Contracts and Projects - The Group secured four new contracts with a total original contract value of approximately HK$273.4 million, representing an increase of approximately 47.7% compared to HK$185.1 million in the same period last year[16]. - As of 30 September 2022, the Group has a total of 16 projects on hand with an estimated total outstanding contract value of approximately HK$579.3 million, an increase of approximately 20.4% from HK$481.1 million as of 31 March 2022[18]. - The performance of subcontract works is expected to remain steady for the coming years based on the projects on hand[18]. - The Group plans to adopt a prudent approach in tender preparation, focusing on projects with higher profit margins due to increasing competition and wage levels in the industry[20]. Financial Performance - The Group recorded revenue of approximately HK$340.3 million for the period, representing an increase of 24.9% compared to approximately HK$272.4 million for the six months ended 30 September 2021[23]. - The gross profit increased by approximately HK$5.2 million or 17.2% to approximately HK$35.8 million for the period, primarily due to increased revenue from Project TMB-107[26]. - Profit attributable to owners of the Company increased by approximately HK$21.3 million or 141.8% to approximately HK$36.3 million for the period[34]. - Revenue for the six months ended September 30, 2022, increased to HK$340,309,000, up 25% from HK$272,422,000 in the same period of 2021[119]. - Gross profit for the same period was HK$35,839,000, representing a 17% increase compared to HK$30,584,000 in 2021[119]. - Profit before tax rose significantly to HK$40,121,000, a 119% increase from HK$18,298,000 in the previous year[119]. - Basic and diluted earnings per share increased to HK$2.27, compared to HK$0.94 in the same period last year[119]. Expenses and Income - The gross profit margin decreased from approximately 11.2% for the six months ended 30 September 2021 to approximately 10.5% for the period, mainly due to rising wages of workers[30]. - Other income increased significantly by approximately HK$16.5 million to approximately HK$16.6 million for the period, largely due to the receipt of anti-epidemic funds from the government[31]. - Administrative and other operating expenses decreased by approximately HK$0.4 million or 3.4% to approximately HK$11.4 million for the period[32]. - Income tax expenses increased by approximately HK$0.6 million or 16.8% to approximately HK$3.9 million for the period, attributed to higher estimated assessable profits[33]. Assets and Liabilities - As of September 30, 2022, the Group's net current assets were approximately HK$364.7 million, an increase from HK$321.4 million as of March 31, 2022[42]. - The total equity attributable to owners of the Company was approximately HK$396.5 million, up from HK$360.2 million as of March 31, 2022[43]. - The Group's total interest-bearing borrowings and lease liabilities decreased to approximately HK$29.7 million from HK$51.9 million as of March 31, 2022, resulting in a gearing ratio of approximately 7.5% compared to 14.2% previously[46]. - Trade receivables of construction works increased to HK$318,524,000 as of 30 September 2022, up from HK$264,289,000 as of 31 March 2022, representing a growth of 20.5%[180]. - The total trade and other receivables amounted to HK$318,579,000 as of 30 September 2022, up from HK$268,730,000 as of 31 March 2022, reflecting a growth of 18.5%[180]. Staffing and Operations - The total staff cost for the six months ended September 30, 2022, was approximately HK$200.0 million, an increase from HK$184.2 million for the same period in 2021[71]. - The Group had 1,467 employees as of September 30, 2022, an increase from 1,212 employees as of March 31, 2022[71]. - The COVID-19 pandemic poses risks to operations, potentially leading to labor shortages, increased construction costs, and interruptions in business operations[83][84]. - The Group has implemented measures to mitigate COVID-19 impacts, including workspace cleaning, temperature screening, and vaccination arrangements[86][88]. Corporate Governance - The Company has established an Audit Committee in compliance with Listing Rules 3.21 and 3.22[102]. - The Company has a total of three independent non-executive Directors on the Audit Committee[102]. - The interests of Directors and chief executive in shares were required to be disclosed under the SFO provisions[113]. - The Company has complied with the necessary regulations regarding the disclosure of substantial shareholders' interests[113]. Cash Flow and Financing - For the six months ended September 30, 2022, cash generated from operations was HK$25,698,000, compared to a cash used in operations of HK$15,341,000 in the same period of 2021[128]. - The company reported a net increase in cash and cash equivalents of HK$2,700,000, contrasting with a decrease of HK$24,652,000 in the same period of 2021[128]. - The company added HK$20,000,000 in interest-bearing borrowings during the period, compared to HK$4,173,000 in the same period of 2021[128]. - The repayment of interest-bearing borrowings increased to HK$41,658,000 from HK$13,863,000 year-over-year[128]. - The company is actively engaging in financial restructuring to optimize its borrowing costs and improve liquidity[199].

