual results for the year ended 31 May 2016 
 
 
 
   The Board of Sandal plc, the designer, developer and manufacturer of 
electronic products announces its full year results for the year to 31 
May 2016. 
 
 
 
   The loss per share at 31 May 2016 was (0.5)p. The loss per share at 31 
May 2015 was (1.86)p. 
 
 
 
   A copy of annual report for the period ended 31 May 2016 will shortly be 
available to review and download from the Company's website 
www.sandal-plc.co.uk. 
 
 
 
   The following information has been extracted from the Company's audited 
accounts for the year to 31 May 2016. 
 
 
 
   Strategic Report 
 
 
 
   Fair review of the business 
 
   The year under review has a number of significant achievements: 
 
   --  The continued expansion of the MiHome product range and sales 
 
   --  Ongoing reduction of repeating overheads 
 
   --  Maintaining marketing expenditure to support the MiHome brand 
 
 
 
   Turnover remained stable as the business largely withdrew from the 
Energenie Xtra's product range and replaced this turnover with sales of 
MiHome. The Company continued its investment in marketing of MiHome as 
it seeks to continue to grow the awareness of its brand and its ability 
to integrate with other systems. 
 
 
 
   Development expenditure continued during the year at a lower level but 
with the focus shifting to integration with other major systems 
providers such as Nest, Samsung Smart Things and Amazon. Because of the 
growing commercial success of MiHome, the Company has decided to 
capitalise this development expenditure in accordance with FRS 102. 
 
 
 
   Despite the stable turnover levels, the Company has reduced its loss for 
the year to GBP81,894 (2015 GBP304,807). This included GBP242,972 of 
general marketing activities plus non capitalised development costs of 
GBP26,600. The Directors are cautiously confident that the business will 
return to profit in 2017. 
 
 
 
   Since the year end there has been turnover growth of 22% compared with 
the same period in 2015 and this bodes well for achieving our profit 
objective for 2017.  Importantly the Company has announced successful 
integrations with Nest's Learning Thermostat and Amazon Echo. The 
Directors are of the view that these integrations will considerably 
enhance earnings in future years as the IOT ("Internet of Things") Home 
Automation market grows. 
 
 
 
   In addition, the Company also announced its first distribution 
arrangements in the highly important Electrical Wholesale market with 
Denman's Electrical Wholesale. The Electrical and Plumbing wholesale 
markets are where the Directors see significant growth opportunities in 
the coming years as well as in new build and social care. 
 
 
 
   Future Developments 
 
   The Directors will continue to expand Energenie and MiHome within the 
resources internally generated and those obtained through capital 
markets. They expect that growth from integration with Nest and Amazon 
will provide both short and long term growth along with the Wholesale 
and Social Care markets where the Company will be a hardware provider. 
 
 
 
   Strategy 
 
   The Directors will continue with their strategy to grow MiHome into the 
expanding nascent market of IOT Home Automation with existing and new 
products. The Company will continue to integrate with other systems e.g. 
Apple Homekit etc as the Directors see this as an important strategy to 
maximising sales opportunities. 
 
 
 
   Principal risks and uncertainties 
 
   Risks 
 
   Competitive Risks 
 
 
 
   The Company operates in a competitive market with changing technologies. 
We are always reviewing our product and technology offering in our 
development programme. The Integration with major systems providers is 
seen as a counter balance to this risk. 
 
 
 
   Exchange Rate Risks 
 
   The Company seeks to internal hedge this risk by buying and selling in 
US Dollars wherever possible. The recent sterling devaluation against 
the US Dollar has been successfully managed. 
 
 
 
   Directors' Report 
 
 
 
   The directors present their annual report and financial statements for 
the year ended 31 May 2016. 
 
 
 
   Principal activities 
 
   The principal activities of the Company in the year under review was the 
sale and distribution of electrical connection products. 
 
 
 
   Directors 
 
   The directors who held office during the year and up to the date of 
signature of the financial statements were as follows: 
 
 
 
 
 
 
Mr A J Tadd 
Mr O J Tadd 
Mr T Rodger 
 
 
 
 
   Results and dividends 
 
   An interim dividend was paid amounting to GBP0 (2015 GBP0).  The 
directors do not recommend payment of a final dividend. 
 
 
 
   Post reporting date events 
 
   After the balance sheet date, there were several share transactions to 
have occurred. On 1st July 2016, 130,000 ordinary shares were cancelled. 
Also, on 5th October 2016, Greenbrook Industries Limited acquired 
974,455 ordinary shares at no premium. Consequently, the ultimate 
controlling party by virtue of his majority shareholding is still the 
Director Mr A Tadd, and the related party Greenbrook Industries Limited 
holding is 24%. 
 
 
 
   Auditor 
 
   In accordance with the company's articles, a resolution proposing that 
Whitley Stimpson Limited be reappointed as auditor of the company will 
be put at a General Meeting. 
 
 
 
   Statement of disclosure to auditor 
 
   So far as each person who was a director at the date of approving this 
report is aware, there is no relevant audit information of which the 
company's auditor is unaware. Additionally, the directors individually 
have taken all the necessary steps that they ought to have taken as 
directors in order to make themselves aware of all relevant audit 
information and to establish that the company's auditor is aware of that 
information. 
 
 
 
 
 
   Directors' responsibilities statement 
 
 
 
   The directors are responsible for preparing the annual report and the 
financial statements in accordance with applicable law and regulations. 
 
 
 
   Company law requires the directors to prepare financial statements for 
each financial year. Under that law the directors have elected to 
prepare the financial statements in accordance with United Kingdom 
Generally Accepted Accounting Practice (United Kingdom Accounting 
Standards and applicable law). Under company law the directors must not 
approve the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the company and of 
the profit or loss of the company for that period. In preparing these 
financial statements, the directors are required to: 
 
 
 
   -- select suitable accounting policies and then apply them consistently; 
 
   -- make judgements and accounting estimates that are reasonable and 
prudent; 
 
   -- prepare the financial statements on the going concern basis unless it 
is inappropriate to presume that the company will continue in business. 
 
