Financial Performance - The Group's revenue for the year amounted to approximately HK$345.6 million, representing an increase of approximately 10.2% from the previous year[14]. - Profit attributable to owners of the Company for the year, excluding listing expenses, was approximately HK$41.0 million; after accounting for listing expenses, profit was approximately HK$37.6 million[14]. - The Group recorded total revenue of approximately HK$345.6 million, with profit attributable to owners of approximately HK$41.0 million before listing expenses and HK$37.6 million after listing expenses for the Year[27]. - Revenue for the year was approximately HK$345.6 million, representing an increase of approximately 10.1% from HK$313.7 million for the previous year[56]. - Gross profit increased by approximately 9.8% from HK$51.0 million to approximately HK$56.0 million, with a stable gross profit margin of approximately 16.2%[56]. - The total comprehensive income attributable to equity shareholders increased by approximately 33.8% to about HK$37.6 million, compared to HK$28.1 million in the previous year[60]. - Revenue from marine construction works was approximately HK$166.9 million, representing a decrease of approximately 10.4% compared to HK$186.3 million for the year ended 31 May 2020[28]. - Revenue from other civil engineering works amounted to approximately HK$160.4 million, accounting for approximately 46.4% of total revenue, an increase from 39.4% in the previous year[35]. - Revenue from vessel chartering services amounted to approximately HK$18.3 million, an increase of approximately 408.3% compared to HK$3.6 million in the previous year[47]. Business Strategy and Market Conditions - The Group aims to explore suitable business opportunities and execute business strategies, potentially expanding beyond the Hong Kong market in the future[19]. - The overall market conditions of the construction industry in Hong Kong have been relatively stable, but uncertainties due to COVID-19 are expected to affect economic recovery temporarily[24]. - The Group's proactive business strategy aims to create greater value for shareholders and investors in the coming year[26]. - The Group aims to expand its customer base while maintaining relationships with existing clients to adapt to changing customer demands[29]. - The Group's business strategy includes exploring suitable business opportunities to optimize competitive advantages[29]. - The Group expects a significant decrease in marine construction works due to a forecast downturn in the industry from 2022 to 2026, which may lead to a change in project mix and revenue contributions[156]. Operational Management and Governance - The Group is committed to ensuring the health and safety of staff, customers, and business partners as a top priority[24]. - The Group has implemented precautionary measures to ensure a hygienic and safe working environment for employees amid the ongoing COVID-19 pandemic[19]. - The Group's management team has a combined experience of over 70 years in their respective fields, enhancing operational efficiency and strategic decision-making[124][132][138]. - The company is focused on expanding its project management capabilities and enhancing quality control measures[104]. - The company is committed to maintaining high standards of governance and compliance, as evidenced by the roles of its independent directors and audit committees[121][125]. Customer and Supplier Relationships - The Group will continue to maintain relationships with existing customers while expanding its customer base to capture opportunities from new customers[25]. - A significant portion of the Group's revenue is derived from a limited number of customers, and any decrease in contracts with major customers may adversely affect financial results[148]. - The Group maintains strong relationships with suppliers and subcontractors, continuously assessing their performance and safety records[169]. - The Group holds regular meetings with customers to gather feedback and understand their needs and expectations[168]. Human Resources and Staff Development - The Group employed 46 staff as of 31 May 2021, with total staff costs amounting to approximately HK$31.2 million, an increase from approximately HK$28.0 million in the previous year[67][72]. - The Group emphasizes continuous professional development for its staff to adapt to industry changes and improve service delivery[132][138]. - The Group provides competitive remuneration and development opportunities to attract and retain competent employees[168]. Financial Management and Capital Allocation - The Group's liquidity and capital requirements are primarily funded through capital contributions from shareholders and cash inflows from operating activities[56]. - The net proceeds from the initial public offering were approximately HK$84.0 million, with no material changes in the proposed applications of these proceeds as of the report date[85]. - The planned use of proceeds includes expanding the fleet of vessels and site equipment, with HK$56.8 million allocated for this purpose[89]. - The remaining net proceeds are deposited in interest-bearing bank accounts with licensed banks in Hong Kong[90]. - The company continues to adopt a prudent and flexible approach in utilizing the net proceeds due to the ongoing COVID-19 situation[86]. Environmental Compliance - The Group did not record any material non-compliance with environmental requirements during the Year, and there were no environmental claims or penalties[164]. - There were no significant non-compliance issues with applicable environmental regulations during the Year[170].

