香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 IBI Group Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：1547） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 中 期 業 績 公 告 財務摘要 截至九月三十日 止六個月 增加╱ 二零二三年 二零二二年 （減少） 千港元 千港元 （未經審核） （未經審核） 收益及其他收益╱（虧損） 216,856 176,634 22.8% 毛利 12,716 19,307 (34.1)% 除所得稅開支前（虧損）╱溢利 (4,869) 869 (660.3)% ...

Financial Performance - Revenue for the year ended 31 March 2023 was HK$ 308.5 million, a decrease of 24.0% compared to HK$ 405.9 million in 2022[8] - Gross profit decreased by 46.6% to HK$ 36.3 million from HK$ 68.0 million in the previous year[8] - Profit before income tax expense fell by 88.5% to HK$ 3.9 million, down from HK$ 33.7 million in 2022[8] - Profit attributable to the owners of the Company for the year was HK$ 2.8 million, a decrease of 89.6% from HK$ 27.0 million in 2022[8] - The Group's revenue for the year ended March 31, 2023, was approximately HK$297.4 million, representing a decrease of approximately HK$106.5 million or 26.4% compared to the previous financial year[83] - The gross profit from contracting decreased by approximately HK$39.2 million or 58.1%, from approximately HK$67.4 million in 2022 to approximately HK$28.2 million in 2023[84] - The gross profit margin from contracting decreased to approximately 9.5% in 2023 from approximately 16.7% in 2022[84] - The Group recorded income tax expense of approximately HK$1.4 million for the year ended March 31, 2023, down from HK$7.2 million in 2022, representing an effective tax rate of approximately 36.4%[92] - The Group recorded a profit attributable to the owners of approximately HK$2.8 million for the year ended March 31, 2023, representing a decrease of approximately HK$24.2 million or 89.6% from HK$27.0 million for the year ended March 31, 2022, primarily due to decreased revenue from the contracting segment[98] Assets and Liabilities - Total assets increased by 1.6% to HK$ 322.7 million as of 31 March 2023, compared to HK$ 317.7 million in 2022[8] - Total bank borrowings amounted to HK$ 80.8 million, which was not applicable in the previous year[8] - Shareholders' equity decreased by 2.7% to HK$ 164.0 million from HK$ 168.5 million in 2022[8] - The Group's current assets as of March 31, 2023, were approximately HK$185.9 million, down from HK$296.4 million in 2022, with cash and cash equivalents of approximately HK$58.9 million[100] - The Group's gearing ratio as of March 31, 2023, was approximately 50.8%, significantly up from 2.7% in 2022, indicating increased leverage[101] - As of March 31, 2023, pledged deposits totaled approximately HK$6.5 million, a decrease from HK$14.9 million in 2022[138] Operational Highlights - The Group completed and was awarded 18 fitting-out projects during the year, generating a segment profit from contracting of approximately HK$7.4 million[35][40] - The strategic investments division registered a segment loss of approximately HK$0.3 million due to foreign currency exchange differences, while the Group invested approximately HK$10 million in a large Real Estate Investment Trust[50][51] - The property investments division also recorded a segment loss of approximately HK$0.3 million, with the acquisition of Adelaide Chambers, a building with approximately 20,000 square feet of commercial office space in Dublin[59][60][66] - The Group is optimistic about the future, expecting significant improvements in construction project initiation and tendering success rates following the lifting of Covid-related restrictions in Hong Kong[63][64] - The number of tendering opportunities has decreased significantly, leading to reduced turnover and modest project margins in the contracting sector[36][40] - The Group is committed to enhancing the value of its assets through upgrades and improvements, particularly for the Adelaide Chambers property[61][68] - The Group anticipates a significant improvement in financial performance due to increased construction project activity following the lifting of Covid-19 restrictions in Hong Kong[69] Management and Governance - Mr. Neil David Howard has been with the Group for over 16 years, serving as a director since November 2006 and as CEO since June 2016[154] - Mr. Steven Paul Smithers has over 28 years of experience in the construction industry and joined the Group in May 2006 as a senior project manager[162] - Mr. Robert Peter Andrews has over 32 years of experience in the construction industry and has been an independent non-executive Director since September 2016[167] - Mr. David John Kennedy was appointed as an independent non-executive Director on June 30, 2019, and has held various senior financial roles prior to this appointment[170] - The Group's directors have extensive backgrounds in construction and management, enhancing the company's strategic capabilities[167] - The leadership team is focused on providing independent advice and oversight to ensure effective governance and operational efficiency[170] - The company has established a strong management team with diverse backgrounds in law, finance, and project management, enhancing its operational capabilities[176][180] - The company is focused on expanding its market presence in the real estate and construction sectors through strategic hiring and project management[178] - The management team is committed to improving operational efficiency and project delivery timelines, leveraging their extensive industry experience[183] - The board includes members with significant experience in both local and international markets, providing valuable insights for strategic decisions[179] - The company is actively pursuing opportunities for growth through potential mergers and acquisitions in the construction sector[181] Employee and Staffing - Total staff costs for the year ended March 31, 2023, were approximately HK$56.7 million, down from approximately HK$68.5 million for the year ended March 31, 2022[140] - The Group had 90 employees as of March 31, 2023, compared to 98 employees in the previous year[140] Investments and Dividends - The Group acquired an investment property in Dublin, Ireland, generating gross rental income of approximately HK$5.6 million during the year[90] - The Group received dividends from financial assets at FVTPL of approximately