Financial Performance - For the six months ended December 31, 2019, the Group's revenue was approximately HK$38.8 million, a decrease of 45.2% compared to approximately HK$70.6 million for the same period in 2018[10]. - The gross profit for the same period was approximately HK$11.7 million, down 41.1% from approximately HK$19.9 million in the prior year[10]. - The unaudited consolidated loss attributable to owners of the Company increased by approximately HK$6.7 million compared to the loss for the six months ended December 31, 2018[10]. - Revenue decreased by approximately 45.0% from approximately HK$70.6 million to approximately HK$38.8 million due to business expansion slowdown and social unrest in Hong Kong[21]. - Gross profit decreased by approximately 41.2% from approximately HK$19.9 million to approximately HK$11.7 million, while gross profit margin increased to approximately 30.2%[23]. - Loss before income tax expense was HK$7,604,000, compared to a loss of HK$845,000 for the same period in 2018, indicating a significant increase in losses[111]. - The company reported a loss attributable to owners of the Company of HK$7,628,000 for the period, compared to a loss of HK$930,000 in the previous year[111]. - Basic and diluted loss per share for the period was HK$0.32, compared to HK$0.04 for the same period in 2018[111]. Business Operations and Strategy - The decline in financial performance was primarily due to a slowdown in business expansion by major clients and social unrest in Hong Kong[11]. - The Group has been expanding its business into the PRC, U.S., Europe, Middle East, and other Asian countries since its establishment in 1999[9]. - The Group's business strategies will be adjusted in response to the ongoing economic challenges posed by social unrest and the pandemic[13]. - The Company will continue to assess the actual impact of external factors on its business performance and adjust strategies accordingly[13]. - The Group is actively seeking business opportunities in Europe and PRC to diversify its revenue base and support sustainable development[19]. - Collaboration with a highly recognized security glass supplier in Germany aims to promote supreme security glass to international brands and high-end residential units[18]. - The Group's management is focused on strengthening its revenue base by exploring potential business opportunities globally[20]. Financial Position - Cash and bank balances amounted to approximately HK$31.5 million as of 31 December 2019, down from approximately HK$40.0 million as of 30 June 2019[33]. - The Group did not have any bank borrowings during the Period, with a gearing ratio of nil[36]. - Total assets as of December 31, 2019, were HK$67,520,000, an increase from HK$61,679,000 as of June 30, 2019[113]. - Net current assets decreased to HK$11,168,000 from HK$29,682,000 as of June 30, 2019, reflecting a decline in liquidity[113]. - Total liabilities increased to HK$38,704,000 from HK$25,236,000, indicating a rise in financial obligations[113]. - The Group had no significant contingent liabilities as of December 31, 2019[42]. - The Group had no capital commitments as of December 31, 2019, compared to approximately HK$7.7 million as of June 30, 2019[55]. Corporate Governance - The company has adopted the Corporate Governance Code and believes it has complied with its provisions, except for the separation of roles between the chairman and CEO[99][100]. - The directors' fees for all executive directors were suspended effective January 1, 2020[102]. - The company aims to enhance its corporate governance practices to ensure compliance with the CG Code[101]. - The company recognizes the importance of good corporate governance for accountability and management[94]. - The Board believes that having the same individual serve as both chairman and CEO provides strong leadership and effective management[100]. Employee and Operational Expenses - Total employee benefits for the Period were approximately HK$11.9 million, a decrease from approximately HK$12.7 million for the same period in 2018[47]. - Administrative expenses decreased to approximately HK$19.2 million from approximately HK$21.1 million, mainly due to cost-saving measures[31]. - The depreciation of property, plant, and equipment for the period was HK$893,000, an increase from HK$775,000 in the previous year[120]. - Employee benefit expenses, including directors' and chief executive's remuneration, amounted to HK$11,918,000 for the six months ended December 31, 2019, a decrease of 5.9% from