Financial Performance - Revenue for the year ended March 31, 2022, was HK$ 405.9 million, a decrease of 27.1% from HK$ 556.7 million in 2021[10] - Gross profit for the same period was HK$ 68.0 million, down 14.5% from HK$ 79.4 million in 2021[10] - Profit before income tax expense was HK$ 33.7 million, representing a 39.6% decrease from HK$ 55.8 million in the previous year[10] - Profit attributable to the owners of the Company for the year was HK$ 27.0 million, a decline of 50.3% compared to HK$ 54.4 million in 2021[10] - Basic and diluted earnings per share were HK$ 3.4 cents, down 50.3% from HK$ 6.8 cents in 2021[10] - Revenue for the year was HK$403.9 million, a decrease of 21% from HK$511.0 million in the previous year[84] - The Group's profit attributable to the owners for the year ended 31 March 2022 was approximately HK$27.0 million, a decrease of approximately HK$27.4 million or 50.3% from approximately HK$54.4 million for the year ended 31 March 2021[100] Assets and Liabilities - Total assets as of March 31, 2022, were HK$ 317.7 million, a decrease of 19.8% from HK$ 396.2 million in 2021[11] - Total bank borrowings decreased to HK$ 168.5 million from HK$ 181.5 million in the previous year[11] - As of March 31, 2022, the Group had current assets of approximately HK$296.4 million, including cash and cash equivalents of approximately HK$141.6 million[108] - The Group's current liabilities were approximately HK$148.3 million, down from HK$213.8 million in 2021, resulting in a current ratio of approximately 2.0 times, compared to 1.5 times in 2021[109] - The gearing ratio of the Group as at 31 March 2022 was approximately 2.7%, up from 2.3% in the previous year[108] Operational Highlights - The Group completed 11 projects and was awarded 14 projects during the same period, all of which were fitting-out projects, resulting in a segment profit from contracting of approximately HK$40.2 million[41] - Fitting-out projects contributed HK$330.8 million, accounting for 81.9% of total revenue, while A&A projects generated HK$73.1 million, representing 18.1%[86] - The Group's contracting revenue for the year ended 31 March 2022 was approximately HK$403.9 million, a decrease of approximately HK$107.1 million or 21.0% compared to the previous financial year[91] - Gross profit from contracting increased by approximately HK$32.1 million or 91.0%, from approximately HK$35.3 million for the year ended 31 March 2021 to approximately HK$67.4 million for the year ended 31 March 2022[91] - The gross profit margin from contracting increased to approximately 16.7% for the year ended 31 March 2022, up from approximately 6.9% for the year ended 31 March 2021[91] Strategic Investments - The strategic investments division recorded a segment loss of approximately HK$0.7 million, focusing on divesting earlier stock investments and targeting property-related investment deals[60] - The Group secured development land in Hokkaido, Japan, near a planned Shinkansen high-speed rail station, and is working with local specialists for efficient land use[61] - The Group acquired Adelaide Chambers in Dublin, Ireland, a building with approximately 20,000 square feet of commercial office space, aiming to enhance its value through upgrades and lease improvements[62] - The Group anticipates further investment opportunities and expects to fully allocate capital for investment within the 2023 financial year[74] Market Conditions and Outlook - The Group is assessing the impact of high inflation on its business sectors and is preparing to navigate the challenges posed by it[64] - As Hong Kong lifts pandemic restrictions, the Group is optimistic about regaining its full international status soon[63] - The easing of pandemic restrictions in Hong Kong is expected to restore the region's international standing, which is crucial for business recovery[67] - The Group anticipates improved financials as BSL transitions from its infancy to a development phase, benefiting from trends in wellness and energy consumption reduction[54] Corporate Governance and Management - The Group confirmed compliance with all Corporate Governance Code provisions except for Code Provision A.2.1, which requires the roles of chairman and chief executive to be held by different individuals[134] - The Group's management team is composed of individuals with significant industry experience, contributing to its strategic direction and operational success[143] - The independent directors provide critical oversight and independent advice to the Board, enhancing corporate governance[155] - The Group's strategic planning and overall business development are overseen by the executive directors, including Mr. Howard and Mr. Smithers[143] Employee and