Financial Performance - The company reported a consolidated profit of HK$XX million for FY2022, representing a YY% increase compared to FY2021[104]. - The Group's revenue increased by 0.8% from approximately HK$534.3 million in FY2021 to approximately HK$538.4 million in FY2022[21]. - Gross profit for FY2022 was approximately HK$56.1 million, a decrease of approximately HK$15.8 million or 21.9% from approximately HK$71.9 million in FY2021[22]. - Basic earnings per share attributable to owners of the Company was approximately HK1.80 cents for FY2022, down from approximately HK4.32 cents for FY2021[23]. - Profit attributable to owners of the Company decreased by approximately HK$31.8 million or 52.5%, from approximately HK$60.6 million for the year ended 31 March 2021 to approximately HK$28.8 million for the year ended 31 March 2022[65]. - The Group reported a cash flow from operations of HK$HH million, reflecting a strong liquidity position[107]. Revenue Guidance and Projections - The company provided a revenue guidance of HK$BB million for FY2023, indicating a projected growth of CC%[104]. - The company reported a significant increase in revenue, achieving a total of $XX million for the fiscal year, representing a YY% growth compared to the previous year[120]. - The company provided guidance for the next fiscal year, projecting revenue growth of BB% and aiming to reach a target of $CC million[125]. User Growth and Market Expansion - User data showed a growth of ZZ% in active users, reaching a total of AA million by the end of FY2022[104]. - Market expansion efforts have led to a YY% increase in market share in the Asia-Pacific region[104]. - Market expansion plans include entering the European market, with an expected investment of $FF million to establish a presence[128]. New Products and R&D Investment - New product launches contributed to a revenue increase of DD%, with significant demand observed in the market[104]. - The company is investing HK$EE million in R&D for new technologies aimed at enhancing operational efficiency[104]. - New product launches are expected to contribute to revenue, with an estimated impact of $DD million in the upcoming quarter[126]. Corporate Governance - The board of directors emphasized the importance of corporate governance, aligning with the New CG Code effective from January 2022[9]. - The Company has fully complied with the Corporate Governance Code for the year ended March 31, 2022[176]. - The Board currently comprises three executive Directors, one non-executive Director, and three independent non-executive Directors, ensuring a balanced governance structure[179]. - The proportion of independent non-executive Directors is higher than the required one-third as per Listing Rules, with three independent non-executive Directors representing more than one-third of the Board[184]. - The Company has adopted sound corporate governance principles emphasizing quality Board, effective internal control, and transparency[175]. Operational Challenges and Risks - The Group expects fewer newly-awarded projects in the near future due to ongoing delays in the tendering process, which may adversely affect financial performance[25]. - The COVID-19 pandemic has led to significant operational risks, including potential delays in new construction projects due to adverse economic conditions in Hong Kong[107]. - Health and safety risks during the COVID-19 pandemic may result in labor shortages and increased construction costs, impacting business operations[108]. - The Group has implemented measures to mitigate COVID-19 impacts, including workspace cleaning and temperature screenings, to maintain operational continuity[110]. Employee and Management Insights - The Group employed 1,212 employees as of 31 March 2022, an increase from 1,161 employees as of 31 March 2021[93]. - The company has a strong focus on employee safety and training, as emphasized by Mr. Chung's responsibilities[160]. - Mr. Ng Lin Fung has over 51 years of experience in the banking and finance industry, previously serving as deputy general manager at Nanyang Commercial Bank[140]. - Mr. Chu Hau Lim has over 30 years of experience in auditing and business advisory services, having served as CFO for listed companies in Hong Kong[146]. Strategic Acquisitions and Partnerships - The company completed the acquisition of a strategic partner, which is expected to enhance its service offerings and increase revenue by HK$FF million annually[104]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the industry[129]. Sustainability Initiatives - The company has implemented new strategies focusing on sustainability, aiming to reduce carbon emissions by GG% over the next five years[104]. - The management team emphasized a commitment to sustainability, with plans to integrate ESG practices into business operations moving forward[134].