HK$12,665,000 in the previous year[171]. Share Capital and Dividends - The Board resolved not to declare any interim dividend for the Period[43]. - The company has an authorized share capital of 10,000,000,000 ordinary shares with a par value of HK$0.01 each, unchanged since June 30, 2019[200]. - The issued and fully paid ordinary shares remained at 2,400,000,000 as of December 31, 2019, with no movement noted during the period[200]. Net Proceeds and Utilization - The net proceeds from the Share Offer amounted to approximately HK$64.6 million, with plans to allocate HK$19.3 million for acquisitions and partnerships[60][61]. - The Board resolved to re-allocate approximately HK$10.6 million of unutilized net proceeds to establish a new R&D center in Hong Kong[62]. - The company plans to utilize approximately HK$5.1 million of unutilized net proceeds for settling operating expenses incurred by overseas subsidiaries by June 30, 2021[70]. - The company allocated approximately HK$1.2 million of unutilized net proceeds for the development of R&D centers in Hong Kong, which will be gradually utilized for R&D works related to new designs and products[72]. - The company has resumed its expansion plan for interior solutions services targeting the mid to high-end residential market, planning to use approximately HK$3.9 million of unutilized net proceeds for sales and marketing efforts by June 30, 2021[72]. - Total planned allocation of net proceeds was HK$64.6 million, with actual utilization as of December 31, 2019, being HK$44.6 million, leaving HK$20 million unutilized[69]. Lease Accounting - The Group adopted HKFRS 16 "Leases" on July 1, 2019, using the modified retrospective method, with no restatement of comparative information for the year ended June 30, 2019[135]. - Lease liabilities recognized at the adoption date amounted to approximately HK$16.7 million, measured at the present value of remaining minimum lease payments[148]. - The Group has chosen not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, instead recognizing lease payments as an expense on a straight-line basis[141]. - Right-of-use assets were measured at the amount of the lease liability, adjusted for any prepaid or accrued lease payments recognized before July 1, 2019[146]. - The Group's lease accounting as a lessor remains unchanged under HKFRS 16, continuing to classify leases as either operating or finance leases[134]. Revenue Breakdown - Revenue from external customers for the six months ended 31 December 2019 was HK$38.785 million, a decrease from HK$70.579 million for the same period in 2018, representing a decline of approximately 45%[163]. - Revenue from sales of millwork and furniture was HK$18.027 million, down from HK$34.345 million in the previous year, indicating a decrease of approximately 47.5%[163]. - Revenue from facade fabrication dropped significantly to HK$860,000 from HK$24.982 million, reflecting a decline of approximately 96.6%[163]. - Income from interior solutions projects increased to HK$16.946 million from HK$10.395 million, marking an increase of approximately 63.5%[165]. - The Group's geographical revenue breakdown shows that revenue from Hong Kong was HK$19.550 million, down from HK$25.714 million in the previous year, a decrease of approximately 23.5%[158].

Financial Performance - For the year ended June 30, 2019, the Group's revenue was approximately HK$95.3 million, representing a 33.3% increase from HK$71.5 million in the previous year[13]. - The gross profit for the same period was approximately HK$31.3 million, reflecting a 55.0% increase compared to HK$20.2 million in the prior year[13]. - The Group recorded a net loss of approximately HK$9.6 million, a significant improvement of 58.1% from a net loss of approximately HK$22.9 million in the previous year[13]. - Total assets decreased by 10.0% to HK$61.7 million from HK$68.5 million[13]. - Total equity declined by 20.5% to HK$36.4 million from HK$45.8 million[13]. - The gross profit margin improved to 32.8% from 28.2% in the previous year[13]. - The improvement in gross profit margin rose from approximately 28.2% in 2018 to approximately 32.8% in 2019, attributed to higher sales of millwork, furniture, and facade fabrication[84]. - The net loss for the year decreased to approximately HK$9.6 million, a reduction of approximately 58.1% from HK$22.9 million in 2018[82]. - The direct cost increased by approximately 24.7% from approximately HK$51.4 million in 2018 to approximately HK$64.1 million in 2019, representing approximately 