Operational Metrics - Total staff costs for the year ended March 31, 2022, were approximately HK$68.5 million, an increase from approximately HK$66.7 million for the year ended March 31, 2021[129] - The Group had 98 employees as of March 31, 2022, compared to 97 in the previous year[129]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$169.4 million, a decrease of 34.5% compared to HK$258.5 million in the same period of 2020[7] - Gross profit increased by 41.5% to HK$29.4 million from HK$20.8 million year-on-year[7] - Profit before income tax expense rose by 19.3% to HK$14.7 million, up from HK$12.4 million in the previous year[7] - Profit attributable to the owners of the Company for the period was HK$12.4 million, reflecting a 15.1% increase from HK$10.7 million in 2020[7] - Basic and diluted earnings per share increased by 15.1% to HK$1.5 cents from HK$1.3 cents[7] - The Group's revenue for the six months ended September 30, 2021, was approximately HK$168.6 million, representing a decrease of approximately HK$92.9 million or 35.5% compared to HK$261.5 million for the same period in 2020[64][65] - The total comprehensive income for the period was approximately HK$12.0 million, an increase of 13.4% from HK$10.6 million in the previous year[105] - The Group's profit attributable to the owners for the six months ended 30 September 2021 was approximately HK$12.4 million, an increase of approximately HK$1.6 million or 15.1% compared to HK$10.7 million for the same period in 2020[77] Assets and Liabilities - Total assets as of September 30, 2021, were HK$365.4 million, a decrease of 7.8% from HK$396.2 million as of March 31, 2021[10] - As at 30 September 2021, the Group had current assets of approximately HK$302.7 million, with cash and cash equivalents amounting to approximately HK$168.3 million, an increase from HK$87.1 million as of 31 March 2021[77] - The Group's current liabilities were approximately HK$201.0 million as at 30 September 2021, down from HK$213.9 million as at 31 March 2021, resulting in a current ratio of approximately 1.5[77] - The gearing ratio of the Group increased to 3.6% as at 30 September 2021, compared to 2.3% as at 31 March 2021[77] - Total non-current assets decreased to HK$62,676, down 5.1% from HK$66,011 as of March 31, 2021[109] - Current assets totaled HK$302,675, a decrease of 8.3% from HK$330,206 as of March 31, 2021[109] - Total current liabilities decreased to HK$200,997, down 5.9% from HK$213,808 as of March 31, 2021[109] Segment Performance - The Group operates three reportable segments: Contracting, Building Solutions, and Strategic Investments[148] - Revenue from Contracting, which provides renovation services in Hong Kong and Macau, is a key focus area for the Group[148] - For the six months ended 30 September 2021, the total revenue was HK$169,383,000, with Contracting segment contributing HK$168,591,000 and Building Solutions segment contributing HK$265,000[159] - The segment profit for Contracting was HK$16,678,000, while Building Solutions reported a loss of HK$1,636,000, resulting in a total segment profit of HK$15,486,000[159] - Revenue from external customers for the Contracting segment in Hong Kong for the six months ended 30 September 2021 was HK$168,591,000, while there was no revenue from Macau[174] - Revenue from Building Solutions was HK$265,000 for the six months ended September 30, 2021, with no prior year data available[193] Strategic Focus and Market Conditions - The Group focuses on investments in the built environment, with subsidiaries providing contracting and building solutions services[18][19] - The Group is focusing on property development opportunities in Australia, Japan, Hong Kong, and Ireland[51] - Recent indications suggest potential relaxation of border controls between Hong Kong, Macau, and Mainland China, which could improve market conditions[41] - The ongoing Covid-19 pandemic continues to create uncertainty, particularly affecting the Macau market due to its reliance on tourism and gaming[39] - The Group anticipates slow and steady improvements in the business environment in 2022[41] - The decrease in revenue was mainly attributed to a reduction in the number of sizeable projects available in the market due to the impact of Covid-19 and the ongoing recovery issues in the Macau market since 2020[64][65] Financial Management and Risks - The Group maintained a prudent financial management approach, continuously assessing credit risks and monitoring liquidity positions[77] - The Group's exposure to foreign currency risks was mainly from certain listed equity investments denominated in Australian dollars and British pounds, but no significant risks were anticipated[80] - The Group recognized net realized