Financial Performance - Revenue for 2020 decreased by 9.1% to approximately HKD 435.8 million from HKD 479.5 million in 2019[19] - The company recorded a gross loss of approximately HKD 25.6 million, compared to a gross profit of HKD 97.2 million in the previous year, resulting in a gross margin of -5.9%[12] - Adjusted loss for the year was approximately HKD 47.8 million, down from an adjusted profit of HKD 59.2 million in 2019[19] - The company recorded revenue of approximately HKD 435.8 million for the year, a decrease of about 9.1% compared to HKD 479.5 million for the year ended December 31, 2019[29] - The company experienced a gross loss of approximately HKD 25.6 million, compared to a gross profit of HKD 97.2 million for the year ended December 31, 2019[29] - The company recorded a net loss of approximately HKD 47.8 million for the year, compared to a net profit of HKD 59.2 million for the year ended December 31, 2019[29] - The external wall engineering business recorded a gross loss of approximately HKD 54.8 million in 2020, compared to a gross profit of approximately HKD 38.4 million in 2019, due to unforeseen challenges from the COVID-19 pandemic[55] Project and Market Activity - The company secured 37 new design and build projects with a total contract value of approximately HKD 278.1 million during the year[21] - As of December 31, 2020, the company had 23 ongoing facade engineering projects valued at approximately HKD 1,256.1 million and 71 permanent hoisting projects valued at approximately HKD 360.7 million[21] - The company faced significant project delays due to the COVID-19 pandemic, impacting both the supply chain and project timelines, leading to increased costs[29] - The permanent hoist business's revenue significantly decreased due to major delays in new and ongoing projects caused by the pandemic[33] Cost Management and Financial Strategy - The company plans to implement stricter cost control measures to optimize cash flow management amid ongoing economic challenges[20] - The company aims to adopt a more competitive bidding pricing policy while strictly controlling production costs to achieve reasonable project gross margins[21] - The overall economic downturn in Hong Kong and intense market competition forced the company to adjust project pricing, resulting in a decrease in the number of change orders and gross margins[39] - The group’s administrative expenses decreased to approximately HKD 30.0 million for the year, down 34.0% from HKD 45.5 million for the year ended December 31, 2019, primarily due to the absence of listing expenses this year[47] Governance and Corporate Structure - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee[98] - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[96] - The company has received annual independence confirmation from all independent non-executive directors, affirming their independence[103] - The company will continue to review and improve its corporate governance practices to ensure compliance with the corporate governance code[97] - The board is responsible for overall leadership and monitoring the company's strategic decisions and performance[98] Environmental and Social Responsibility - The company has established a sustainable development strategy that includes environmental sustainability, respect for human rights, and maintaining relationships with local communities[164] - The company aims to reduce carbon emissions and carbon footprint through various carbon reduction measures in daily operations[190] - The total greenhouse gas emissions for the reporting year were approximately 149.51 tons, an increase of about 19.30% compared to 125.32 tons in 2019[186] - The company is committed to sustainable development and has not experienced any significant violations of environmental laws and regulations during the reporting year[182] Employee and Human Resource Management - The company has implemented comprehensive human resource management policies to ensure competitive employee benefits and fair compensation practices[200] - The company has 172 employees as of December 31, 2020, compared to 128 employees in 2019[188] - The company encourages employees to turn off all electrical appliances and use energy-efficient devices to further reduce greenhouse gas emissions[186]