67.2% of revenue in 2019[99]. - Revenue from the five largest brands accounted for approximately 88.6% of total revenue in 2019, increasing from approximately 66.6% in 2018[98]. - Interior solutions services revenue decreased to approximately HK$13.3 million in 2019 from approximately HK$27.2 million in 2018 due to the completion of major projects[90]. Business Strategy and Expansion - The Group plans to focus on bespoke interior design solutions and expand into the mid to high-end residential market, leveraging its experience in the fit-out business[18][19]. - The Group is actively seeking potential acquisition targets with solid financial performance to support strategic growth[20]. - The Group aims to diversify its business and establish a strong recurring income base for sustainable development[19]. - The group will continue to focus on providing customized and comprehensive interior design solutions, as well as the supply of metal, glass, wooden products, and furniture manufacturing[24]. - The group is actively seeking potential opportunities to provide metal, glass, and wooden products and furniture to high-end fashion, hotel, and beauty brands, particularly in the European market, with satisfactory negotiation progress[24]. - The Group has been expanding its business into China, the United States, Europe, the Middle East, and other Asian countries since its establishment in 1999[81]. - The increase in revenue and gross profit was primarily due to the implementation of previously delayed business strategies related to renovations and new shop rollouts for major customers[83]. - The Group's business strategies included the renovation and new shop rollout of certain major customers during the year[83]. - The Group is focusing on expanding interior solutions services to the mid to high-end residential market in Hong Kong[91]. - The Group is actively seeking potential acquisition targets to enhance strategic growth and synergy with existing business[91]. Management and Governance - Mr. Lau has over 25 years of experience in accounting, auditing, and corporate finance, currently serving as the Chief Financial Officer since January 2016[43]. - Mr. Leung has over 20 years of experience in sales and business development, currently serving as Project Director (Business Development) since March 2016[45]. - Mr. So has over 25 years of experience in finance across multiple regions including Hong Kong and Japan, appointed as an independent non-executive Director since August 2016[52]. - The Group's financial management is overseen by Mr. Lau, who is also the company secretary and a member of the Risk Management Committee[43]. - The Group has a focus on client liaison and business development, led by Mr. Leung, who is responsible for managing customer relationships[45]. - The Group's executive team includes members with extensive backgrounds in finance and business development, enhancing strategic decision-making capabilities[43][45][52]. - The Group's governance structure includes various committees such as the Audit Committee and the Remuneration Committee, chaired by Mr. So[52]. - The company has a strong governance structure with independent non-executive directors overseeing key committees such as Audit, Remuneration, and Risk Management[59]. - The company emphasizes strategic planning in developing new hotel products and enhancing procurement performance[61]. - The management team includes experienced professionals with backgrounds in finance, project management, and procurement, ensuring effective operational oversight[68]. - The company is committed to maintaining high standards of corporate governance and ethical practices across its operations[63]. - The board comprises members with diverse expertise, contributing to informed decision-making and risk management[59]. Use of Proceeds and Financial Commitments - The Company raised net proceeds of approximately HK$64.6 million from the share offer, with 600,000,000 shares issued at HK$0.15 each[141]. - Approximately 30% of the net proceeds (HK$19.3 million) was initially planned for acquisitions and partnerships, but HK$6.1 million (9.4% of net proceeds) was reallocated to expand interior solutions services[142]. - The Board reallocated HK$10.6 million of net proceeds, originally for an overseas R&D center, to establish a new R&D center in Hong Kong, with an acquisition of a property for HK$8.5 million[143]. - As of June 30, 2019, HK$33.2 million of the net proceeds had been utilized, leaving HK$31.4 million unutilized[149]. - The