and unrealized losses on financial assets at FVTPL of approximately HK$0.4 million, significantly improved from fair value losses of approximately HK$3.4 million in the previous year[72][74] - The company is focusing on enhancing its financial asset management strategies to improve overall gains in future periods[192] Employee and Operational Metrics - Total staff costs for the six months ended 30 September 2021 were approximately HK$29.1 million, a decrease from approximately HK$31.2 million for the same period in 2020[80] - As at 30 September 2021, the Group had 90 employees, down from 103 employees as at 30 September 2020[80] Dividends and Shareholder Returns - The company declared a dividend of HK$32,000 during the period[113] - Dividends received from investments in listed equities classified as financial assets at FVTPL increased to approximately HK$0.9 million from HK$0.4 million year-on-year[72][74] - Dividend income from financial assets at FVTPL increased to HK$935,000 in 2021 from HK$418,000 in 2020, representing a growth of 123.5%[192]

Financial Performance - Revenue for the year ended March 31, 2021, was HK$556.7 million, a decrease of 5.8% from HK$591.1 million in 2020[11]. - Gross profit for the same period was HK$79.4 million, representing a gross margin of approximately 14.2%[11]. - Profit before income tax expense increased significantly to HK$55.8 million, up 120.6% from HK$25.3 million in 2020[11]. - Profit attributable to the owners of the Company for the year was HK$54.4 million, a substantial increase of 151.5% compared to HK$21.6 million in the previous year[11]. - Basic and diluted earnings per share rose to 6.8 HK cents, reflecting a 151.9% increase from 2.7 HK cents in 2020[11]. - The Group's contracting revenue for the year ended March 31, 2021, was approximately HK$511.0 million, representing a decrease of approximately HK$80.2 million or 13.6% compared to the previous financial year[97]. - The Group's gross profit from contracting decreased by approximately HK$16.6 million or 32.0%, resulting in a gross profit margin decline to approximately 6.9% from 8.8%[99]. - Total revenue for the year was approximately HK$510,958, with fitting-out projects contributing 95.2% and A&A projects contributing 4.8%[87]. - The Group's revenue from fitting-out projects decreased from HK$567.1 million to HK$486.3 million, a decline of approximately 14.2%[97]. Assets and Liabilities - Total assets as of March 31, 2021, were HK$396.2 million, a slight decrease from HK$399.3 million in 2020[12]. - Total bank borrowings increased to HK$181.5 million, representing a 34.3% increase from HK$135.1 million in 2020[12]. - The current ratio remained stable at 1.5, indicating consistent liquidity management[12]. - As at 31 March 2021, the Group had current assets of approximately HK$330.2 million, including cash and cash equivalents of approximately HK$87.1 million[114]. - The Group's current liabilities amounted to approximately HK$213.8 million as at 31 March 2021, resulting in a current ratio of approximately 1.5 times[114]. - The gearing ratio of the Group was 2.3% as at 31 March 2021, down from 4.1% in 2020[115]. - The Group did not have any significant capital commitments as of March 31, 2021[118]. - The Group had no material contingent liabilities as of March 31, 2021, compared to none in 2020[135]. Strategic Investments - The Group focuses on investments in the built environment, with subsidiaries providing contracting and building solutions services[24]. - The Group's strategic investments have taken advantage of depressed markets in the UK, Australia, and Hong Kong to invest in blue-chip, dividend-yielding companies[58][66]. - The Group is exploring potential investment opportunities in property development projects outside of Hong Kong to secure further profits[62][66]. - The strategic investments division registered a segment profit of approximately HK$43.9 million for the year ended March 31, 2021[57]. - The Group's strategic investments began during the initial stage of the Covid-19 outbreak, successfully capitalizing on the depressed stock markets[100]. Impact of Covid-19 - The ongoing Covid-19 pandemic has significantly impacted the Macau market, leading to a catastrophic drop in revenue for the hotel and casino industry[47]. - Several projects have been postponed or canceled due to the pandemic, affecting tendering opportunities and entry margins on secured projects[46]. - The Group is hopeful that the opening of borders between Macau and Hong Kong will allow for re-staffing and new project opportunities[54][59]. - The Group has implemented a vaccination initiative to promote employee vaccination, aiming for at least 70% of staff to achieve herd