Financial Performance - For the fiscal year ending March 31, 2024, the company reported a loss attributable to equity holders of HKD 4,439,000, compared to a loss of HKD 18,663,000 for the fiscal year 2023[19]. - The basic loss per share for the fiscal year 2024 was HKD 0.92, down from HKD 3.89 in fiscal year 2023[19]. - The company's loss attributable to equity holders decreased by approximately HKD 14.3 million to about HKD 4.4 million for the fiscal year 2023, compared to HKD 18.7 million in fiscal year 2022[32]. - The loss before tax for the fiscal year was approximately HKD 4.4 million, significantly improved from a loss of HKD 18.7 million in the previous fiscal year[100]. - The total loss attributable to equity holders for the fiscal year was approximately HKD 4.4 million, compared to HKD 18.7 million in the previous fiscal year[100]. - The financial cost increased by approximately HKD 0.3 million to about HKD 5.8 million, primarily due to interest recorded for a full year compared to 11 months in the previous fiscal year[84]. - The group did not declare any dividends for the fiscal year, consistent with the previous fiscal year[100]. Revenue and Growth - The company's revenue increased over 100% to approximately HKD 460.3 million in the review year, compared to HKD 205.9 million in the fiscal year 2023[78]. - Revenue contribution from customer A1 was HKD 444,097 thousand in fiscal year 2024, a significant increase from HKD 163,960 thousand in fiscal year 2023[40]. - The group's revenue for the fiscal year was approximately HKD 460.3 million, compared to HKD 205.9 million in the previous fiscal year, representing an increase of about 123%[100]. - Customer contract revenue recognized over time amounted to HKD 460.3 million for the fiscal year 2024, compared to HKD 205.9 million in the previous year[155]. Expenses and Costs - The group reported a significant increase in subcontracting costs, which were HKD 309,725 thousand in fiscal year 2024, compared to HKD 135,794 thousand in fiscal year 2023[45]. - The gross profit margin for the fiscal year was approximately 4.4%, down from 5.9% in the previous fiscal year[100]. - The decrease in gross margin from 5.9% in fiscal year 2023 to 4.4% in the review year, a reduction of 1.5 percentage points, is attributed to intense industry competition[78]. - Employee costs, including director remuneration, increased to HKD 24,394,000 in 2024 from HKD 21,786,000 in 2023, representing a rise of about 12.0%[112]. - The total employee costs incurred by the group in the review year amounted to approximately HKD 25.3 million, compared to HKD 22.6 million in the fiscal year 2023[181]. - The group's direct costs increased to HKD 17,448,000 in 2024 from HKD 15,194,000 in 2023, representing a growth of about 14.8%[129]. Assets and Liabilities - The total assets decreased to HKD 108,789,000 in 2024 from HKD 167,129,000 in 2023, a decline of about 35.0%[116]. - The net asset value of the group was HKD 108,743,000 in 2024, down from HKD 113,182,000 in 2023, showing a decrease of approximately 3.9%[116]. - The asset-to-liability ratio increased from approximately 48.5% as of March 31, 2023, to about 55.0% as of March 31, 2024, primarily due to an increase in interest payable during the review year[33]. - There were no significant or contingent liabilities as of March 31, 2024[80]. Market and Industry Conditions - The company faced structural challenges in the renovation industry, particularly due to rising labor costs and limited experienced workers in Hong Kong[27]. - The company aims to balance growth and stability in its business strategy while navigating a complex market environment[29]. - The economic recovery in Hong Kong is reflected in a positive GDP growth of 3.2% in 2023, reversing the negative growth of 2.2% in 2022, driven by the lifting of COVID-19 control measures[57]. - The group anticipates significant recovery and growth in the renovation industry, driven by the Hong Kong government's removal of various property market taxes, leading to increased transaction volumes[173]. - The strategic planning for the development of the Northern New Territories aims to establish a second city center, expected to bring numerous large-scale construction projects, providing ample opportunities for the construction industry[173]. Corporate Governance and Compliance - The company has adhered to all corporate governance codes during the fiscal year[93]. - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, which are not expected to have a significant impact on the consolidated financial statements[120][106]. - The company has adopted a share option scheme since December 6, 2018, with a maximum of 48 million shares available for issuance under the scheme[77]. Future Outlook and Plans - The group has no significant future investment or capital asset plans as of the review year[67]. - The group has no major investments or acquisitions planned for the near future, indicating a cautious approach to capital expenditure[67]. - The group has not made any significant investments, acquisitions, or disposals of subsidiaries and associated companies during the review year[36]. - A proposal to change the company name is pending conditions to be met as outlined in the announcement dated June 13, 2024[200]. - The company will hold an annual general meeting to consider and approve special resolutions related to the proposed name change[200].
耀高控股(01796) - 2024 - 年度业绩