Company plans to continue using the net proceeds in line with the stated purposes in the Prospectus, while evaluating business objectives[144]. - The unutilized net proceeds have been placed as interest deposits with licensed banks in Hong Kong[152]. - The acquisition related to the new R&D center was completed on July 18, 2019[153]. - The Company has utilized HK$9.9 million for additional working capital and other general corporate purposes[149]. - The expansion of interior solutions services to the mid to high-end residential market received HK$6.1 million in revised allocation[149]. - The Company will issue further announcements if there are changes in the use of net proceeds from those stated in the Prospectus[152]. - The company plans to utilize approximately HK$6.6 million of unutilized net proceeds for settling operating expenses of overseas subsidiaries by June 30, 2021[157]. - Approximately HK$9.0 million of unutilized net proceeds is allocated for establishing an R&D center in Hong Kong, with HK$7.7 million already utilized and HK$1.3 million expected to be gradually used for R&D works[157]. - The expansion of interior solutions services to the mid to high-end residential market is planned with an allocation of approximately HK$6.0 million, expected to be utilized within two years after establishing an office show flat[157]. Corporate Governance and Board Structure - The board comprises six members, including three executive directors and three independent non-executive directors as of June 30, 2019[168]. - The company has complied with the requirement of having at least three independent non-executive directors, although there was a temporary non-compliance due to the passing of an independent director[169]. - The roles of the chairman and the chief executive officer are performed by the same individual, which deviates from the CG Code provision A.2.1[171]. - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee to oversee specific aspects of its affairs[161]. - The company has been in compliance with the Corporate Governance Code during the year, except for the noted deviation regarding the chairman and CEO roles[159]. - The company aims to enhance corporate value and accountability through high standards of corporate governance practices[158]. - The Board held six meetings during the year and passed resolutions by written resolutions[180]. - The Chairman and Chief Executive Officer roles are held by Mr. Lee, which the Board believes provides strong and consistent leadership[176]. - The company intends to hold board meetings at least four times a year, approximately at quarterly intervals[177]. - The attendance of Board members at the 2018 annual general meeting is documented in the report[186]. - The Board will continue to review the appropriateness of splitting the roles of Chairman and Chief Executive Officer[176]. - Notices for regular board meetings are given at least fourteen days in advance[177]. - The agenda and documents for meetings are sent to directors at least five days prior to the meetings[178]. - The company has a balanced composition of executive and independent non-executive directors to ensure a balance of power[176]. - The Audit Committee held three meetings during the year, with all members present either in person or via telephone[194]. - The Company reviewed the Group's annual financial results for the year ended June 30, 2018, and interim financial results for the six months ended December 31, 2018[197]. - The Remuneration Committee is responsible for determining policies related to human resources management and reviewing the Company's remuneration policies[200]. - The Audit Committee assessed the independence of the Company's auditor and discussed the audit plan for the year ended June 30, 2019[197]. - The Company has three independent non-executive Directors on the Audit Committee, ensuring compliance with the CG Code[192]. - The Remuneration Committee consists of three members, including two independent non-executive Directors and one executive Director[199]. - The Audit Committee has access to independent professional advice and sufficient resources to perform its duties[193]. - The Company reviewed significant issues on financial reporting and internal control during the year ended June 30, 2018[197]. - The Remuneration Committee determines remuneration packages for Directors and senior management members of the Company[200]. - The Company established the Audit Committee on August 22, 2016, in compliance with the CG Code[192].

