Financial Performance - Revenue decreased by approximately 59.3 million HKD or 23.5% to about 193.4 million HKD for the six months ended September 30, 2022, compared to approximately 252.7 million HKD for the same period in 2021[14]. - Profit before tax was 14.9 million HKD for the six months ended September 30, 2022, down from 38.0 million HKD in the prior year[6]. - Total comprehensive income for the period was 12.5 million HKD, a decrease from 30.2 million HKD in the previous year[6]. - Adjusted net profit excluding government subsidies was 9.6 million HKD, compared to 38.9 million HKD in the same period last year[6]. - Total profit and comprehensive income decreased by approximately HKD 17.7 million or 58.7% to about HKD 12.5 million for the six months ended September 30, 2022, with a net profit margin dropping from approximately 11.9% to 6.4%[25]. - Adjusted profit and comprehensive income for the six months ended September 30, 2022, was approximately HKD 9.6 million, a decrease of about 75.2% compared to approximately HKD 38.9 million for the same period in 2021[26]. - The company reported a profit of HKD 12,462,000 for the period, compared to HKD 30,160,000 in the previous year, reflecting a decrease of 58.7%[99]. - Basic earnings per share decreased to HKD 1.56 from HKD 3.77, reflecting a drop of 58.6%[94]. Revenue Breakdown - Revenue from the security services segment decreased by approximately HKD 56.9 million or 23.9% to about HKD 181.3 million for the six months ended September 30, 2022, primarily due to a reduction in manpower support services revenue[5]. - Facility management services revenue decreased by approximately HKD 2.5 million or 16.8% to about HKD 12.1 million for the six months ended September 30, 2022, mainly due to the termination of several property and parking management contracts[17]. - External revenue from security services was HKD 181,264,000, while facility management services generated HKD 12,146,000[115]. - The revenue from manpower support services decreased significantly to HKD 82,195,000 from HKD 144,883,000, a decline of 43.4%[108]. - The revenue from general security services increased to HKD 99,059,000, up from HKD 93,199,000, marking a growth of 6.0%[108]. Assets and Liabilities - Non-current assets increased to 10.98 million HKD as of September 30, 2022, from 8.23 million HKD as of March 31, 2022[7]. - Current assets decreased to 276.84 million HKD as of September 30, 2022, from 284.68 million HKD as of March 31, 2022[7]. - The current ratio was 3.2 as of September 30, 2022, compared to 3.6 in the previous year[9]. - Total assets as of September 30, 2022, were HKD 276,844,000, a slight decrease from HKD 284,678,000 as of March 31, 2022[96]. - Current liabilities decreased to HKD 85,726,000 from HKD 59,495,000, indicating an increase of 43.9%[96]. - The company's equity attributable to owners was HKD 202,021,000, down from HKD 232,759,000, a decrease of 13.2%[96]. - Total borrowings as of September 30, 2022, were HKD 1.0 million, down from HKD 2.3 million as of March 31, 2022, with a debt-to-equity ratio of 0.5%[27]. Cash Flow and Expenses - The operating cash flow before changes in working capital for the six months ended September 30, 2022, was HKD 16,253,000, down from HKD 39,718,000 in the previous year, representing a decline of 59.0%[101]. - The net cash used in operating activities for the six months ended September 30, 2022, was HKD (1,155,000), compared to HKD (6,389,000) in the same period of 2021, indicating an improvement in cash flow[101]. - Cash and bank balances as of September 30, 2022, were approximately HKD 115.0 million, a decrease of about HKD 2.1 million or 1.7% from HKD 117.1 million as of March 31, 2022[27]. - Employee benefits expenses decreased by approximately HKD 6.1 million or 3.8% to about HKD 152.2 million for the six months ended September 30, 2022[19]. - Sales and marketing expenses increased by approximately HKD 0.2 million or 20.2% to about HKD 0.9 million for the six months ended September 30, 2022, due to an increase in security personnel dispatched to the private sector[20]. Corporate Governance and Compliance - The company has adopted the corporate governance code as a basis for its governance practices since its listing date on March 7, 2022[73]. - The company has established an audit committee to oversee financial reporting and internal control systems, enhancing governance[84]. - The company has confirmed compliance with the corporate governance code during the six months ended September 30, 2022[74]. - The group successfully transitioned its shares from GEM to the main board, enhancing transparency and trust, and aims to expand its security services and facility management capabilities[45]. Strategic Plans and Future Outlook - The company continues to see growing demand for its security and facility management services despite the challenging economic environment[12]. - The company has maintained its focus on providing quality security services to its clients in Hong Kong, leveraging its established brand[12]. - The group plans to selectively seek strategic acquisitions and investment opportunities to become a leading integrated facility management service provider in Hong Kong[45]. - The company continues to focus on expanding its security and facility management services in Hong Kong[104]. Shareholder Information - International Everwin BVI holds 70.0% of the company's issued share capital, equivalent to 560,000,000 shares[57]. - The beneficial ownership of International Everwin BVI is controlled by Senye, which owns 33.33% of the shares[55]. - The company has multiple shareholders with spouse interests, each holding 70.0% of the shares[57]. - The company is subject to the Securities and Futures Ordinance, which governs the disclosure of shareholdings[55]. - The total number of issued shares as of September 30, 2022, is 800,000,000[59]. Dividends and Proceeds Utilization - The company did not declare an interim dividend for the six months ended September 30, 2022, compared to no dividend for the same period in 2021[69]. - The total net proceeds from the GEM listing amounted to approximately HKD 32.0 million, with HKD 24.1 million already utilized by the reporting date[67]. - The company plans to utilize the remaining net proceeds of approximately HKD 7.9 million by March 31, 2023, for purchasing machinery and equipment, upgrading IT infrastructure, and establishing a control room[68]. - The company has postponed the use of unutilized proceeds for purchasing machinery and equipment, IT upgrades, and control room establishment by 12 months due to the impact of the COVID-19 pandemic[67].

