SANDAL PLC
(“Sandal” or the “Company”)
TRADING UPDATE
26 JULY 2018
The Board of Sandal, the designer, developer and manufacturer of electronic products, is pleased to provide an update on trading for the financial year ended 31 May 2018.
The MiHome Smart Home division achieved annual turnover in excess of £1M for the first time. The growth rate in new systems is at over 181% year on year and there is a 223% year on year increase in device connection demonstrating that the smart home market is gaining increasing consumer interest and reinforces the Directors views of substantial growth potential in the coming years.
Total Company turnover was marginally lower for the year due to a drop in sales in the PowerConnections division because of major customer destocking and a product redesign which affected sales in the second half of the year. Both these issues have now been resolved and sales are back on an upward path.
The Directors took the decision to cease activities in two of Energenie’s product ranges so that resources can be concentrated on MiHome. The disposal of this end of line stock resulted in a one-off cost of £72,000.
Trading since the year end has continued to move in a positive direction and in particular the entry into the electrical and plumbing wholesale market is starting to gather pace as a point of sale presence is being deployed into branches. The initial moves into the installer market are also showing encouraging potential.
The Company is exploring the potential of introducing new security products into the MiHome range with cameras and door locks currently under consideration.
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of Sandal Plc accept responsibility for the contents of this announcement.
Ends
Enquiries:
Sandal Plc 01279 422022
Alan Tadd, CEO
Oliver Tadd, Director
www.sandal-plc.co.uk
Cairn Financial Advisers LLP
David Coffman/Jo Turner 020 7213 0880
MB Communications
Maxine Barnes 07860 489571
Notes to editors:
Sandal plc commenced business in 1996 and joined NEX in March 2015. The Company 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 Energenie MiHome range of products aimed at the "Home Automation" and "Internet of Things" marketplace.
The range of Energenie MiHome home automation products makes the remote operation of everyday household appliances and energy monitoring more accessible through integration with smartphone and tablet connectivity. The Energenie MiHome range is also integrated with the major players in the home automation market including Google Nest and Amazon Echo. Energenie MiHome products are available through a number of mainstream retailers including Amazon, Argos and Sainsbury's. In addition Energenie also 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, Amazon, Screwfix, Toolstation and ASDA.
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.