Financial Performance - The company's revenue for the six months ended June 30, 2020, was approximately HKD 136.8 million, a decrease of about 40.4% compared to HKD 229.6 million in the same period of 2019[9]. - The gross loss recorded was approximately HKD 13.7 million, compared to a gross profit of approximately HKD 54.2 million in 2019[14]. - The company reported a loss before tax of approximately HKD 27.0 million, compared to a profit of HKD 32.3 million in the same period of 2019[9]. - Adjusted loss for the period was approximately HKD 24.8 million, down from a profit of approximately HKD 36.0 million in 2019, excluding one-time listing expenses of HKD 10.8 million[15]. - The group recorded revenue of approximately HKD 136.8 million for the period, a significant decrease of about 40.4% compared to HKD 229.6 million in the same period of 2019[23]. - The group reported a net loss of approximately HKD 24.8 million for the period, compared to an adjusted profit of approximately HKD 36.0 million in the same period of 2019[33]. - The company reported a loss of HKD 24,815,000 during the period, impacting retained earnings[121]. - The total comprehensive loss for the period amounted to HKD 32,497,000, reflecting the financial challenges faced[121]. Operational Challenges - The decline in performance was primarily due to unexpected increases in project costs and delays caused by the COVID-19 pandemic, affecting supplier deliveries and material quality[15]. - The permanent hoisting business experienced a significant revenue decrease due to the overall economic downturn in Hong Kong and intense market competition[17]. - The number of change order projects and gross margins decreased due to competitive pricing pressures in the market[17]. - The construction progress of several ongoing projects was unexpectedly delayed, leading to cost overruns and additional construction costs[15]. - The company faced increased legal and compliance costs post-listing, impacting overall profitability[17]. Financial Position - The group maintained a solid financial position with cash and cash equivalents of approximately HKD 148.4 million as of June 30, 2020, down from HKD 206.6 million as of December 31, 2019[37]. - The group did not recommend any dividend payment for the period, consistent with the previous period[20]. - As of June 30, 2020, the group's unutilized bank financing amounted to HKD 27.7 million, an increase from HKD 13.3 million as of December 31, 2019[38]. - The group's debt-to-equity ratio as of June 30, 2020, was approximately 2.1%, slightly down from 2.2% as of December 31, 2019[38]. - The company has maintained a prudent financial management strategy to ensure a robust liquidity position throughout the period[39]. Shareholder Information - The company has a total of 520,000,000 shares issued as of June 30, 2020[71]. - Major shareholders RR (BVI) Limited and SV (BVI) Limited each hold 195,000,000 shares, representing 37.5% ownership each[70][72]. - The total number of options granted under the pre-IPO share option plan is 23,400,000 shares, accounting for approximately 4.5% of the issued shares[86]. - The company aims to attract and retain experienced personnel through its share option plan[89]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2020, was a net outflow of HKD 70,465,000 compared to an inflow of HKD 11,691,000 in 2019, indicating a significant decline in operational performance[125]. - Cash inflow from investing activities was HKD 19,194,000 for the first half of 2020, a recovery from an outflow of HKD 807,000 in the same period of 2019, primarily due to the sale of financial assets[125]. - Cash inflow from financing activities increased to HKD 35,812,000 in 2020, up from HKD 24,782,000 in 2019, reflecting improved borrowing activities[125]. - The company reported a net decrease in cash and cash equivalents of HKD 59,621,000 for the first half of 2020, compared to a decrease of HKD 38,289,000 in 2019[125]. Assets and Liabilities - Total assets decreased from HKD 495,579,000 to HKD 415,387,000, a decline of approximately 16.2%[110]. - Total liabilities decreased from HKD 121,321,000 to HKD 76,668,000, a decline of about 36.8%[113]. - The company's equity attributable to owners decreased from HKD 374,258,000 to HKD 338,719,000, a drop of approximately 9.5%[110]. - Trade receivables and warranty receivables fell from HKD 40,996,000 to HKD 27,086,000, a reduction of approximately 33.9%[110]. Future Plans - The company aims to navigate these challenges by enhancing project management and operational efficiency in the upcoming periods[12]. - The group plans to adopt a more competitive bidding pricing policy and strictly control production costs to achieve reasonable project gross margins in the future[23]. - The group plans to utilize HKD 5.0 million for recruiting additional staff by the first half of 2021[47]. - The company has no significant plans for major investments or capital assets as of June 30, 2020[53].