 
 
   The directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the company's transactions and 
disclose with reasonable accuracy at any time the financial position of 
the company and enable them to ensure that the financial statements 
comply with the Companies Act 2006. They are also responsible for 
safeguarding the assets of the company and hence for taking reasonable 
steps for the prevention and detection of fraud and other 
irregularities. 
 
 
 
 
 
   PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MAY 2016 
 
 
 
 
 
 
                                          2016              2015 
                              Notes       GBP                GBP 
 
Turnover                           3     3,295,765     3,338,525 
Cost of sales                          (2,155,047)    (1,995,662) 
 
 
 
Gross profit                             1,140,718     1,342,863 
 
Administrative expenses                (1,367,881)    (1,661,390) 
Other operating income                       2,184         1,519 
 
 
 
Operating loss                     4     (224,979)     (317,008) 
 
Interest receivable and 
 similar income                    7           164           899 
Interest payable and similar 
 charges                           8      (42,724)     (11,264) 
 
 
 
Loss before taxation                     (267,539)     (327,373) 
 
Taxation                           9       185,645        22,566 
 
 
 
Loss for the financial year               (81,894)     (304,807) 
 
 
 
The profit and loss account has been prepared on the 
 basis that all operations are continuing operations. 
 
 
 
 
 
 
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 
 31 MAY 2016 
 
                                             2016           2015 
                                              GBP            GBP 
 
Loss for the year                           (81,894)     (304,807) 
 
Other comprehensive income 
Currency translation differences              12,072       2,672 
 
 
 
Total comprehensive income for the year     (69,822)     (302,135) 
 
 
 
 
 
 
   BALANCE SHEET AS AT 31 MAY 2016 
 
 
 
 
                                                                              2016                  2015 
                                                     Notes      GBP            GBP        GBP        GBP 
 
Fixed assets 
Goodwill                                                10                  16,250                30,250 
Other intangible assets                                 10                  83,682                     8 
 
 
 
Total intangible assets                                                     99,932                30,258 
Tangible assets                                         11                 215,189               254,008 
Investments                                             12                     101                   101 
 
 
 
                                                                           315,222               284,367 
Current assets 

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DJ Sandal plc Final Results -2-

Stocks                                                  15      736,031               739,948 
Debtors - deferred tax                                  22       65,927                     - 
Debtors - other                                         16      808,391               703,386 
Cash at bank and in hand                                        343,203               347,535 
 
 
 
                                                              1,953,552             1,790,869 
Creditors: amounts falling due within one year          17  (1,067,764)             (944,929) 
 
 
 
Net current assets                                                         885,788               845,940 
 
 
 
Total assets less current liabilities                                    1,201,010             1,130,307 
 
Creditors: amounts falling due after more than one 
 year                                                   18               (230,445)              (93,421) 
 
Provisions for liabilities                              22                (30,257)              (38,058) 
 
 
 
Net assets                                                                 940,308               998,828 
 
 
 
Capital and reserves 
Called up share capital                                 24                 324,660               323,470 
Share premium account                                   25                 121,938               111,826 
Profit and loss reserves                                                   493,710               563,532 
 
 
 
Total equity                                                               940,308               998,828 
 
 
 
 
 
 
 
 
 
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 
 31 MAY 2016 
                                    Share     Profit 
                           Share   premium   and loss 
                         capital   account   reserves        Total 
                Notes        GBP     GBP        GBP            GBP 
 
Balance at 1 
 June 2014               310,000          -    865,667   1,175,667 
 
 
 
Year ended 31 
May 2015: 
Loss for the 
 year                          -          -  (304,807)   (304,807) 
Other 
comprehensive 
income: 
Currency 
 translation 
 differences                   -          -      2,672       2,672 
 
 
 
Total 
 comprehensive 
 income for 
 the year                                    (302,135)   (302,135) 
Issue of share 
 capital           24     13,470    111,826          -     125,296 
 
 
 
Balance at 31 
 May 2015                323,470    111,826    563,532     998,828 
 
 
 
Year ended 31 
May 2016: 
Loss for the 
 year                          -          -  (81,894)     (81,894) 
Other 
comprehensive 
income: 
Currency 
 translation 
 differences                   -          -     12,072      12,072 
 
 
 
Total 
 comprehensive 
 income for 
 the year                                     (69,822)    (69,822) 
Issue of share 
 capital           24      1,190     10,112          -      11,302 
 
 
 
Balance at 31 May 
 2016                    324,660    121,938    493,710     940,308 
 
 
 
 
 
 
 
 
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 
 2016 
 
                                     2016                 2015 
              Notes     GBP           GBP       GBP        GBP 
 
Cash flows from 
operating 
activities 
 
Cash 
 absorbed by 
 operations      30              (18,100)            (431,051) 
Interest 
 paid                            (42,724)             (11,264) 
Income taxes 
 refunded                          37,386               29,825 
 
 
 
Net cash outflow 
 from operating 
 activities                      (23,438)            (412,490) 
 
Investing 
activities 
Purchase of 
 intangible assets   (104,593)                    - 
Purchase of 
 tangible fixed 
 assets               (37,323)             (89,396) 
Proceeds on 
 disposal of 
 tangible 
 fixed 
 assets                      -                3,700 
Proceeds on 
 disposal of 
 fixed asset 
 investments                 -                 (46) 
Proceeds 
 from other 
 investments 
 and loans             (1,209)                    - 
Interest received          164                  899 
 
 
 
Net cash 
 used in 
 investing 
 activities                     (142,961)             (84,843) 
 
Financing activities 
Proceeds from issue 
 of shares              11,302              125,296 
Repayment of bank 
 loans                 170,538             (58,624) 
Payment of 
 finance 
 leases 
 obligations          (19,773)               33,400 
 
 
 
Net cash 
 generated 
 from 
 financing 
 activities                       162,067              100,072 
 
 
 
Net decrease in 
 cash and cash 
 equivalents                      (4,332)            (397,261) 
 
Cash and cash 
 equivalents at 
 beginning of year                347,535              744,796 
 
 
 
Cash and cash 
 equivalents at end 
 of year                          343,203              347,535 
 
 
 
 
 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 
 31 MAY 2016 
 
1         Accounting policies 
 
          Company information 
          Sandal Plc is a company limited by shares incorporated 
           in England and Wales. The registered office is Claremont 
           House, Deans Court, Bicester, Oxon, OX26 6BW. 
 