immunity[64][68]. Management and Governance - The company has complied with all corporate governance code provisions except for A.2.1, which states that the roles of chairman and CEO should be held by different individuals[151]. - Neil David Howard has served as both chairman and CEO since June 2016, overseeing overall management and business development for over 14 years[154]. - The board believes that the current arrangement of Mr. Howard holding both positions is beneficial and aligns with the interests of the company and its shareholders[151]. - The company will continue to review the situation and consider separating the roles of chairman and CEO at an appropriate time[151]. - The company is focused on providing independent advice through its board members, enhancing governance and oversight[168]. - The management team includes professionals with extensive backgrounds in property services, construction, and legal fields, ensuring a diverse skill set[170]. - The company emphasizes the importance of independent directors in maintaining transparency and accountability[165]. Employee and Operational Insights - Total staff costs for the year ended March 31, 2021, were approximately HK$66.7 million, a decrease from approximately HK$71.3 million for the previous year[135]. - The Group had 97 employees as of March 31, 2021, down from 109 in 2020[135]. - The company is focused on expanding its operations in Macau under Mr. Lui's leadership, aiming for growth in that market[176]. - The management team is committed to maintaining high standards in project management and financial oversight, leveraging their extensive industry experience[180]. - The company continues to prioritize strategic recruitment to support project-related staffing needs, enhancing its competitive edge[172]. Project Management and Tendering - Profitability is dependent on a consistent stream of tender opportunities, highlighting the importance of a stringent project management system to control costs and maintain positive cash flow[199]. - The Group places high importance on tender strategies, prudent execution of works, and diligent monitoring of commercial aspects of projects[200].

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$258.5 million, a decrease of 19.8% compared to HK$322.2 million in the same period of 2019[7] - Gross profit decreased by 33.4% to HK$20.8 million from HK$31.1 million year-on-year[7] - Profit before income tax expense fell by 32.4% to HK$12.4 million, down from HK$18.3 million in the previous year[7] - Profit attributable to the owners of the Company decreased by 30.1% to HK$10.7 million, compared to HK$15.4 million in the prior period[7] - Basic and diluted earnings per share were HK$1.3, a decline of 31.6% from HK$1.9 in the same period last year[7] - Profit and total comprehensive income for the period was HK$10,596,000, compared to HK$15,365,000 in the previous year, representing a decrease of 30.8%[88] - Profit before income tax expense for the six months ended 30 September 2020 was HK$12,358,000, a decrease of 32.9% compared to HK$18,277,000 in 2019[100] - For the six months ended 30 September 2020, the profit attributable to owners of the Company was approximately HK$10,745,000, a decrease of 30.5% compared to HK$15,365,000 for the same period in 2019[187] Assets and Liabilities - Total assets as of September 30, 2020, were HK$388.5 million, a decrease of 2.7% from HK$399.3 million as of March 31, 2020[10] - Total current assets as of 30 September 2020 were HK$316,977,000, a decrease from HK$381,241,000 as of 31 March 2020[91] - Total current liabilities decreased to HK$240,918,000 from HK$261,060,000, indicating a reduction of 7.7%[91] - Net current assets were HK$76,059,000, down from HK$120,181,000, reflecting a decline of 36.7%[91] - The Group's total segment assets as of September 30, 2020, amounted to HK$329,212, with unallocated assets of HK$59,298, bringing total assets to HK$388,510[141] - Total segment liabilities were HK$242,684, with unallocated liabilities totaling HK$36,094, resulting in total liabilities of HK$242,778[141] Market Conditions - The Hong Kong market has seen a significant reduction in the number and size of projects due to the impact of the COVID-19 pandemic[22] - The decrease in revenue was mainly due to a reduction in the number of sizeable projects available in the market due to the impact of COVID-19 and a slowdown in the Macau market[52] - Revenue from Hong Kong projects was HK$261.5 million, accounting for 100% of total revenue, while Macau contributed only HK$9, representing 0% of total revenue[50] - The travel ban between Macau and Mainland China has been relaxed, and trade is beginning to return, although the Macau business has