Financial Performance - Revenue for the six months ended 30 November 2020 amounted to approximately HK$182.8 million, a decrease of approximately 7.0% compared to HK$198.2 million for the same period in 2019[13]. - Profit attributable to equity shareholders for the six months ended 30 November 2020 was approximately HK$22.0 million, down from HK$22.8 million in the corresponding prior period, representing a decline of about 3.5%[13]. - Gross profit decreased by approximately 13.6% from HK$35.4 million for 1H2019 to approximately HK$30.6 million for the Period, with a gross profit margin decline from 17.9% to 16.8%[43]. - Total comprehensive income attributable to equity shareholders decreased slightly by approximately 3.5% to approximately HK$22.0 million for the Period from HK$22.8 million for the corresponding prior period[43]. - Profit from operations decreased to HK$26.4 million, compared to HK$28.5 million in the previous year, reflecting a decline of 7.1%[76]. - The profit before taxation for the six months was HK$26.3 million, down 7.0% from HK$28.3 million in the prior year[76]. Revenue Breakdown - Revenue from marine construction works was approximately HK$94.0 million, a decrease of approximately 22.4% compared to HK$121.1 million for 1H2019[15]. - Revenue from other civil engineering works amounted to approximately HK$80.6 million, an increase from HK$76.7 million in the same period last year, accounting for approximately 44.1% of total revenue[20]. - Revenue from vessel chartering services amounted to approximately HK$8.2 million, representing an increase of approximately 1,947.8% compared to HK$0.4 million for 1H2019[34][36]. - Marine construction works generated revenue of HK$93,994,000, down 22.3% from HK$121,065,000 in the previous year[113]. - Other civil engineering works revenue increased to HK$80,619,000, up 5.0% from HK$76,739,000 in 2019[113]. - Vessel chartering services revenue rose significantly to HK$8,191,000, compared to HK$400,000 in the prior year[113]. Expenses and Costs - General and administrative expenses decreased by approximately 5.1% to approximately HK$6.8 million from HK$7.2 million in the prior period, mainly due to reduced depreciation and salaries[39][41]. - Gross profit from marine construction works for the Period was approximately HK$22.6 million, representing a decline of approximately 20.4% from HK$28.4 million in the prior period[19]. - Gross profit from other civil engineering works was approximately HK$6.3 million, a decrease of approximately 9.6% compared to HK$7.0 million in the prior period, with a gross profit margin dropping to 7.8% from 9.1%[23][24]. - Staff costs increased to HK$17,237,000 from HK$13,782,000, reflecting a rise of 25.5%[120]. - Depreciation for the period was HK$3,270,000, compared to HK$2,916,000 in the previous year, indicating an increase in asset utilization[119]. Cash Flow and Financial Position - Cash generated from operations for the six months ended 30 November 2020 was HK$21,894,000, an increase of 91.5% compared to HK$11,456,000 in the same period of 2019[87]. - Net cash generated from operating activities was HK$16,907,000, up from HK$11,456,000 in the previous year, reflecting strong operational performance[87]. - Cash and cash equivalents at the end of the period were HK$26,923,000, down from HK$30,835,000 at the end of the previous period, reflecting a net decrease of HK$4,090,000[87]. - As of 30 November 2020, the Group had bank balances of approximately HK$26.9 million, down from approximately HK$31.0 million as of 31 May 2020[48]. - The Group's interest-bearing debts as of 30 November 2020 were approximately HK$6.5 million, a decrease from approximately HK$7.3 million as of 31 May 2020[48]. - The gearing ratio increased to approximately 7.9% as of 30 November 2020, up from approximately 7.3% as of 31 May 2020, representing an increase of approximately 8.2%[48]. Project and Operational Updates - Five out of six projects on hand as of 30 November 2020 were in their early or later stages of construction[15]. - The Group had 11 projects on hand with an aggregate initial contract sum of approximately HK$406.8 million as of 30 November 2020, with eight projects expected to be completed in the year ending 31 May 2021[26][27]. - Since the Listing on 7 December 2020, there has been no significant change in the business operations of the Group[14]. - There were no material acquisitions or disposals during the Period[50]. Shareholder and Corporate Governance - The Board does not recommend the declaration of any interim dividend for the six months ended 30 November 2020[13]. - The company was incorporated in the Cayman Islands and listed on the Main Board of the Stock Exchange on 7 December 2020, enhancing its market presence[91]. - The Company confirmed that all Directors have fully complied with the Model Code from the Listing Date up to the date of this interim report[171]. - The Company has no competing business interests from its controlling shareholders or directors during the Period[176]. - The Audit Committee was established on November 13, 2020, consisting of three independent non-executive Directors[199].