1.1       Accounting convention 
          These financial statements have been prepared in accordance 
           with FRS 102 "The Financial Reporting Standard applicable 
           in the UK and Republic of Ireland" ("FRS 102") and 
           the requirements of the Companies Act 2006. 
 
          The financial statements are prepared in sterling, 
           which is the functional currency of the company. Monetary 
           amounts in these financial statements are rounded 
           to the nearest GBP. 
 
          The financial statements have been prepared on the 
           historical cost convention, modified to include the 
           revaluation of freehold properties and to include 
           investment properties and certain financial instruments 
           at fair value. The principal accounting policies adopted 
           are set out below. 
 
1.2       Going concern 
          The directors confirm that they are satisfied that 
           the company has adequate resources to continue in 
           business for the foreseeable future. This has been 
           determined by a review of the forecast budgets and 
           expected trading performance for a period of at least 
           12 months from the date of approval of the financial 
           statements. 
 
1.3       Turnover 
          Turnover is recognised at the fair value of the consideration 
           received or receivable for goods and services provided 
           in the normal course of business, and is shown net 
           of VAT and other sales related taxes. The fair value 
           of consideration takes into account trade discounts, 
           settlement discounts and volume rebates. 
           When cash inflows are deferred and represent a financing 
           arrangement, the fair value of the consideration is 
           the present value of the future receipts. The difference 
           between the fair value of the consideration and the 
           nominal amount received is recognised as interest 
           income. 
 
          Revenue from the sale of goods is recognised when 
           the significant risks and rewards of ownership of 
           the goods have passed to the buyer (usually on dispatch 
           of the goods), the amount of revenue can be measured 
           reliably, it is probable that the economic benefits 
           associated with the transaction will flow to the entity 
           and the costs incurred or to be incurred in respect 
           of the transaction can be measured reliably. 
 
          Revenue from contracts for the provision of professional 
           services is recognised by reference to the stage of 
           completion when the stage of completion, costs incurred 
           and costs to complete can be estimated reliably. The 
           stage of completion is calculated by comparing costs 
           incurred, mainly in relation to contractual hourly 
           staff rates and materials, as a proportion of total 
           costs. Where the outcome cannot be estimated reliably, 
           revenue is recognised only to the extent of the expenses 
           recognised that are recoverable. 
 
1.4       Intangible fixed assets - goodwill 
          Goodwill represents the excess of the cost of acquisition 
           of unincorporated businesses over the fair value of 
           net assets acquired. It is initially recognised as 
           an asset at cost and is subsequently measured at cost 
           less accumulated amortisation and accumulated impairment 
           losses. Goodwill is considered to have a finite useful 
           life and is amortised on a systematic basis over its 
           expected life, which is 10 years. 
           For the purposes of impairment testing, goodwill is 
           allocated to the cash-generating units expected to 
           benefit from the acquisition. Cash-generating units 
           to which goodwill has been allocated are tested for 
           impairment at least annually, or more frequently when 
           there is an indication that the unit may be impaired. 
           If the recoverable amount of the cash-generating unit 
           is less than the carrying amount of the unit, the 
           impairment loss is allocated first to reduce the carrying 
           amount of any goodwill allocated to the unit and then 
           to the other assets of the unit pro-rata on the basis 
           of the carrying amount of each asset in the unit. 
 
1.5       Intangible fixed assets other than goodwill 
          Intangible assets acquired separately from a business 
           are recognised at cost and are subsequently measured 
           at cost less accumulated amortisation and accumulated 
           impairment losses. Intangible assets acquired on business 

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DJ Sandal plc Final Results -3-

           combinations are recognised separately from goodwill 
           at the acquisition date if the fair value can be measured 
           reliably. 
 
          Research expenditure is written off against profits 
           in the year in which it is incurred. Identifiable 
           development expenditure is capitalised to the extent 
           that the technical, commercial and financial feasibility 
           can be demonstrated. 
 
          Amortisation is recognised so as to write off the 
           cost or valuation of assets less their residual values 
           over their useful lives on the following bases: 
 
          Patents                                                    10% on cost 
          Development Costs                                          10% and 20% on cost 
 
1.6       Tangible fixed assets 
          Tangible fixed assets are initially measured at cost 
           and subsequently measured at cost or valuation, net 
           of depreciation and any impairment losses. 
 
          Depreciation is recognised so as to write off the 
           cost or valuation of assets less their residual values 
           over their useful lives on the following bases: 
 
          Leasehold improvements                                     12.5% on cost 
          Tooling                                                    10% on cost 
          Plant and machinery                                        10% on cost 
          Fixtures, fittings & equipment                             20% on cost 
          Motor vehicles                                             25% on cost 
 
          The gain or loss arising on the disposal of an asset 
           is determined as the difference between the sale proceeds 
           and the carrying value of the asset, and is credited 
           or charged to profit or loss. 
 
1.7       Impairment of fixed assets 
          At each reporting period end date, the company reviews 
           the carrying amounts of its tangible and intangible 
           assets to determine whether there is any indication 
           that those assets have suffered an impairment loss. 
           If any such indication exists, the recoverable amount 
           of the asset is estimated in order to determine the 
           extent of the impairment loss (if any). Where it is 
           not possible to estimate the recoverable amount of 
           an individual asset, the company estimates the recoverable 
           amount of the cash-generating unit to which the asset 
           belongs. 
          Recoverable amount is the higher of fair value less 
           costs to sell and value in use. In assessing value 
           in use, the estimated future cash flows are discounted 
           to their present value using a pre-tax discount rate 
           that reflects current market assessments of the time 
           value of money and the risks specific to the asset 
           for which the estimates of future cash flows have 
           not been adjusted. 
           If the recoverable amount of an asset (or cash-generating 
           unit) is estimated to be less than its carrying amount, 
           the carrying amount of the asset (or cash-generating 
           unit) is reduced to its recoverable amount. An impairment 
           loss is recognised immediately in profit or loss, 
           unless the relevant asset is carried at a revalued 
           amount, in which case the impairment loss is treated 
           as a revaluation decrease. 
 