Financial Performance - For the six months ended December 31, 2018, the Group's revenue was approximately HK$70.6 million, an increase of 46.2% compared to approximately HK$48.2 million for the same period in 2017[13]. - The gross profit for the same period was approximately HK$19.9 million, up from approximately HK$13.1 million in the prior year, reflecting a growth of 51.9%[13]. - The unaudited consolidated loss attributable to owners of the Company decreased by approximately HK$7.4 million compared to the six months ended December 31, 2017[13]. - Revenue increased by approximately 46.5% from approximately HK$48.2 million for the six months ended 31 December 2017 to approximately HK$70.6 million for the Period[26]. - Gross profit increased by approximately 51.9% from approximately HK$13.1 million for the six months ended 31 December 2017 to approximately HK$19.9 million for the Period, with a gross profit margin of approximately 28.2%[28]. - Loss before income tax expense decreased to HK$845,000 from HK$8,118,000, indicating an improvement in financial performance[128]. - Loss attributable to owners of the Company for the period was HK$930,000, significantly reduced from HK$8,270,000 in the previous year[128]. - Total comprehensive income for the period attributable to owners of the Company was HK$1,019,000, compared to HK$8,304,000 in the prior period[128]. Revenue Sources - Significant increase in sales of the Group's millwork, furniture, and façade fabrication was noted, with sales for the period reaching approximately HK$59.3 million, compared to approximately HK$32.1 million for the same period in 2017[21]. - Sales of millwork and furniture reached HK$34,345,000, up from HK$29,843,000, while façade fabrication sales surged to HK$24,982,000 from HK$2,295,000[163]. - Income from interior solutions projects decreased to HK$10,395,000 from HK$13,810,000, and design and project consultancy service income fell to HK$857,000 from HK$2,213,000[163]. - The Group's geographical revenue breakdown shows significant growth in Europe, with revenue rising to HK$18,024,000 from HK$2,699,000[157]. - Revenue from the Middle East also saw a substantial increase, reaching HK$11,260,000 compared to HK$1,354,000 in the previous year[157]. Business Strategy and Expansion - The Group is committed to actively searching for potential business opportunities in Europe, particularly in providing millwork and furniture to internationally recognized luxury brands[21]. - The improvement in financial performance was primarily due to the implementation of previously delayed business strategies related to renovations and new shop rollouts for major customers[14]. - The Group has been expanding its business into the People's Republic of China, the United States, Europe, the Middle East, and other Asian countries since 1999[12]. - The Group is actively seeking potential business opportunities in the high-end residential market and aims to expand its interior solutions services[22]. - The management is confident in strengthening the revenue base and enhancing shareholder returns through strategic partnerships and market expansion[23]. Financial Position and Assets - Cash and bank balances amounted to approximately HK$52.5 million as at 31 December 2018, an increase from approximately HK$44.8 million as at 30 June 2018[36]. - The Group had no bank borrowings as of 31 December 2018 and 30 June 2018, resulting in a gearing ratio of nil[39]. - As of December 31, 2018, total assets amounted to HK$68,857,000, a slight increase from HK$68,545,000 as of June 30, 2018[130]. - The company reported a net loss of HK$930,000 for the six months ended December 31, 2018, compared to a loss of HK$8,270,000 for the same period in 2017[132]. - The company's net assets decreased to HK$44,811,000 from HK$45,830,000, indicating a decline in equity[130]. Corporate Governance - The Company has established an Audit Committee comprising three independent non-executive Directors to oversee financial reporting and risk management[124]. - The Company has committed to enhancing its corporate governance practices to ensure compliance with the CG Code[119]. - The Company has adopted the Corporate Governance Code as its own code of corporate governance, recognizing the importance of good corporate governance[109]. - The Board considers that the Company has fully complied with the code provisions of the Corporate Governance Code during the period, except for a minor deviation[110]. Employee and Administrative Expenses - Total employee benefits for the period were approximately HK$12.7 million, an increase from approximately HK$11.9 million for the same period in 2017[53]. - The Group's administrative expenses remained stable at approximately HK$21.1 million for the Period, compared to approximately HK$21.3 million for the six months ended 31 December 2017[29]. - Mr. Lee, the chairman and CEO, voluntarily reduced his monthly salary to HK$232,750 and housing allowance to HK$80,000 effective from October and November 2018 respectively[122]. Share Capital and Dividends - The Group's issued share capital amounted to HK$24,000,000 with 2,400,000,000 ordinary shares as at 31 December 2018[38]. - No interim dividend was declared for the Period[49]. - The Company has not granted any share options up to December 31, 2018, and has no current intention to issue any authorized but unissued share capital[52]. Cash Flow and Receivables - The company generated HK$7,662,000 from operating activities, a significant recovery from a cash outflow of HK$5,258,000 in the previous year[137]. - Trade and other receivables decreased by HK$5,775,000, indicating improved collection efforts[137]. - Trade receivables decreased to HK$6,068,000 as of December 31, 2018, from HK$8,374,000 as of June 30, 2018, representing a decline of about 27.4%[186]. - The company maintains that no provision for impairment is necessary for trade receivables due to minimal credit risk[195].