Revenue and Financial Performance - The Group's revenue increased by approximately 11.2% to approximately HK397.1millionfortheyearended31March2023,drivenmainlybya13.847.9 million from HK328.2millionlastyeartoHK376.1 million this year, with value-added services generating HK56.4millioninrevenue[19].−ThelifestyleentertainmentsegmentexperiencedarevenuedeclineofHK8.1 million, representing a decrease of 27.9% from HK29.1millionlastyeartoHK21.0 million this year[20]. - Overall group revenue increased by approximately 11.1% to approximately HK397.1milliondespitethedeclineinthelifestyleentertainmentsegment[40].−ThenetprofitfortheyearturnedaroundfromanetlossofHK0.1 million to a net profit of HK24.1million[14].−Thegroupachievedaturnaroundinnetresults,transitioningfromanetlossofHK0.1 million to a net profit of HK24.1millionduringtheYear[47].−ThegroupreportedanetprofitofHK24.1 million, reversing from a net loss of HK0.1millioninthepreviousyear[50].PropertyManagementSegment−Thepropertymanagementsegment′stotalGFAundermanagementincreasedfrom8.68millionsq.mlastyearto9.0millionsq.mthisyear[19].−PropertymanagementservicesrevenueincreasedbyHK47.9 million, from HK328.2millioninFY21/22toHK376.1 million in the Year, primarily due to value-added services generating approximately HK56.4millioninrevenue[39].−Thetotalmanagedgrossfloorareaincreasedfrom8.68millionsq.m.to9.0millionsq.m.,withthenumberofprojectsmanagedrisingfrom65to66[38].−Thepropertymanagementsegmenthasshownconsistentrevenuegrowthinrecentyears,indicatingpotentialforfutureexpansion[86].−TheGroupwillfocusonstrengtheningitsbrandreputationandprovidingmorevalue−addedservicesinthepropertymanagementsegment[90].LifestyleEntertainmentSegment−TherecoveryoftheHongKongmarketpostCOVID−19hasbeenslowerthaninitiallyanticipated,impactingthelifestyleentertainmentbusiness[12].−Thecompanyimplementednewmarketingstrategiestoadapttochangingconsumerpreferencesinthelifestyleentertainmentsegment[20].−Revenuefromthelifestyleentertainmentsegmentdecreasedby27.929.1 million to HK21.0million,reflectingchangingconsumerpreferencesandincreasedcompetition[39].−Thegroupmaintainsacautiousoutlookonthelifestyleentertainmentsegmentduetoslower−than−expectedeconomicrecoveryinHongKong[27].−TheGroupaimstoenhanceoperationalefficiencyandstreamlineproceduresinthelifestyleentertainmentsegmenttomaximizeproductivityandminimizecosts[85].CostManagement−StaffcostsdecreasedbyHK17.3 million, representing a 10.9% reduction, amounting to approximately HK141.3millionfortheYear[48].−EmployeecostsdecreasedbyHK17.3 million (10.9%) to approximately HK141.3million,primarilyduetoreducedmanpowerneedsfromCOVID−19andthecessationofthephotovoltaicbusiness[51].−OtheroperatingexpensesrosebyapproximatelyHK6.1 million (17.7%) to HK40.6million,mainlyduetoimpairmentlossesontradereceivables[54].−Thegroup′scostofsoldinventoryincreasedbyHK53.6 million to HK$61.3 million due to the expansion of property management services[49]. Corporate Governance - The Company has complied with all applicable code provisions in the Corporate Governance Code for the year ended March 31, 2023[110]. - All independent non-executive Directors confirmed their independence in accordance with the Listing Rules[119]. - The Board comprises seven Directors, reflecting a commitment to diversity in selection based on various perspectives including gender, age, and professional experience[171][172]. - The Company emphasizes corporate transparency and accountability, aiming for high standards of corporate governance[109]. - The Board provides leadership and strategic decisions while overseeing financial performance[112]. Risk Management - The Group has established a risk register to document all identified major risks and actions taken to mitigate them[197]. - The Group maintains a risk register to track major identified risks, which is updated at least annually to reflect new or removed risks[193]. - Risks are assessed annually based on their likelihood and potential impact on the Group[197]. - The effectiveness of the risk management framework will be updated through periodic management meetings[198]. - The Group adopts a "three lines of defense" governance framework for risk management[197]. Future Plans and Opportunities - The company plans to allocate more resources to identify and evaluate new opportunities in value-added services to inject additional growth momentum into the business[22]. - The group remains open to suitable investment prospects in e-commerce and internet information technology to diversify income sources[29]. - The Group plans to explore diverse business and investment opportunities in areas such as trading, property management, and internet information technology to diversify its income streams[73]. - The Group will regularly review its business strategy to seize favorable investment opportunities for sustainable growth[82]. Board Composition and Leadership - The company has appointed Ms. Chen Lingxiao as an executive director since September 1, 2022, with over 13 years of experience in finance and treasury management[99]. - The independent directors bring a wealth of experience from various industries, which can provide valuable insights for the company's strategic direction[100][105]. - The Company has established an enterprise risk management framework since 2016, ensuring effective internal controls are maintained by management while the Board oversees the process[187][191]. - The Board comprised four executive Directors and three independent non-executive Directors as of March 31, 2023, ensuring a strong independent element[113].