          Recognised impairment losses are reversed if, and 
           only if, the reasons for the impairment loss have 
           ceased to apply. Where an impairment loss subsequently 
           reverses, the carrying amount of the asset (or cash-generating 
           unit) is increased to the revised estimate of its 
           recoverable amount, but so that the increased carrying 
           amount does not exceed the carrying amount that would 
           have been determined had no impairment loss been recognised 
           for the asset (or cash-generating unit) in prior years. 
           A reversal of an impairment loss is recognised immediately 
           in profit or loss, unless the relevant asset is carried 
           at a revalued amount, in which case the reversal of 
           the impairment loss is treated as a revaluation increase. 
 
1.8       Stocks 
          Stocks are stated at the lower of cost and estimated 
           selling price less costs to complete and sell. Cost 
           comprises direct materials and, where applicable, 
           direct labour costs and those overheads that have 
           been incurred in bringing the stocks to their present 
           location and condition. 
           Stocks held for distribution at no or nominal consideration 
           are measured at cost, adjusted where applicable for 
           any loss of service potential. 
 
          At each reporting date, an assessment is made for 
           impairment. Any excess of the carrying amount of stocks 
           over its estimated selling price less costs to complete 
           and sell is recognised as an impairment loss in profit 
           or loss. Reversals of impairment losses are also recognised 
           in profit or loss. 
 
1.9       Cash and cash equivalents 
          Cash and cash equivalents include cash in hand, deposits 
           held at call with banks, other short-term liquid investments 
           with original maturities of three months or less, 
           and bank overdrafts. Bank overdrafts are shown within 
           borrowings in current liabilities. 
 
1.10      Financial instruments 
          The company has elected to apply the provisions of 
           Section 11 'Basic Financial Instruments' and Section 
           12 'Other Financial Instruments Issues' of FRS 102 
           to all of its financial instruments. 
           Financial instruments are recognised in the company's 
           statement of financial position when the company becomes 
           party to the contractual provisions of the instrument. 
           Financial assets and liabilities are offset, with 
           the net amounts presented in the financial statements, 
           when there is a legally 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. 
 
          Basic financial assets 
          Basic financial assets, which include debtors and 
           cash and bank balances, are initially measured at 
           transaction price including transaction costs and 
           are subsequently carried at amortised cost using the 
           effective interest method unless the arrangement constitutes 
           a financing transaction, where the transaction is 
           measured at the present value of the future receipts 
           discounted at a market rate of interest. Financial 
           assets classified as receivable within one year are 
           not amortised. 
 
          Other financial assets 
          Other financial assets, including investments in equity 
           instruments which are not subsidiaries, associates 
           or joint ventures, are initially measured at fair 
           value, which is normally the transaction price. Such 
           assets are subsequently carried at fair value and 
           the changes in fair value are recognised in profit 
           or loss, except that investments in equity instruments 
           that are not publically traded and whose fair values 
           cannot be measured reliably are measured at cost less 
           impairment. 
 
          Impairment of financial assets 
          Financial assets, other than those held at fair value 
           through profit and loss, are assessed for indicators 
           of impairment at each reporting end date. 
           Financial assets are impaired where there is objective 
           evidence that, as a result of one or more events that 
           occurred after the initial recognition of the financial 
           asset, the estimated future cash flows have been affected. 
           If an asset is impaired, the impairment loss is the 
           difference between the carrying amount and the present 
           value of the estimated cash flows discounted at the 
           asset's original effective interest rate. The impairment 
           loss is recognised in profit or loss. 
           If there is a decrease in the impairment loss arising 
           from an event occurring after the impairment was recognised, 
           the impairment is reversed. The reversal is such that 
           the current carrying amount does not exceed what the 
           carrying amount would have been, had the impairment 
           not previously been recognised. The impairment reversal 
           is recognised in profit or loss. 
 
          Derecognition of financial assets 
          Financial assets are derecognised only when the contractual 
           rights to the cash flows from the asset expire or 
           are settled, or when the company transfers the financial 
           asset and substantially all the risks and rewards 
           of ownership to another entity, or if some significant 
           risks and rewards of ownership are retained but control 
           of the asset has transferred to another party that 
           is able to sell the asset in its entirety to an unrelated 
           third party. 
 
          Classification of financial liabilities 
          Financial liabilities and equity instruments are classified 
           according to the substance of the contractual arrangements 
           entered into. An equity instrument is any contract 
           that evidences a residual interest in the assets of 
           the company after deducting all of its liabilities. 
 
          Basic financial liabilities 

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DJ Sandal plc Final Results -4-

          Basic financial liabilities, including creditors, 
           bank loans, loans from fellow group companies and 
           preference shares that are classified as debt, are 
           initially recognised at transaction price unless the 
           arrangement constitutes a financing transaction, where 
           the debt instrument is measured at the present value 
           of the future receipts discounted at a market rate 
           of interest. Financial liabilities classified as payable 
           within one year are not amortised. 
           Debt instruments are subsequently carried at amortised 
           cost, using the effective interest rate method. 
           Trade creditors are obligations to pay for goods or 
           services that have been acquired in the ordinary course 
           of business from suppliers. Amounts payable are classified 
           as current liabilities if payment is due within one 
           year or less. If not, they are presented as non-current 
           liabilities. Trade creditors are recognised initially 
           at transaction price and subsequently measured at 
           amortised cost using the effective interest method. 
 
          Other financial liabilities 
          Derivatives, including interest rate swaps and forward 
           foreign exchange contracts, are not basic financial 
           instruments. Derivatives are initially recognised 
           at fair value on the date a derivative contract is 
           entered into and are subsequently re-measured at their 
           fair value. Changes in the fair value of derivatives 
           are recognised in profit or loss in finance costs 
           or finance income as appropriate, unless hedge accounting 
           is applied and the hedge is a cash flow hedge. 
           Debt instruments that do not meet the conditions in 
           FRS 102 paragraph 11.9 are subsequently measured at 
           fair value through profit or loss. Debt instruments 
           may be designated as being measured at fair value 
           though profit or loss to eliminate or reduce an accounting 
           mismatch or if the instruments are measured and their 
           performance evaluated on a fair value basis in accordance 
           with a documented risk management or investment strategy. 
 