not yet contributed to revenue[30] - The Company anticipates a rebound in business sentiment and improved results following the approval and administration of COVID-19 vaccines[40] Investments and Subsidiaries - The Group has diversified its offerings with new subsidiaries focusing on air quality monitoring and investment in well-managed companies[18] - The Company aims to make meaningful investments in companies that align with its existing business philosophy[18] - The Group's initial investments have focused on large blue-chip organizations with a history of issuing dividends, taking advantage of historic lows in share prices due to COVID-19[32] - The Group has secured four distribution agreements for the Asia region and has begun marketing these products to potential clients in Hong Kong[31] - The Company expects the Building Solutions business to begin contributing to results in 2021[31] Cash Flow and Expenses - Net cash used in operating activities was HK$82,154,000 for the six months ended 30 September 2020, compared to a net cash generated of HK$21,977,000 in 2019[100] - The company experienced a net decrease in cash and cash equivalents of HK$84,295,000 for the six months ended 30 September 2020, compared to an increase of HK$19,578,000 in 2019[104] - Total staff costs for the six months ended 30 September 2020 were approximately HK$31.2 million, down from approximately HK$39.2 million for the same period in 2019, reflecting a reduction of about 20.3%[73] - Administrative and other operating expenses for the six months ended September 30, 2020, were approximately HK$12.3 million, a decrease of approximately HK$0.9 million or 6.5% from HK$13.2 million in the previous year[58] - Interest expenses on lease liabilities amounted to HK$167,000, while interest income was recorded at HK$388,000[100] Employee and Operational Metrics - As of 30 September 2020, the Group had 103 employees, a decrease from 111 employees as of 30 September 2019[73] - Depreciation of right-of-use assets increased to HK$1,217,000 from HK$812,000 in the previous year, reflecting a rise of 50%[100] - Short-term lease expenses decreased to HK$209,000 for the six months ended 30 September 2020, down 64.2% from HK$583,000 in the previous year[176] Segment Information - The Group has two reportable segments: Contracting, which provides renovation services in Hong Kong and Macau, and Investment Holdings, which involves investments in listed securities[134] - The Group's revenue from contracts with customers is primarily derived from the Contracting segment, focusing on private sector property projects[134] - Segment profit for Contracting was HK$11,927, while Investment Holdings reported a loss of HK$3,650, leading to a total segment profit of HK$8,277[157] Other Financial Information - The Group's interim financial statements are presented in Hong Kong dollars (HKD) and all values are rounded to the nearest thousand[125] - The Group did not engage in any derivatives activities or commit to any financial instruments to hedge foreign currency risk during the six months ended 30 September 2020[68] - The Group did not have any significant capital commitments as of 30 September 2020, consistent with the position as of 31 March 2020[68] - The interim dividend declared for the six months ended 30 September 2020 is HK1.0 cent per ordinary share, totaling HK$8,000,000, unchanged from the previous year[190]

Financial Performance - For the year ended March 31, 2020, the Group recorded a profit after tax of approximately HK$21.6 million, an increase of 3.7% from HK$20.9 million in 2019[22]. - Total revenue for the same period was approximately HK$591.1 million, a slight decrease of 0.4% from HK$593.4 million in 2019[22]. - The Group's gross profit for the year ended March 31, 2020, was approximately HK$51.9 million, a slight increase of approximately HK$0.1 million or 0.3% from HK$51.7 million in the previous year[69]. - The gross profit margin increased to approximately 8.8% for the year ended March 31, 2020, up from approximately 8.7% in the previous year[69]. - Administrative and other operating expenses decreased by approximately HK$0.4 million or 1.3% to approximately HK$27.4 million for the year ended March 31, 2020[70]. - The Group recorded an income tax expense of approximately HK$3.7 million for the year ended March 31, 2020, with an effective tax rate of approximately 14.5%[77]. - The Group's reserves available for distribution as of March 31, 2020, were approximately HK$116.8 million, including share premium and retained earnings[196]. - An interim dividend of HK1.0 cent per share, totaling HK$8.0 million, was paid to shareholders on January 16, 2020[188]. - The Board refrained from recommending a