Contract and Project Performance - The Group secured four new contracts with a total original contract value of approximately HK$185.1 million, representing a decrease of approximately 64.8% compared to HK$526.3 million for the six months ended 30 September 2020[17]. - As of 30 September 2021, the Group has a total of 16 projects on hand with an estimated total outstanding contract value of approximately HK$461.5 million, a decrease of approximately 12.3% from HK$526.0 million as of 31 March 2021[19]. - The performance of subcontract works is expected to remain steady for the coming years based on the projects on hand[19]. - The Group aims to maintain its gross profit margin by avoiding thin-margin projects that could be loss-making[18]. - The Group will continue to factor in a higher profit margin in its tender preparations due to intensifying competition in the formwork works industry[20]. - The Group is committed to identifying suitable opportunities in line with its cost control and risk management policies[20]. Financial Performance - The Group recorded revenue of approximately HK$272.4 million for the Period, representing an increase of 18.7% compared to approximately HK$229.4 million for the six months ended 30 September 2020[24]. - The Group's gross profit decreased by approximately HK$5.6 million or 15.5% to approximately HK$30.6 million, with the gross profit margin declining from approximately 15.8% to approximately 11.2%[27]. - The Group's other income decreased by approximately HK$0.7 million or 87.5% to approximately HK$0.1 million, primarily due to the absence of government grants received in the previous period[32]. - Administrative and other operating expenses increased by approximately 93.4% from approximately HK$6.1 million to approximately HK$11.8 million, mainly due to higher staff costs and professional fees[33]. - Finance costs increased from approximately HK$0.2 million to approximately HK$0.6 million, attributed to an increase in interest-bearing borrowings[34]. - Income tax expenses decreased by approximately HK$1.8 million or 35.3% to approximately HK$3.3 million, mainly due to a decrease in assessable profits[35]. - Profit attributable to owners of the Company decreased by approximately HK$5.0 million from approximately HK$20.0 million to approximately HK$15.0 million for the Period[36]. Dividend and Equity - The Board did not declare the payment of interim dividend for the Period, consistent with the previous period[43]. - As of September 30, 2021, the Group had net current assets of approximately HK$308.2 million, an increase of 7.0% from HK$286.2 million as of March 31, 2021[44]. - The total equity attributable to owners of the Company was approximately HK$346.4 million, up from HK$331.4 million as of March 31, 2021, reflecting a growth of 4.9%[45]. - The Group's total interest-bearing borrowings and lease liabilities decreased to approximately HK$33.4 million from HK$43.7 million, a reduction of 23.5%[45]. - The gearing ratio improved to approximately 9.4% as of September 30, 2021, down from 12.7% as of March 31, 2021, indicating a stronger equity position[48]. Staffing and Employee Costs - The total staff cost for the six months ended September 30, 2021, was approximately HK$184.2 million, representing a 27.4% increase from HK$144.7 million for the same period in 2020[74]. - The Group had 1,323 employees as of September 30, 2021, an increase of 13.9% from 1,161 employees as of March 31, 2021[74]. - Salaries, allowances, and other benefits increased to HK$3,811,000 in 2021 from HK$3,438,000 in 2020, representing an increase of approximately 10.9%[199]. - Contributions to defined contribution plans decreased to HK$54,000 in 2021 from HK$72,000 in 2020, a decline of approximately 25%[199]. - Total employee-related expenses amounted to HK$3,865,000 in 2021, up from HK$3,510,000 in 2020, indicating an increase of about 10.1%[199]. Cash Flow and Financial Position - The company reported a net cash decrease of HK$24,652,000 in cash and cash equivalents, compared to an increase of HK$30,606,000 in the prior year[125]. - Cash and cash equivalents at the end of the reporting period were