          Derecognition of financial liabilities 
          Financial liabilities are derecognised when the company's 
           contractual obligations expire or are discharged or 
           cancelled. 
 
1.11      Equity instruments 
          Equity instruments issued by the company are recorded 
           at the proceeds received, net of direct issue costs. 
           Dividends payable on equity instruments are recognised 
           as liabilities once they are no longer at the discretion 
           of the company. 
 
1.12      Taxation 
          The tax expense represents the sum of the tax currently 
           payable and deferred tax. 
 
          Current tax 
          The tax currently payable is based on taxable profit 
           for the year. Taxable profit differs from net profit 
           as reported in the profit and loss account because 
           it excludes items of income or expense that are taxable 
           or deductible in other years and it further excludes 
           items that are never taxable or deductible. The company's 
           liability for current tax is calculated using tax 
           rates that have been enacted or substantively enacted 
           by the reporting end date. 
 
          Deferred tax 
          Deferred tax liabilities are generally recognised 
           for all timing differences and deferred tax assets 
           are recognised to the extent that it is probable that 
           they will be recovered against the reversal of deferred 
           tax liabilities or other future taxable profits. Such 
           assets and liabilities are not recognised if the timing 
           difference arises from goodwill or from the initial 
           recognition of other assets and liabilities in a transaction 
           that affects neither the tax profit nor the accounting 
           profit. 
           The carrying amount of deferred tax assets is reviewed 
           at each reporting end date and reduced to the extent 
           that it is no longer probable that sufficient taxable 
           profits will be available to allow all or part of 
           the asset to be recovered. Deferred tax is calculated 
           at the tax rates that are expected to apply in the 
           period when the liability is settled or the asset 
           is realised. Deferred tax is charged or credited in 
           the profit and loss account, except when it relates 
           to items charged or credited directly to equity, in 
           which case the deferred tax is also dealt with in 
           equity. Deferred tax assets and liabilities are offset 
           when the company has a legally enforceable right to 
           offset current tax assets and liabilities and the 
           deferred tax assets and liabilities relate to taxes 
           levied by the same tax authority. 
 
1.13      Employee benefits 
          The costs of short-term employee benefits are recognised 
           as a liability and an expense, unless those costs 
           are required to be recognised as part of the cost 
           of stock or fixed assets. 
           The cost of any unused holiday entitlement is recognised 
           in the period in which the employee's services are 
           received. 
           Termination benefits are recognised immediately as 
           an expense when the company is demonstrably committed 
           to terminate the employment of an employee or to provide 
           termination benefits. 
 
1.14      Retirement benefits 
          Payments to defined contribution retirement benefit 
           schemes are charged as an expense as they fall due. 
 
1.15      Leases 
          Leases are classified as finance leases whenever the 
           terms of the lease transfer substantially all the 
           risks and rewards of ownership to the lessees. All 
           other leases are classified as operating leases. 
           Assets held under finance leases are recognised as 
           assets at the lower of the assets fair value at the 
           date of inception and the present value of the minimum 
           lease payments. The related liability is included 
           in the balance sheet as a finance lease obligation. 
           Lease payments are treated as consisting of capital 
           and interest elements. The interest is charged to 
           the profit and loss account so as to produce a constant 
           periodic rate of interest on the remaining balance 
           of the liability. 
 
          Rentals payable under operating leases, including 
           any lease incentives received, are charged to income 
           on a straight line basis over the term of the relevant 
           lease except where another more systematic basis is 
           more representative of the time pattern in which economic 
           benefits from the lease asset are consumed. 
 
1.16      Foreign exchange 
          Assets and liabilities in foreign currencies are translated 
           into sterling at the rates of exchange ruling at the 
           balance sheet date. Transactions in foreign currencies 
           are translated into stering at the rate of exchange 
           ruling at the date of transaction. Exchange differences 
           are taken into the profit and loss account for the 
           year. 
 
2         Judgements and key sources of estimation uncertainty 
 
          In the application of the company's accounting policies, 
           the directors are required to make judgements, estimates 
           and assumptions about the carrying amount of assets 
           and liabilities that are not readily apparent from 
           other sources. The estimates and associated assumptions 
           are based on historical experience and other factors 
           that are considered to be relevant. Actual results 
           may differ from these estimates. 
           The estimates and underlying assumptions are reviewed 
           on an ongoing basis. Revisions to accounting estimates 
           are recognised in the period in which the estimate 
           is revised where the revision affects only that period, 
           or in the period of the revision and future periods 
           where the revision affects both current and future 
           periods. 
 
3         Turnover and other revenue 
 
          An analysis of the company's turnover is as follows: 
 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
          Turnover 
 Sales                                                                          3,295,765     3,338,525 
 
 
 
          Other significant revenue 
 Interest income                                                                      164           899 
 
 
 
          Turnover analysed by geographical market 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
 
 UK                                                                             2,139,843     2,033,706 
 Europe                                                                           884,263       782,050 
 Rest of the world                                                                271,659       522,769 
 
 
 
                                                                                3,295,765     3,338,525 
 
 
 
4         Operating loss 
                                                                                     2016          2015 

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DJ Sandal plc Final Results -5-

          Operating loss for the year is stated after 
          charging/(crediting):                                                       GBP           GBP 
 
 Exchange losses                                                                   32,846        15,267 
 Research and development costs                                                    29,611        37,718 
 Fees payable to the company's auditor for the audit 
  of the company's financial statements                                            12,000        12,000 
 Depreciation of owned tangible fixed assets                                       60,552        59,298 
 Depreciation of tangible fixed assets held under finance 
  leases                                                                           15,499         9,398 
 Profit on disposal of tangible fixed assets                                                    (1,476) 
 Amortisation of intangible assets                                                 34,919        14,000 
 Cost of stocks recognised as an expense                                        1,994,966     1,871,628 
 Operating lease charges                                                            8,513         4,307 
 
 
 
5         Employees 
 
          The average monthly number of persons (including directors) 
           employed by the company during the year was: 
 
                                                                                     2016          2015 
                                                                                   Number        Number 
 
 Administration staff and Management                                                   16            13 
 
 
          Their aggregate remuneration comprised: 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
 
 Wages and salaries                                                               623,546       571,248 
 Pension costs                                                                     36,683        64,032 
 
 
 
                                                                                  660,229       635,280 
 
 
 
6         Directors' remuneration 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
 
 Remuneration for qualifying services                                             193,317       202,344 
 Company pension contributions to defined contribution 
  schemes                                                                          33,000        58,500 
 
 
 
                                                                                  226,317       260,844 
 
 
 
          The number of directors for whom retirement benefits 
           are accruing under defined contribution schemes amounted 
           to 2 (2015 - 2). 
 
