Interim Results 2012

The Board of Sutherland Health Group announces its unaudited Interim Results for the six months to 30th September 2012

                                                                                                                                       12 November 2012
                                                         SUTHERLAND HEALTH GROUP PLC
                                               (“Sutherland Health Group” or “the Company”)                                
                                                                     ISDX Symbol: SHGP

                                                          UNAUDITED INTERIM RESULTS


CHAIRMAN’S STATEMENT
The Board of Sutherland Health Group, a national supplier of patient hygiene, sexual health
and gynaecology products to customers including the National Health Service (“NHS”),
announces today its unaudited Interim Results for the six months to 30th September 2012.


Highlights:

  • Turnover up 107% to £690,420 (versus the same period last year)
  • Gross Profit up 86% to £312,773
  • Operating Profit of £107,676
  • Profit for the period £99,533 (versus a loss of GBP42,677 over the same period last year)
  • Sales to Wholesalers continue to grow
  • 36 products now stocked by Amazon (up from 22)

 

FINANCIAL REVIEW


The first six months of the financial year has exceeded our expectations as it was a period
where we benefited from stronger than expected demand for our products within the NHS
sector. This, coupled with a continuation of the growth in sales to our new wholesaler
customers and to Amazon, has combined to produce a very strong first half performance.


For the six months to 30 September 2012, the Company’s turnover was GBP690,420, up
107% (2011: GBP333,238) producing a gross profit of GBP312,773 up 86% (2011:
GBP168,251). Administrative expenses were up 1.4% at GBP183,923 (2011: GBP181,271).
The pre-tax profit was GBP99,533 (2011: loss GBP42,677).


During the period we have launched three new products, Sutherland Medicated Shampoo;
Sutherland Baby Bath; and Sutherland Baby Shampoo. All three products have been listed
by Amazon and orders have been placed. We are also gaining distribution in NHS Hospitals
with the new products and we expect to see sales developing over the next six months
within the sector. In line with our corporate policy I am pleased to say that all three new
products are manufactured in the UK.


We are pleased with the developing trading relationship with Amazon and report that they
have agreed to stock and order a further 14 products from us during the period taking the
number of products stocked and ordered by them to 36.


Our relationship with key wholesalers continues to build and we are seeing strong growth
with Alliance Healthcare; AAH; and Bunzl.


We are pleased with the first half of the financial year which has brought better than
expected results. We continue to see uncertain times in the general economic climate but
we are pleased with the progress we are making and look forward to updating shareholders
on further developments.


John French
Chairman


SUTHERLAND HEALTH GROUP PLC
UNAUDITED CONSOLIDATED PROFIT & LOSS ACCOUNT
FOR THE SIX MONTHS TO 30TH SEPTEMBER 2012


                                                                                           Unaudited                Unaudited             Audited
                                                                                           6 Months                  6 Months           Year Ended
                                                                                             30.09.12                30.09.11               31.03.12
                                                                                               £                             £                                 £
Turnover                                                                               690,420                  333,238                910,548
Cost of Sales                                                                       -377,647                 -164,987              - 455,231
Gross Profit                                                                           312,773                  168,251                455,317
Distribution Costs                                                                  -21,174                   -16,513                  51,872
Administration Expenses                                                     -183,923                 -181,271                365,100
Other Operating Income                                                           5,319                      5,319                  10,639
Operating Profit (Loss)                                                         107,676                   -24,214                  48,984
Net Interest                                                                           -13,462                  -18,463                 -32,674
Profit (Loss) on Ordinary Activities                                          99,533                   -42,677                  16,310
Tax on Profit on Ordinary Activities                                             -                               -                         8,776
Profit (Loss) for the period                                                      99,533                  -42,677                   25,086
Earnings per share                                                                     0.14p                  (0.061)p                   0.04p


There were no recognised gains or losses other than the Profit for the financial period. All
amounts relate to continuing operations.


SUTHERLAND HEALTH GROUP PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
AT 30TH SEPTEMBER 2012


                                                                                         Unaudited                Unaudited                 Audited
                                                                                           30.09.12                  30.09.11                31.03.12
                                                                                                £                             £                           £
FIXED ASSETS


Intangibles                                                                           361,503                  302,456                268,922
Tangibles                                                                                  6,308                    10,648                  10,176
                                                                                             367,811                  313,104                279,098


CURRENT ASSETS


Stocks                                                                                  174,579                  154,260                  184,796
Debtors                                                                                258,600                  193,484                  223,714
Cash                                                                                     121,281                 128,966                    71,824
                                                                                             554,460                 476,710                  480,334
CREDITORS: amounts falling due
within one year                                                                   -262,083                -315,622                 -261,099
NET ASSETS (LIABILITIES)                                                    292,377                  161,088                  219,235
TOTAL ASSETS LESS CURRENT
LIABILITIES                                                                          660,188                  474,192                  498,333
CREDITORS: amounts falling due after
more than one year                                                            -260,705                 -291,487                -276,365
NET ASSETS       

                                                                                            399,483                  182,705                 221,968
CAPITAL AND RESERVES


Called up Share Capital                                                        139,505                 139,505                 139,505
Share Premium                                                                  1,082,161               1,125,061              1,096,561
Other Reserves                                                                    111,478                  111,478                 111,478
Profit and (Loss) Account
                                                                                        (1,026,043)             (1,193,339)           (1,125,576)
SHAREHOLDERS FUNDS                                                        307,101                  182,705                 221,968


The Directors do not recommend the payment of a dividend for the reported period.
The unaudited Interim Results have not been audited and the financial information
contained in these results has not been agreed with, or reviewed by, an auditor.
                                                                           ---ENDS---


The Directors of the Issuer accept responsibility for this announcement


Enquiries:


Sutherland Health Group Plc
John French, Chairman
E: john@sutherlandhealth.com
T: 07836 722482


Peterhouse Corporate Finance Ltd
Heena Karani
E: heena@pcorpfin.com
T: 0207 469 0930


Bishopsgate Communications Ltd

Maxine Barnes
E: shg@bishopsgatecommunications.com
T: 0207 562 3367
M: 07860 489571


Notes to Editors:


Sutherland Health Group Plc is a national supplier of patient hygiene, sexual health and
diagnostic products to the UK National Health Service (NHS) and other UK customers. Its aim
is to supply innovative solutions to current health issues by studying current trends and
working alongside leading professionals who also work within the health sector.


The company is committed to developing and marketing high quality brands and products
that will benefit health professionals and consumers alike in many areas of health. The
Group has established its own brands: Condomania® Condoms; Sutherland® Patient
Hygiene and Personal Care; Lubricating Jelly; and Vision® pregnancy and gynaecology
diagnostics. These products have already become established within the NHS business.


The Group is ISO and MHRA registered, and at present principally manufactures and
operates within the United Kingdom.


For further information on the Company visit www.sutherlandhealth.com

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