final dividend for the year ended March 31, 2020, due to uncertainties related to COVID-19[187]. - The Company has improved its performance compared to the previous year, indicating a positive trend in financial results[186]. Assets and Liabilities - Total assets increased by 11.9% to HK$399.3 million as of March 31, 2020, compared to HK$356.9 million in 2019[6]. - Shareholders' equity rose by 1.2% to HK$135.1 million from HK$133.5 million in the previous year[6]. - As of March 31, 2020, the Group had current assets of approximately HK$381.2 million, including cash and cash equivalents of approximately HK$195.7 million[80]. - The Group's cash and cash equivalents amounted to approximately HK$195.7 million as of March 31, 2020, compared to HK$109.4 million in 2019[84]. - The gearing ratio as of March 31, 2020, was 4.1%, compared to nil in 2019[87]. - The Group had no bank borrowings as of March 31, 2020, and no financial instruments were used for hedging purposes[79]. - The Group did not have any significant capital commitments as of March 31, 2020[90]. Market Conditions and Opportunities - The Group's profitability is dependent on a consistent stream of tendering opportunities, highlighting the importance of effective project management[22]. - Due to the trade war, social unrest, and pandemic, there has been a reduction in tendering opportunities and increased competition for projects[44]. - The Macau market has been severely impacted, with a significant reduction in spending by hotel and casino groups, leading to limited tender opportunities[44]. - The company plans to expand marketing efforts beyond the hotel and casino industry to secure a wider range of projects[52]. - The company is optimistic about the construction industry's recovery as countries begin to reopen and a vaccine is distributed globally[50]. Project Management and Operations - The Group completed 18 projects and was awarded 18 projects during the year, with 17 being fitting-out projects and one an alteration and addition (A&A) project[22]. - The Group focuses on renovation services as a main contractor for property projects in the private sector in Hong Kong and Macau[20]. - The company has secured a significant number of high-quality projects in the fitting-out and A&A markets during the year ended March 31, 2020[44]. - The company has successfully secured new work, including projects for an international bank and an international school organization[49]. - The Group's performance evaluation includes regular assessments of subcontractor performance to maintain competitiveness in bidding[182]. Corporate Governance and Management - The Company confirmed compliance with all Corporate Governance Code provisions, except for a deviation from code provision A.2.1, throughout the year ended March 31, 2020[98]. - The company has a strong board with diverse expertise in construction, property valuation, and financial management[120]. - The management team has a proven track record in their respective fields, contributing to the company's strategic direction[122]. - The company aims to leverage the extensive experience of its directors to drive growth and operational efficiency[120]. - The independent non-executive directors are responsible for providing independent advice and oversight to the Board[114]. Environmental and Social Responsibility - The Group is committed to minimizing its environmental impact and has established internal guidelines for environmental protection compliance[165]. - The Group actively communicates with subcontractors and suppliers to ensure high-quality and sustainable products and services[178]. - The Group ensures all staff are reasonably remunerated and provides health and safety training, along with proper whistle-blowing procedures[169]. - The Group has complied with relevant laws and regulations that significantly impact its business and operations during the reporting period[167]. Workforce and Employment - Total staff costs for the year ended March 31, 2020, were approximately HK$71.3 million, an increase from approximately HK$61.4 million for the year ended March 31, 2019, reflecting a year-on-year increase of about 16%[93]. - The Group had 109 employees as of March 31, 2020, compared to 105 employees in 2019, indicating a growth in workforce[93]. Future Outlook - The outbreak of COVID-19 in early January 2020 has not significantly impacted the Group's business up to the report date, but future project acquisition capabilities may be affected[96]. - The Group will remain vigilant and adapt strategies to mitigate the impact of COVID-19 on its operations moving forward[96]. - There were no significant events after the reporting period up to the date of this annual report[180].