7         Interest receivable and similar income 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
          Interest income 
 Interest on bank deposits                                                            148           701 
 Other interest income                                                                 16           198 
 
 
 
 Total income                                                                         164           899 
 
 
 
          Investment income includes the following: 
 
 Interest on financial assets not measured at fair 
  value through profit or loss                                                        148           701 
 
 
 
8         Interest payable and similar charges 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
          Interest on financial liabilities measured at amortised 
           cost: 
 Interest on finance leases and hire purchase contracts                             3,726         2,119 
 Other interest on financial liabilities                                           38,998         9,145 
 
 
 
                                                                                   42,724        11,264 
 
 
 
9         Taxation 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
          Current tax 
 Adjustments in respect of prior periods                                        (111,917)        (28,687) 
 
 
 
          Deferred tax 
 Origination and reversal of timing differences                                   (7,801)         6,121 
 Previously unrecognised tax loss, tax credit or timing 
  difference                                                                     (65,927)             - 
 
 
 
 Total deferred tax                                                              (73,728)         6,121 
 
 
 
 Total tax charge                                                               (185,645)        (22,566) 
 
 
 
          The charge for the year can be reconciled to the loss 
           per the profit and loss account as follows: 
 
                                                                                     2016          2015 
                                                                                      GBP           GBP 
 
 Loss before taxation                                                           (267,539)       (327,373) 
 
 
 
 Expected tax charge based on the standard rate of 
  corporation tax in the UK of 20.00% (2015: 20.00%)                             (53,508)        (65,475) 
 Tax effect of expenses that are not deductible in 
  determining taxable profit                                                     (11,675)           5,810 
 Unutilised tax losses carried forward                                             60,114          66,147 
 Adjustments in respect of prior years                                          (111,917)        (28,687) 
 Permanent capital allowances in excess of depreciation                          (10,141)        (20,221) 
 Depreciation on assets not qualifying for tax allowances                          15,210          13,739 
 Deferred tax adjustment                                                         (73,728)           6,121 
 
 
 
 Tax expense for the year                                                       (185,645)        (22,566) 
 
 
 
 
 
 
 
 
10   Intangible fixed assets 
 
                                       Development 
                    Goodwill  Patents     Costs         Total 
                         GBP    GBP        GBP            GBP 
     Cost 
 At 1 June 2015      140,000   13,715        66,871   220,586 
 Additions - 
  separately 
  acquired                 -        -       104,593   104,593 
 
 
 
 At 31 May 2016      140,000   13,715       171,464   325,179 
 
 
 
     Amortisation and impairment 
 At 1 June 2015      109,750   13,713        66,865   190,328 
 Amortisation 
  charged for the 
  year                14,000        -        20,919    34,919 
 
 
 
 At 31 May 2016      123,750   13,713        87,784   225,247 
 
 
 
     Carrying amount 
 At 31 May 2016       16,250        2        83,680    99,932 
 
 
 
 At 31 May 2015       30,250        2             6    30,258 
 
 
 
11   Tangible fixed assets 
 
                                                                          Fixtures, 
                                                                           fittings 
                                          Leasehold            Plant and          &     Motor 
                                       improvements   Tooling  machinery  equipment  vehicles    Total 
                                                GBP       GBP        GBP        GBP       GBP      GBP 
     Cost 
 At 1 June 2015                              68,913   638,548     27,335    102,716    38,339  875,851 
 Additions                                    6,290    19,901          -     11,042         -   37,233 
 
 
 
 At 31 May 2016                              75,203   658,449     27,335    113,758    38,339  913,084 
 
 
 
     Depreciation and impairment 
 At 1 June 2015                              37,711   492,645     18,801     67,409     5,278  621,844 
 Depreciation charged in the year             4,542    45,257      2,438     14,263     9,551   76,051 
 
 
 
 At 31 May 2016                              42,253   537,902     21,239     81,672    14,829  697,895 
 
 
 
     Carrying amount 
 At 31 May 2016                              32,950   120,547      6,096     32,086    23,510  215,189 
 
 
 
 At 31 May 2015                              31,202   145,906      8,533     35,306    33,061  254,008 
 
 
 
 
 
 
 
 
 
     The net carrying value of tangible fixed assets includes 
      the following in respect of assets held under finance 
      leases or hire purchase contracts. 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
 
 Plant and machinery                                                                 9,794               13,711 
 Fixtures, fittings & equipment                                                     25,274               29,162 
 Motor vehicles                                                                     19,543               27,236 
 
 
 
                                                                                    54,611               70,109 
 
 
 
 Depreciation charge for the year in respect of leased 

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DJ Sandal plc Final Results -6-

  assets                                                                            15,499                9,398 
 
 
 
12   Fixed asset investments 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
 
 Unlisted investments                                                                  101                  101 
 
 
 
     Movements in fixed asset investments 
                                                                                              Investments other 
                                                                                                     than loans 
                                                                                                            GBP 
     Cost or valuation 
 At 1 June 2015 & 31 May 2016                                                                               101 
 
 
 
     Carrying amount 
 At 31 May 2016                                                                                             101 
 
 
 
 At 31 May 2015                                                                                             101 
 
 
 
13   Subsidiaries 
 
 
 
     Details of the company's subsidiaries at 31 May 2016 
      are as follows: 
 
     Name of undertaking and country of    Nature of business                     Class of   % Held 
     incorporation or residency                                               shareholding     Direct  Indirect 
 
 Powerbreaker                                                                     Ordinary 
  Connections PTY    Austrailia        Dormant Company                              Shares      95.00 
                                                                                  Ordinary 
 Energenie Limited   UK                Dormant Company                              Shares     100.00 
 
     The aggregate capital and reserves and the result 
      for the year of the subsidiaries noted above was as 
      follows: 
 
     Name of                                                    Capital and 
     undertaking                                 Profit/(Loss)     Reserves 
                                                           GBP          GBP 
 
 Powerbreaker Connections PTY                                -          100 
 Energenie Limited                                           -            1 
 
14   Financial instruments 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
     Carrying amount of financial assets 
 Debt instruments measured at amortised cost                                       615,243              578,800 
 Equity instruments measured at cost less impairment                                   101                  101 
 
 
 
     Carrying amount of financial liabilities 
 Measured at amortised cost                                                      1,209,810              976,613 
 
 
 
     Factored Debt 
      Trade debtors include factored debts amounting to 
      GBP449,720 (2015: GBP393,861). The facility is currently 
      undrawn. 
 