Financial Performance - The company reported revenue of HKD 479.5 million for the year ended December 31, 2019, representing a 2.9% increase from HKD 466.1 million in 2018[8]. - Gross profit increased to HKD 97.2 million, with a gross margin of 20.3%, up from 19.5% in the previous year[8]. - Adjusted profit before tax was HKD 59.2 million, slightly down from HKD 59.4 million in 2018, indicating a decrease of approximately 0.5%[12]. - The net profit after tax decreased to HKD 41.1 million from HKD 98.9 million in 2018, primarily due to increased listing and administrative expenses[12]. - The group recorded a revenue of approximately HKD 479.5 million, an increase of 2.9% compared to HKD 466.1 million for the year ended December 31, 2018[25]. - The net profit for the year was approximately HKD 41.1 million, a decrease of about 58.5% from HKD 98.9 million for the year ended December 31, 2018[40]. - The group's net profit for 2019 was HKD 41.1 million, a decrease of 58.5% from HKD 98.9 million in 2018[41]. - Adjusted net profit for 2019 was HKD 59.2 million, slightly down from HKD 59.4 million in 2018[41]. Cash and Financial Position - The company maintained a healthy financial position with cash and bank balances of approximately HKD 133.3 million as of December 31, 2019[13]. - Cash and cash equivalents increased from HKD 70.1 million at the end of 2018 to HKD 133.3 million at the end of 2019[44]. - The group's total bank borrowings decreased from approximately HKD 8.9 million in 2018 to HKD 6.4 million in 2019, with an interest rate of 6.00% to 6.13%[44]. - The group's unused bank financing was approximately HKD 13.3 million as of December 31, 2019, down from HKD 65.8 million in 2018[45]. - The debt-to-equity ratio improved from 5.6% in 2018 to 2.2% in 2019[45]. Market and Business Strategy - The company plans to leverage its resources to seize opportunities for long-term development despite economic uncertainties[15]. - The company aims to expand its market presence beyond Hong Kong to mitigate risks associated with reliance on a single regional market[18]. - The listing on the Hong Kong Stock Exchange on November 8, 2019, is seen as a significant milestone for the company, providing additional capital for project acquisition and business expansion[11]. - The group expects significant revenue contributions from ongoing projects in the coming years[24]. Project and Operational Performance - The group completed a total of 30 design and construction projects during the year, with a total contract value of approximately HKD 736.7 million, representing an increase of about 50.4% from HKD 489.9 million as of December 31, 2018[23]. - The gross profit increased from approximately HKD 91.1 million to HKD 97.2 million, reflecting a growth of 6.7%[29]. - The gross profit margin improved from 19.5% to 20.3%, primarily due to an increase in the gross profit margin of permanent suspended working platforms[29]. - The group has 21 ongoing projects related to facade engineering with a total contract value of approximately HKD 1,146.0 million, and 72 projects related to permanent suspended working platforms valued at approximately HKD 409.2 million[24]. Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[85]. - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules[89]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence as per listing rules[91]. - The board emphasizes the importance of diversity in enhancing performance, considering factors such as gender, age, cultural background, and professional qualifications[92]. - The company aims to hold at least four board meetings annually, with the first meeting of 2020 held on March 26 to approve the annual results for the year ending December 31, 2019[102]. Risk Management and Compliance - The company has established a risk management policy to address potential risks related to its business operations, including strategic, operational, and compliance risks[131]. - An independent internal control consultant was hired to conduct a comprehensive assessment of the company's internal control system, including financial, operational, compliance, and risk management aspects[131]. - The board of directors believes that the company's risk management and internal control systems are adequate and effective, with annual reviews planned[133]. - The company has implemented strict internal control procedures to identify potential non-compliance events and encourages employees to report any issues[133]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report outlines the company's performance in these areas for the fiscal year ending December 31, 2019[144]. - The ESG report was prepared in accordance with the Hong Kong Stock Exchange's listing rules and highlights the impact of the company's operations in Hong Kong[145]. - The total greenhouse gas emissions for the reporting year amounted to 125.32 tons, with an intensity of approximately 0.98 tons per employee[162]. - The company aims to reduce carbon emissions and carbon footprint through various energy-saving measures, including encouraging employees to use natural light[171]. - The company has implemented environmental policies to reduce air pollutant emissions, with all vehicles undergoing frequent inspections and maintenance[156]. Employee Management and Welfare - The company has a total of 128 employees in Hong Kong as of December 31, 2019, with a gender ratio of approximately 4:1 (male to female) and 75% of employees being frontline workers[180]. - The average monthly turnover rate for employees is maintained at a favorable level of 1.77%, with male and female turnover rates at 2.20% and 1.05% respectively[186]. - The company emphasizes a competitive employee benefits package, ensuring fair and competitive compensation practices aligned with market standards[176]. - The company is committed to maintaining a safe and healthy work environment, with regular safety training and monitoring on construction sites[189]. - 100% of employees received training on safety issues during the reporting year[190].