HK$32,024,000, down from HK$74,462,000 at the end of the previous period[125]. - The company incurred finance costs of HK$565,000, compared to HK$232,000 in the previous year[125]. - The Group's current liabilities include interest-bearing borrowings classified as such due to lenders' rights to demand repayment without notice[194]. - The Group's financial statements for the six months ended 30 September 2021 are unaudited, indicating ongoing financial assessments[195]. Risks and Mitigation - The COVID-19 pandemic poses risks to operations, potentially leading to labor shortages and increased construction costs, which could adversely affect business performance[87][88]. - The Group has implemented health and safety measures to mitigate COVID-19 risks, resulting in no confirmed cases among workers at project sites during the reporting period[90]. - The adverse impacts of COVID-19, if they persist, may negatively affect the Group's financial performance[89]. Corporate Governance - The Group has adopted sound corporate governance principles and fully complied with the Corporate Governance Code during the reporting period[96][97]. - The Company has established an Audit Committee in compliance with Listing Rules 3.21 and 3.22[102]. - All directors confirmed full compliance with the standard code of conduct during the period[104]. Share Capital and Ownership - As of September 30, 2021, the issued share capital of the Company was 1,600,000,000 Shares[114]. - Mr. Leung Yam Cheung holds 1,200,000,000 Shares, representing a 75% interest in the Company[110]. - Sky Mission, wholly owned by Mr. Leung Yam Cheung, is the beneficial owner of 1,200,000,000 Shares, equating to 75% of the issued share capital[114]. - The Group's authorised share capital increased from HK$380,000 to HK$40,000,000, allowing for the creation of an additional 3,962,000,000 shares[196]. Revenue Recognition and Customer Concentration - For the six months ended September 30, 2021, the Group's revenue from formwork works services was HK$59,974,000, a decrease of 4.4% compared to HK$62,830,000 in the same period of 2020[147]. - Customer A contributed 59,974,000 HKD, while Customer D contributed 68,114,000 HKD, indicating a shift in revenue concentration among major customers[147]. - The Group's revenue is recognized over time as construction services are performed, based on the value of completed construction work using the output method[151].

Financial Performance - The company reported a consolidated profit of HK$XX million for FY2021, representing a YY% increase compared to FY2020[73]. - The Group's revenue increased by 22.9%, from approximately HK$434.6 million in FY2020 to approximately HK$534.3 million in FY2021[23]. - For FY2021, the Group recorded revenue of approximately HK$534.3 million, representing an increase of 22.9% compared to FY2020's revenue of approximately HK$434.6 million[45]. - Profit attributable to owners of the Company increased by approximately HK$22.6 million or 59.5%, from approximately HK$38.0 million in FY2020 to approximately HK$60.6 million in FY2021[62]. - Basic earnings per share attributable to owners of the Company was approximately HK4.32 cents for FY2021, compared to approximately HK3.17 cents for FY2020[25]. - Gross profit for FY2021 was approximately HK$71.9 million, a decrease of approximately HK$7.3 million or 9.2% from approximately HK$79.2 million in FY2020[24]. - The gross profit margin fell from approximately 18.2% in FY2020 to approximately 13.5% in FY2021[49]. - Other income increased by approximately HK$21.2 million or 70.7 times, from approximately HK$0.3 million in FY2020 to approximately HK$21.5 million in FY2021, mainly due to the receipt of anti-epidemic funds[52]. - Administrative and other operating expenses rose from approximately HK$12.3 million in FY2020 to approximately HK$17.3 million in FY2021, representing an increase of approximately 40.7%[53]. User Growth and Market Expansion - User data showed a growth of ZZ% in active users year-over-year, reaching a total of AA million users by the end of FY2021[73]. - Market expansion efforts have led to a YY% increase in market share in the Asia-Pacific