Financial Performance - For the six months ended 30 September 2019, the Company recorded revenue of approximately HK$322.2 million, a decrease of 2.5% compared to HK$330.5 million in the same period of 2018[5] - Gross profit for the same period was approximately HK$31.1 million, representing an increase of 6.8% from HK$29.2 million in the previous year[5] - Profit before income tax expense was HK$18.3 million, up 7.4% from HK$17.0 million in the prior year[5] - Profit for the period was approximately HK$15.4 million, reflecting a 7.4% increase compared to HK$14.3 million in the same period last year[5] - Basic and diluted earnings per share increased by 5.6% to 1.9 HK cents from 1.8 HK cents[5] - The Group's profit for the period amounted to approximately HK$15.4 million, representing an increase of approximately HK$1.1 million or 7.4% compared to approximately HK$14.3 million for the same period last year[68] - Total comprehensive income for the period was HK$15,365,000, an increase from HK$14,305,000 in the same period last year[105] Revenue Breakdown - Revenue from fitting-out projects accounted for 92.7% of total revenue, increasing from 79.4% in the previous year, while A&A projects decreased to 7.3% from 20.6%[56] - The Group's revenue from Hong Kong projects was HK$290.6 million, accounting for 90.2% of total revenue, while Macau contributed HK$31.6 million or 9.8%[54] - Revenue from external customers for the six months ended September 30, 2019, was HK$322,192,000, a decrease of 2.0% from HK$330,497,000 in 2018[192] - Revenue from Hong Kong was HK$290,619,000, down 11.3% from HK$327,554,000 in the previous year[192] - Revenue from Macau significantly increased to HK$31,573,000 from HK$2,943,000, representing a growth of 973.5%[192] Assets and Liabilities - As of 30 September 2019, total assets amounted to HK$416.1 million, an increase of 16.6% from HK$356.9 million as of 31 March 2019[8] - As of September 30, 2019, the Group had current assets of approximately HK$409.4 million, up from HK$356.5 million as of March 31, 2019, with cash and cash equivalents of approximately HK$128.9 million[75] - The Group's current liabilities amounted to approximately HK$274.9 million as of September 30, 2019, compared to HK$223.4 million as of March 31, 2019, resulting in a current ratio of around 1.5[75] - Total equity as of 30 September 2019 was HK$136,872,000, an increase from HK$133,507,000 as of 31 March 2019[109] - As of 30 September 2019, total assets less current liabilities amounted to HK$141,239,000, compared to HK$133,507,000 as of 31 March 2019[109] Borrowings and Financial Position - Total bank borrowings stood at HK$136.9 million, compared to HK$133.5 million previously[8] - As of September 30, 2019, the Group had no bank borrowings, indicating a strong financial position without reliance on debt[68] - The Group had no borrowings as of September 30, 2019, leading to a gearing ratio of nil[75] - The Group maintained a healthy liquidity position throughout the review period, with ongoing assessments of customer credit status to reduce credit risk[75] Operational Highlights - The Company completed seven projects and was awarded twelve new projects during the reporting period, including eleven fitting-out projects and one alteration and addition project[19] - The Hong Kong market remained buoyant with a healthy level of tender opportunities during the period[29] - The volume of tender opportunities in Hong Kong has been significant, with confidence in securing sufficient work for project teams despite social unrest concerns[44] - The Group's Macau operations are focused on constructing a high-end restaurant in a client's hotel and casino property, with ongoing tender submissions for future projects[35] Staff and Expenses - Total staff costs for the six months ended September 30, 2019, were approximately HK$39.2 million, compared to approximately HK$37.5 million for the same period in 2018[82] - The Group employed 111 staff as of September 30, 2019, an increase from 109 staff as of September 30, 2018[82] - Administrative and other operating expenses for the six months ended 30 September 2019 were approximately HK$13.2 million, an increase of approximately HK$0.7 million or 5.9% from the previous year[70] Cash Flow and Investments - Net cash generated from operating activities was HK$21,977,000, compared to a net cash used of HK$4,233,000 in the same period last year[117] - The total cash flows from operating activities showed a significant improvement, with cash generated from operations reaching HK$23,040,000, compared to cash used of HK$3,365,000 in the previous year[117] - Net cash used in investing activities amounted to HK$1,684,000, a decline from net cash generated of HK$2,472,000 in the prior year[117] - The company paid dividends amounting to HK$715,000 during the period[117] Accounting Standards and Policies - The adoption of HKFRS 16 resulted in significant changes in lease accounting, primarily affecting lessees, where almost all leases are recognized as right-of-use assets and lease liabilities[146] - The Group has applied HKFRS 16 using the cumulative effect approach, with no right-of-use assets or lease liabilities recognized as of April 1, 2019[151] - The Group has taken advantage of practical expedients for leases previously classified as operating leases under HKAS 17[151] - The application of HKFRS 16 has introduced new significant judgements and estimation uncertainties in the financial reporting[187] - The Group's financial statements are prepared based on the same significant judgements and estimation uncertainties as the annual financial statements for the year ended March 31, 2019[187]