15   Stocks 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
 
 Work in progress                                                                   18,628               59,779 
 Finished goods and goods for resale                                               717,403              680,169 
 
 
 
                                                                                   736,031              739,948 
 
 
 
16   Debtors 
                                                                                      2016                 2015 
     Amounts falling due within one year:                                              GBP                  GBP 
 
 Trade debtors                                                                     603,118              573,269 
 Corporation tax recoverable                                                       103,218               28,687 
 Other debtors                                                                      49,594               46,944 
 Prepayments and accrued income                                                     52,461               54,486 
 
 
 
                                                                                   808,391              703,386 
 Deferred tax asset (note 22)                                                       65,927                    - 
 
 
 
                                                                                   874,318              703,386 
 
 
 
     Trade debtors disclosed above are measured at amortised 
      cost. 
 
17   Creditors: amounts falling due within one year 
                                                                                      2016                 2015 
                                                                   Notes               GBP                  GBP 
 
 Bank loans and overdrafts                                          19              80,494               66,858 
 Obligations under finance leases                                   20              19,878               19,864 
 Trade creditors                                                                   878,993              796,470 
 Other taxation and social security                                                 20,333               16,859 
 Accruals and deferred income                                                       68,066               44,878 
 
 
 
                                                                                 1,067,764              944,929 
 
 
 
     Creditors: amounts falling due after more than one 
18    year 
                                                                                      2016                 2015 
                                                                   Notes               GBP                  GBP 
 
 Bank loans and overdrafts                                          19             218,748               61,846 
 Obligations under finance leases                                   20              11,697               31,575 
 
 
 
                                                                                   230,445               93,421 
 
 
 
19   Loans and overdrafts 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
 
 Bank loans                                                                        299,242              128,704 
 
 
 
 Payable within one year                                                            80,494               66,858 
 Payable after one year                                                            218,748               61,846 
 
 
 
     The long-term loans amounting to GBP299,243 (2015: 
      GBP128,705) are secured by a floating charge on all 
      assets of the company. 
      Two of the bank loans amounting to GBP299,243 (2015: 
      GBP96,679) are also secured by personal guarantee 
      from the director A J Tadd. 
      One of the bank loans amounting to GBP231,922 (2015: 
      Nil) is also secured by personal guarantee from the 
      director O J Tadd. 
 
20   Finance lease obligations 
                                                                                      2016                 2015 
     Future minimum lease payments due under finance leases:                           GBP                  GBP 
 
 Within one year                                                                    19,879               19,864 
 In two to five years                                                               11,696               31,575 
 
 
 
                                                                                    31,575               51,439 
 
 
 
     Finance lease payments represent rentals payable by 
      the company for certain items of plant and machinery. 
      Leases include purchase options at the end of the 
      lease period, and no restrictions are placed on the 
      use of the assets. All leases are on a fixed repayment 
      basis and no arrangements have been entered into for 
      contingent rental payments. 
 
21   Provisions for liabilities 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
 
 Deferred tax liabilities                                           22              30,257               38,058 
 
 
 
                                                                                    30,257               38,058 
 
 
 
22   Deferred taxation 
 
     Deferred tax assets and liabilities are offset where 
      the company has a legally enforceable right to do 
      so. The following is the analysis of the deferred 
      tax balances (after offset) for financial reporting 
      purposes: 
 
                                                   Liabilities  Liabilities         Assets               Assets 
                                                          2016         2015           2016                 2015 
     Balances:                                             GBP          GBP            GBP                  GBP 
 
 Accelerated capital allowances                         30,257       38,058              -                    - 
 Tax losses                                                  -            -         65,927                    - 
 
 
 

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DJ Sandal plc Final Results -7-

                                                        30,257       38,058         65,927                    - 
 
 
 
                                                                                                           2016 
     Movements in the year:                                                                                 GBP 
 
 Liability at 1 June 2015                                                                                38,058 
 Credit to profit and loss                                                                             (73,728) 
 
 
 
 Liability/(Asset) at 31 May 2016                                                                      (35,670) 
 
 
 
     The deferred tax asset set out above is expected to 
      reverse within 12 months and relates to the utilisation 
      of tax losses against future expected profits of the 
      same period. The deferred tax liability set out above 
      is expected to reverse within 12 months and relates 
      to accelerated capital allowances and taxable losses 
      that are expected to mature within the same period. 
 
23   Retirement benefit schemes 
 
     Defined contribution schemes 
     The company operates a defined contribution pension 
      scheme for all qualifying employees. The assets of 
      the scheme are held separately from those of the company 
      in an independently administered fund. 
 
     The charge to profit and loss in respect of defined 
      contribution schemes was GBP36,683 (2015 - GBP64,032). 
 
24   Share capital 
                                                                                      2016                 2015 
                                                                                       GBP                  GBP 
     Ordinary share capital 
     Authorised 
 20,000,000 Ordinary Shares of 2p each                                             400,000              400,000 
 
 
 
     Issued and fully paid 
 16,233,000 Ordinary Shares of 2p each                                             324,660              323,470 
 
 
 
     Authorised 
 100,000 Preference Shares of GBP1 each                                            100,000              100,000 
 
 
 
     Reconciliation of movements during the year: 
                                                                                                       Ordinary 
                                                                                                         Number 
 
 At 1 June 2015                                                                                      16,173,500 
 Issue of fully paid shares                                                                              59,480 
 
 
 
 At 31 May 2016                                                                                      16,232,980 
 
 
 
 During the year 59,480 ordinary shares of GBP0.02 
  each were allotted and fully paid, for cash consideration, 
  at a premium, to provide additional working capital. 
 