region[73]. - The company is exploring potential acquisitions to enhance its service offerings and market presence[73]. Revenue Guidance and Projections - The company provided a revenue guidance of HK$BB million for FY2022, indicating a projected growth of CC%[73]. - New product launches contributed to a revenue increase of DD% in the last quarter of FY2021[73]. Research and Development - The company is investing HK$EE million in R&D for new technologies aimed at enhancing operational efficiency[73]. Cost Management and Efficiency - The company has implemented cost-cutting measures that are expected to save HK$FF million annually[73]. - The Board will consider employing Building Information Modelling to enhance construction efficiency and reduce costs[27]. Strategic Initiatives - A new strategic partnership was established with a leading technology firm to co-develop innovative solutions[73]. - The Group plans to diversify its construction projects and client base to minimize market risk amid intensifying competition in the formwork subcontracting market[26]. Corporate Governance - The company has adopted sound corporate governance principles emphasizing a quality Board, effective internal control, stringent disclosure practices, and accountability to all stakeholders[195]. - The Board currently comprises four executive Directors, one non-executive Director, and four independent non-executive Directors, committed to increasing Shareholders' value[198]. - The company has fully complied with the CG Code since the Listing Date up to March 31, 2021[196]. - The company has a commitment to maintaining high standards of corporate governance to safeguard the interests of shareholders and stakeholders[195]. Workforce and Manpower - As of March 31, 2021, the Group employed 1,161 employees and continues to enhance workforce capabilities through regular training[111]. - The Group will strengthen its manpower and capabilities to cope with business development and maximize profits[40]. Financial Position and Assets - As of 31 March 2021, the Group had net current assets of approximately HK$286.2 million, up from HK$157.3 million in 2020[64]. - The Group's total equity attributable to owners amounted to approximately HK$331.4 million as of 31 March 2021, an increase from HK$163.7 million in 2020[65]. - The gearing ratio as of 31 March 2021 was approximately 12.7%, compared to 9.2% in 2020[73]. - The debt-to-equity ratio was approximately 12.7%, an increase from 9.2% in 2020[80]. COVID-19 Impact - The Group continues to monitor the impact of the COVID-19 pandemic on its operations and financial performance[88][89]. - Increased construction costs may arise due to labor shortages and wage increases related to COVID-19[87][93]. Use of Proceeds - The Group plans to utilize HK$ 49.3 million (60.8%) of net proceeds to enhance its financial position for securing additional large-scale formwork projects by March 31, 2022[109]. - HK$ 17.5 million (21.6%) of net proceeds is allocated to increase the stock of metal scaffold equipment and related parts, with no specific timeline for utilization[109]. - The Group intends to strengthen manpower with an allocation of HK$ 7.3 million (9.0%) to cope with business development by March 31, 2022[109]. - Total planned use of net proceeds amounts to HK$ 81.1 million, with HK$ 64.8 million utilized and HK$ 16.3 million remaining unutilized as of March 31, 2021[109]. Management and Leadership - The Group's executive directors have extensive experience in the construction and scaffolding industry, contributing to strategic oversight and operational management[116][119]. - Mr. Ng has over 50 years of experience in the banking and finance industry in Hong Kong, with his last position being a deputy general manager at Nanyang Commercial Bank[147]. - Mr. Lam has over 16 years of experience in the banking sector and has been a non-executive director of Bank of China International Limited since July 2002[154]. - Mr. Chu has over 29 years of experience in professional auditing, consulting, corporate accounting, and financial management, having held senior positions at various firms including PricewaterhouseCoopers[162].