Financial Performance - Revenue for the fiscal year 2022 reached HKD 537,371,000, an increase of 47% compared to HKD 365,833,000 in 2021[6] - Profit before tax for 2022 was HKD 71,783,000, slightly down from HKD 72,806,000 in the previous year[6] - Total comprehensive income for the year was HKD 56,569,000, down from HKD 66,212,000 in 2021[6] - Adjusted net profit for 2022 was HKD 75,918,000, compared to HKD 70,867,000 in 2021, reflecting a growth of 7.2%[7] - The profit and total comprehensive income decreased by approximately 14.6% from about HKD 66.2 million in FY2021 to about HKD 56.6 million in FY2022[5] - Excluding non-recurring listing expenses and government subsidies, profit and total comprehensive income increased by approximately 143.6% from about HKD 31.2 million in FY2021 to about HKD 75.9 million in FY2022[5] Assets and Liabilities - Non-current assets decreased to HKD 8,229,000 in 2022 from HKD 15,009,000 in 2021[8] - Current assets increased to HKD 284,678,000 in 2022 from HKD 236,710,000 in 2021, indicating a strong liquidity position[8] - Cash and cash equivalents at the end of 2022 were HKD 117,067,000, down from HKD 127,159,000 in 2021[9] - Total borrowings as of March 31, 2022, were approximately HKD 2.3 million, down from HKD 4.0 million as of March 31, 2021, resulting in a debt-to-equity ratio of 1.0%[31] Revenue Segmentation - The revenue from the security services segment increased by approximately 51.4% from about HKD 336.9 million in FY2021 to about HKD 510.2 million in FY2022[20] - Revenue from manpower support services increased by approximately 79.8%, contributing about HKD 94.1 million from COVID-19 testing support services[20] Expenses - Employee benefit expenses increased by approximately 34.3% from about HKD 250.0 million in FY2021 to about HKD 335.7 million in FY2022[23] - Subcontracting costs surged by approximately 285.5% from about HKD 23.8 million in FY2021 to about HKD 91.7 million in FY2022[25] Dividends - The board proposed a final dividend of HKD 0.054 per share, up from HKD 0.0325 per share in FY2021, totaling approximately HKD 43.2 million[5] - The proposed final dividend for the fiscal year ending March 31, 2022, is HKD 0.054 per ordinary share, an increase from HKD 0.0325 per share in the previous year, representing a 66.15% increase[153] Corporate Governance - The company confirmed compliance with all applicable corporate governance code provisions as of March 31, 2022[93] - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring a balance of power and authority[95] - The positions of Chairman and CEO are held by different individuals to ensure a balance of power and prevent concentration of authority[97] - The board emphasizes the importance of good corporate governance practices to enhance accountability and transparency for shareholders[93] Market Outlook - The expected market size for security services in Hong Kong is projected to grow to approximately HKD 39.9 billion by 2025, with a CAGR of about 7.7% from 2021 to 2025[51] - The facility management services market is expected to reach approximately HKD 81.8 billion by 2025, with a CAGR of about 5.3% from 2021 to 2025[52] Strategic Initiatives - The company aims to expand its security services and improve operational efficiency to become a leading integrated facilities management service provider in Hong Kong[16] - The company is selectively seeking strategic acquisition and investment opportunities to leverage its enhanced financial resources post-listing[16] - The company is exploring potential acquisitions to enhance its service portfolio, with a budget of up to HKD 300 million allocated for this purpose[86] Risk Management - The company has identified significant risks related to contracts with railway companies and the Hong Kong government, particularly concerning high-speed rail contracts, which could adversely affect business performance if not renewed[179] - The board is responsible for maintaining effective risk management and internal control systems, which are reviewed at least annually[132] Social Responsibility - The group made charitable donations amounting to HKD 3.0 million for the year ended March 31, 2022, compared to none in 2021[198] - The company has established a scholarship at The Chinese University of Hong Kong to support youth development and education[63] Employee and Management - The number of employees increased to 2,372 as of March 31, 2022, from 2,042 as of March 31, 2021, with total employee costs amounting to approximately HKD 335.7 million[47] - The management team is focused on overall corporate strategy formulation and business management[72]