Financial Performance - For the year ended March 31, 2019, the Group recorded revenue of approximately HK$593.4 million, an increase of 2.1% from HK$581.0 million in 2018[6] - The profit for the year was approximately HK$20.9 million, representing a 14.7% increase compared to HK$18.2 million in 2018[6] - Basic and diluted earnings per share increased to 2.6 HK cents, up 13.0% from 2.3 HK cents in the previous year[6] - The Group's gross profit for the year was HK$51.7 million, a decrease of 2.7% from HK$53.2 million in the previous year[6] - The Group's gross profit decreased by approximately HK$1.5 million or approximately 2.7%, resulting in a gross profit margin of approximately 8.7%, down from 9.2%[66] - Profit for the year amounted to approximately HK$20.9 million, representing an increase of approximately HK$2.7 million or approximately 14.7% from the previous year[70] Assets and Liabilities - Total assets as of March 31, 2019, were HK$356.9 million, reflecting a 20.7% increase from HK$295.6 million in 2018[6] - Shareholders' equity decreased to HK$133.5 million, down 5.1% from HK$140.7 million in 2018[6] - The Group had no bank borrowings as of March 31, 2019, resulting in a gearing ratio of nil[77] - The Group had no debt as of March 31, 2019, resulting in a debt-to-equity ratio of zero[81] - The Group's current liabilities were approximately HK$223.4 million as of March 31, 2019, compared to HK$154.9 million as of March 31, 2018, resulting in a current ratio of approximately 1.6 times[80] Project and Market Activity - The Group completed 15 projects and was awarded 16 projects during the fiscal year, with 15 being fitting-out projects and one an alteration and addition project[21] - The Group has secured a steady stream of new projects during the year ended March 31, 2019, including projects from property developers, an insurance company, and an investment bank[32] - The Hong Kong market remains buoyant with a healthy level of tendering opportunities, and the Group has secured sufficient work to keep teams fully occupied throughout the first half of the financial year ending March 31, 2020[41] - The Group has experienced an improvement in the operating environment in Macau, securing three new projects during the year ended March 31, 2019[33] - The Group's profitability is dependent on a consistent stream of tendering opportunities due to the project-based nature of its business[21] Staffing and Management - The Group is facing challenges in hiring experienced project-related staff in Hong Kong, which is a significant restriction on growth in this market[32] - The Group plans to restructure its team in Macau to undertake more projects simultaneously and remains cautiously optimistic about improved financial results[45] - Total staff costs for the year ended March 31, 2019, were approximately HK$61.4 million, compared to approximately HK$65.4 million for the year ended March 31, 2018[87] - The Group had 105 employees as of March 31, 2019, an increase from 101 employees as of March 31, 2018[87] Strategic Initiatives - The Group is exploring potential acquisition opportunities to boost its presence in related industries and other territories[49] - The Group aims to expand marketing efforts beyond the hotel and casino industry to secure a wider range of projects[47] - The Group's tendering strategies are focused on maintaining a balance between revenue desires and project team capabilities[31] Compliance and Governance - The company confirms compliance with all Corporate Governance Code provisions except for a deviation from code provision A.2.1[93] - There were no material breaches of applicable laws and regulations during the year ended 31 March 2019, indicating compliance with significant legal requirements[165] - The Group maintained a prudent treasury policy, continuously assessing customer credit and financial conditions to mitigate credit risk[82] Dividends and Shareholder Information - The Board recommended a final dividend of HK1.5 cents per share for the year ended 31 March 2019, totaling approximately HK$12.0 million based on 800,000,000 shares in issue[182] - An interim dividend of HK1.0 cent per share was paid, amounting to HK$8.0 million on 18 January 2019[183] - As of 31 March 2019, the reserves available for distribution were approximately HK$92.8 million, including share premium and retained earnings[197] - The Company does not have a fixed dividend distribution ratio, considering various factors before proposing any dividend payout[179] Future Outlook - Future outlook remains positive, with management guiding for a revenue growth of 10-12% for the upcoming fiscal year, driven by new project acquisitions and market expansion strategies[141] - IBI Group is actively investing in new technologies, with a budget allocation of HKD 50 million for R&D in innovative construction solutions over the next two years[141] - The company is exploring potential mergers and acquisitions to enhance its market position, with a focus on firms that complement its existing service offerings[141]