Contracts and Projects - The Group secured nine new contracts with a total original contract value of approximately HK$526.3 million, representing an increase of approximately 110.5% compared to HK$250.0 million in the same period last year[22]. - As of 30 September 2020, the Group has a total of 19 projects on hand with an estimated total outstanding contract value of approximately HK$687.8 million, an increase of approximately 81.8% from HK$378.4 million as of 31 March 2020[22]. Financial Performance - For the six months ended 30 September 2020, the Group recorded revenue of approximately HK$229.4 million, representing an increase of 98.4% compared to approximately HK$115.6 million for the same period in 2019[27]. - The increase in revenue was mainly due to projects TMB-70, TMB-75, TMB-87, TMB-90, and TMB-100, contributing approximately HK$115.8 million[28]. - Gross profit increased by approximately HK$20.2 million or 125.6%, from approximately HK$16.0 million for the six months ended 30 September 2019 to approximately HK$36.2 million for the same period in 2020[30]. - The Group's gross profit margin slightly increased from approximately 13.9% to approximately 15.8%[31]. - Profit attributable to owners of the Company increased by approximately HK$18.0 million or nine times, from approximately HK$2.0 million to approximately HK$20.0 million[44]. - The profit for the period was HK$19,974,000, compared to HK$2,026,000 for the same period last year, showing a substantial growth of 884.5%[124]. Assets and Liabilities - As at 30 September 2020, the Group had net current assets of approximately HK$285.5 million, up from HK$157.3 million as of 31 March 2020[46]. - Total equity attributable to owners of the Company amounted to approximately HK$290.8 million, an increase from HK$163.7 million as of 31 March 2020[47]. - The Group's total interest-bearing borrowings and lease liabilities amounted to approximately HK$11.7 million, down from HK$16.7 million as of 31 March 2020[47]. - The gearing ratio as of 30 September 2020 was approximately 3.3%, a decrease from 9.3% as of 31 March 2020[56]. - Trade receivables of construction works amounted to HK$134.17 million as of September 30, 2020, down from HK$143.99 million as of March 31, 2020, reflecting a decrease of approximately 6.0%[181]. Operational Developments - The Group aims to diversify and broaden its revenue sources by exploring new business opportunities and maximizing profits for shareholders[23]. - The Group plans to enhance its financial position to secure additional large-scale formwork projects and expand its capability in system formwork works services[23]. - The Group intends to increase its stock of metal scaffold equipment and related parts to support business development[23]. - The Group operates primarily in one business segment, providing formwork works services in Hong Kong[62]. Employee and Administrative Costs - The total staff cost for the six months ended 30 September 2020 amounted to approximately HK$144.7 million, compared to HK$84.6 million for the same period in 2019[73]. - Administrative and other operating expenses increased from approximately HK$3.6 million to approximately HK$6.1 million, representing an increase of approximately 67.3%[36]. Cash Flow and Financing - For the six months ended September 30, 2020, cash generated from operations was HK$20,466,000, a significant increase from HK$944,000 in the same period of 2019[127]. - The company reported a net cash inflow from financing activities of HK$20,887,000, up from HK$861,000 in the prior year[127]. - The company raised gross proceeds of HK$140,000,000 from the issuance of 400,000,000 new ordinary shares at HK$0.35 each on September 29, 2020[127]. Shareholder Information - As of September 30, 2020, Mr. Leung Yam Cheung holds 1,200,000,000 shares, representing approximately 75% of the issued share capital[104]. - The weighted average number of ordinary shares in issue for the six months ended September 30, 2020, was 1,202,186,000, slightly up from 1,200,000,000 in 2019[174]. Compliance and Governance - The company has complied with the Corporate Governance Code since its listing[89]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the period[98]. Taxation and Expenses - The Group recognized a total income tax expense of HK$5,069,000 for the six months ended September 30, 2020, up from HK$2,077,000 in 2019, reflecting an increase of approximately 144%[167]. - The company incurred listing expenses of HK$5,679,000 during the reporting period, down from HK$8,495,000 in the previous year[116]. Future Outlook - The Group is confident that its business will continue to operate in a stable manner moving forward[23]. - The expected timeline for utilizing the unutilized proceeds includes HK$49.3 million for enhancing financial position by March 31, 2022, and HK$17.5 million for increasing metal scaffold equipment stock by March 31, 2021[82].