25   Share premium account 
 
 During the year, 59,480 ordinary shares were issued 
  at a premium of GBP0.17 and this is included in the 
  share premium account. Deducted from this are the 
  costs of issuing the new share capital. 
 
 
 
 
 
26   Operating lease commitments 
 
     Lessee 
     At the reporting end date the company had outstanding 
      commitments for future minimum lease payments under 
      non-cancellable operating leases, which fall due as 
      follows: 
 
                                                                                         2016          2015 
                                                                                          GBP           GBP 
 
 Within one year                                                                       31,114        27,688 
 Between two and five years                                                            66,079        77,633 
 
 
 
                                                                                       97,193       105,321 
 
 
 
27   Related party transactions 
 
     Transactions with related parties 
     During the year, the company conducted transactions 
      with Greenbrook Electrical Plc. Greenbrook Electrical 
      Plc are a wholly owned subsidiary of Greenbrook Industries 
      Limited. Greenbrook Industries Limited is under the 
      control of the trustees of Greenbrook Industries Limited 
      Retirement Benefit Scheme, who own 24% shares in Sandal 
      Plc. Greenbrook Electrical Plc purchased goods totalling 
      GBP68,241 (2015 GBP44,729) from Sandal Plc during 
      the year and had a balance owing to Sandal Plc of 
      GBP14,771 (2015 GBP17,967) at the year end and is 
      included in trade debtors. 
      Energenie Ltd is a wholly owned subsidiary of Sandal 
      Plc. The company was dormant during the year and therefore 
      did not have any transactions with Sandal Plc during 
      the year and the prior year. 
 
28   Directors' transactions 
 
     Mr A J Tadd has a director's current account through 
      which various transactions have been processed. The 
      overall movement during the year is summarised below. 
      This is an interest free loan, with full repayment 
      made within nine months of the year end date. It is 
      included in other debtors at the balance sheet date. 
 
                                            Opening        Amounts   Interest                       Closing 
     Description              % Rate        Balance       Advanced    Charged  Amounts Repaid       Balance 
                                                GBP            GBP        GBP             GBP           GBP 
 
 Mr A J Tadd - 
  Directors loan 
  account                      -                  -          2,659          -         (1,450)         1,209 
 
 
 
                                                  -          2,659          -         (1,450)         1,209 
 
 
 
29   Controlling party 
 
     The ultimate controlling party by virtue of his majority 
      shareholding is the Director Mr A Tadd. 
 
30   Cash generated from operations 
                                                                            2016                       2015 
                                                                             GBP                        GBP 
 
 Loss for the year after tax                                                         (81,894)       (304,807) 
 
     Adjustments for: 
 Taxation credited                                                                  (185,645)        (22,566) 
 Finance costs                                                            42,724                     11,264 
 Investment income                                                                      (164)           (899) 
 Gain on disposal of tangible fixed assets                                     -                      (1,476) 
 Amortisation and impairment of intangible assets                         34,919                     14,000 
 Depreciation and impairment of tangible fixed assets                     76,051                     68,696 
 Foreign exchange gains on cash equivalents                               12,072                      2,672 
 
     Movements in working capital: 
 Decrease/(increase) in stocks                                             3,917                     (74,596) 
 (Increase) in debtors                                                               (29,265)       (221,064) 
 Increase in creditors                                                   109,185                     97,725 
 
 
 
 Cash absorbed by operations                                                         (18,100)       (431,051) 
 
 
 
31   Reconciliations on adoption of FRS 102 
 
     Reconciliation of equity 
                                                                         1 June                      31 May 
                                                                           2014                        2015 
 
                                                                            GBP                         GBP 
 
 Equity as reported under previous UK GAAP and under 
  FRS 102                                                             1,175,667                     998,828 
 
 
 
     Reconciliation of profit or loss 
                                                                                                       2015 
                                                                                                        GBP 
 
 Profit or loss as reported under previous UK GAAP 
  and under FRS 102                                                                                 (304,807) 
 
 
 
 
 
 
   Enquiries: 
 
 
 
 
                           Alan Tadd (CEO) 
Sandal Plc                  Oliver Tadd (Director)    01279 422022 
Daniel Stewart & Company   Peter Shea 
 (Corporate Adviser)        Asha Chotai              0207 776 6550 
MB Communications          Maxine Barnes              07860 489571 
 
 
 
 
   Note to Editors: 
 
 
 
   Sandal plc commenced business in 1996 and designs, develops and 
manufactures consumer electronics products. Its business is divided into 
two distinct product groups, PowerConnections, a long established 
wholesaler and reseller of a successful and patented range of converter 
plugs and power cables, and Energenie, which sells a newer product range 
that includes energy saving products, portable charging devices and the 
new MiHome range of products aimed at the "Home Automation" and 
"Internet of Things" marketplace. 
 
 
 
   PowerConnections is a supplier to customers, in the UK and abroad, of 
single-phase electrical connection products. The products are 
manufactured in three partner factories in the Far East and have 
distributors worldwide for its range of patented converter plugs. The 
Company's product portfolio consists of International Power Leads, 
Rewireable Plugs, Converters and Connectors. These products are stocked 
in the Far East, Australia and UK. 
 
 
 

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DJ Sandal plc Final Results -8-

   Energenie offers Eco and electrical, travel and energy saving products 
for homes and offices, reducing energy usage and the Home Automation 
sector. It has store listings for its current products with several 
large retailers including Homebase, Maplin, Amazon, Screwfix, 
Toolstation and ASDA. 
 
 
 
   The new range of MiHome home automation products makes the remote 
operation of everyday household appliances and energy monitoring more 
accessible to consumers due to better affordability and simplicity of 
control through smartphone and tablet connectivity. 
 
 
 
 
 
   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: Sandal plc via Globenewswire 
 
 
  http://www.sandal-plc.co.uk/ 
 

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