HK$0.2 million in 2023, down from HK$1.9 million in 2022[89] - The Group received dividends of approximately HK$0.2 million during the year ended March 31, 2023, and sold listed equity securities for approximately HK$16.8 million, recognizing a net loss of approximately HK$0.7 million[128] - The Group acquired a property in Dublin, Ireland, generating gross rental income of approximately HK$5.6 million for the year ended March 31, 2023, but also recognized a fair value loss of approximately HK$2.4 million[128] Financial Oversight - The Group's administrative and other operating expenses for the year ended March 31, 2023, were approximately HK$30.8 million, a decrease of approximately HK$3.3 million or 9.8% from approximately HK$34.1 million in 2022[91] - The Group's administrative and other operating expenses for the year ended March 31, 2023, were approximately HK$30.8 million, a decrease of about HK$3.3 million or 9.8% from HK$34.1 million for the year ended March 31, 2022, mainly due to reduced employee costs and effective cost control[95]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 IBI Group Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：1547） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 全 年 業 績 公 告 財務摘要 截至三月三十一日 止年度 二零二三年 二零二二年 增加╱（減少） 千港元 千港元 收益及其他收益╱（虧損） 308,517 405,878 (24.0)% 毛利 36,304 67,952 (46.6)% 除所得稅開支前溢利 3,859 33,692 (88.5)% 本公司擁有人應佔年內溢利 2,800 27,010 (89.6)% ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$176.6 million, an increase of 4.3% compared to HK$169.4 million in the same period of 2021[8]. - Gross profit decreased significantly to HK$19.3 million, down 34.3% from HK$29.4 million year-on-year[8]. - Profit before income tax expense fell to HK$0.9 million, a decrease of 94.1% from HK$14.7 million in the previous year[8]. - The loss attributable to the owners of the Company for the period was HK$0.2 million, compared to a profit of HK$12.4 million in the same period last year, marking a 101.3% decline[8]. - Total revenue for the six months ended 30 September 2022 remained stable at HK$175.4 million compared to HK$168.6 million in the previous year[72]. - Total comprehensive income for the period was a loss of HK$2.1 million, compared to a profit of HK$12.0 million in the same period last year[111]. - The Group's loss attributable to the owners for the six months ended 30 September 2022 amounted to approximately HK$0.2 million, a decrease of approximately HK$12.5 million or 101.3% compared to a profit of approximately HK$12.4 million for the same period in 2021[90]. Assets and Liabilities - Total assets increased by 11.6% to HK$354.7 million as of September 30, 2022, up from HK$317.7 million as of March 31, 2022[8]. - As of 30 September 2022, total assets amounted to HK$213.7 million, a decrease from HK$296.4 million as of 31 March 2022[115]. - Current liabilities totaled HK$141.0 million, down from HK$148.3 million as of 31 March 2022[115]. - The gearing ratio of the Group was approximately 38.1% as at 30 September 2022, significantly up from 2.7% as at 31 March 2022[97]. - As at 30 September 2022, the Group had current assets of approximately HK$224.0 million, down from HK$296.4 million as at 31 March 2022[90]. Cash Flow and Financial Position - Cash flows from operating activities resulted in a net cash outflow of HK$18,174,000, a significant decrease from the inflow of HK$80,703,000 in the previous year[123]. - The Group's cash and cash equivalents were approximately HK$63.6 million as at 30 September 2022, a decrease from HK$141.6 million as at 31 March 2022[90]. - The company declared a dividend of HK$8,000,000 during the period, maintaining the same level as the previous year[120]. Segment Performance - The Group completed 11 projects and was awarded 10 projects during the same period, all of which were fitting-out projects, resulting in a segment profit from contracting of approximately HK$9.7 million[36]. - Segment profit for Contracting was HK$9,746,000, while Building Solutions incurred a loss of HK$940,000, and Strategic Investments had a loss of HK$4,457,000, resulting in a total segment profit of HK$4,349,000[167]. - Revenue from fitting-out projects and A&A projects was HK$151.6 million and HK$23.8 million, accounting for 86.4% and 13.6% of total revenue, respectively[71]. Strategic Focus and Market Outlook - The Group aims to expand its reach geographically and enter new market sectors through its strategic investments division, focusing on the built environment[30]. - The Group remains optimistic about the recovery of the Macau market once border policies ease, despite current challenges due to Covid-19 restrictions[41]. - The Group anticipates further interest rate increases in the coming year, but expects these increases to reduce in both frequency and size[48]. Employee and Operational Metrics - As of September 30, 2022, the Group had 95 employees, an increase from 90 employees as of September 30, 2021[106]. - Total staff costs for the six months ended September 30, 2022, were approximately HK$33.3 million, compared to approximately HK$29.1 million for the same period in 2021, reflecting an increase of about 7.6%[106]. Investment Activities - The Group acquired an investment property located in Dublin, Ireland, and received rental income of approximately HK$2.3 million during the reporting period[86]. - The Group's listed equity investments at fair value through profit or loss amounted to approximately HK$13.0 million as of September 30, 2022, down from HK$16.1 million as of March 31, 2022[108]. - The Group recognized net realized and unrealized losses on financial assets at FVTPL of approximately HK$3.1 million, compared to a loss of approximately HK$0.4 million for the same period last year[86]. Accounting and Reporting - The unaudited condensed consolidated interim financial statements were prepared in accordance with HKAS 34 and do not include all the information required for annual financial statements[143]. - The financial statements are presented in Hong Kong dollars (HK$), which is the company's functional currency[153]. - Significant judgments and estimates have been made in preparing the financial statements, which may differ from actual results[152].

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]