Business Environment and Strategy - The business environment in Hong Kong and Macau is expected to remain challenging in the coming years[4] - The company aims to actively seek alternative business opportunities globally to diversify revenue sources[5] - The company will continue to focus on maintaining competitiveness in the car park flooring and waterproofing sectors[5] - The Group is actively pursuing diversification in revenue and business risks by exploring opportunities in growing economies within the Asian region[44] - The Group aims to maintain its competitive edge and market leadership in the carpark flooring and waterproofing sectors, which are core components of its business[44] Financial Performance - For the year ended 31 March 2024, the Group recorded total revenue of approximately HK$147.6 million, a decrease of approximately 13.5% from approximately HK$170.6 million for the same period in 2023[16] - Revenue from flooring services decreased by HK$19.2 million to HK$123.8 million, compared to approximately HK$143.0 million in 2023[16] - Revenue from ancillary services decreased by HK$4.1 million to HK$23.0 million, down from approximately HK$27.1 million in 2023[16] - The Group's profit attributable to owners decreased from approximately HK$19.1 million in 2023 to approximately HK$13.9 million in 2024[16] - Gross profit for the year ended 31 March 2024 was approximately HK$53.3 million, with a gross profit margin increasing from approximately 31.6% in 2023 to approximately 36.1% in 2024[18] - The Group's profit before income tax decreased from approximately HK$24.0 million in 2023 to approximately HK$18.5 million in 2024[43] - Income tax expense decreased to approximately HK$3.7 million for the year ended March 31, 2024, down from approximately HK$4.2 million in 2023[43] - The Group's other income and gains decreased significantly from approximately HK$2.3 million in 2023 to approximately HK$561,000 in 2024[41] Operational Challenges - The decrease in revenue was attributed to the postponement of contracts by property developers and a decrease in higher contract sum projects undertaken by the Group[17] - The overall demand in the commercial and private residential markets in Hong Kong and Macau remains relatively weak due to slowing global economic conditions and uncertainty in the property sector[192] - Global inflation and increased interest rates have led to higher borrowing costs, potentially affecting property developers' willingness to purchase land for construction projects[192] Cash and Assets - As of March 31, 2024, the Group had cash and cash equivalents of approximately HK$46.2 million, an increase from approximately HK$34.4 million in 2023[24] - The Group's current ratio improved to approximately 2.6 times as of March 31, 2024, compared to approximately 2.4 times in 2023[24] - Total interest-bearing borrowings were approximately HK$15.5 million as of March 31, 2024, up from approximately HK$14.0 million in 2023[24] - The Group's total assets increased to approximately HK$181.3 million as of March 31, 2024, from approximately HK$174.3 million in 2023[24] - The gearing ratio was approximately 10.9% as of March 31, 2024, compared to approximately 10.5% in 2023[24] Corporate Governance - The Audit Committee was established to review and supervise the Company's financial reporting process and internal control system[57] - The Remuneration Committee is responsible for reviewing and making recommendations regarding the remuneration policy and structure of Directors and senior management[59] - The Nomination Committee provides recommendations to the Board regarding candidates to fill vacancies on the Board and/or in senior management[64] - The Company has adopted a Board diversity policy to achieve diversity through various factors including gender, age, and professional experience[66] - The Board will regularly review its diversity goals to ensure their appropriateness and progress[67] - The Board has two female directors and aims to maintain or increase this gender diversity ratio[68] - The Company has implemented a zero-tolerance policy towards corruption and bribery, ensuring compliance among all directors and employees[72] - The Company has a risk management and internal control system that is deemed effective and adequate by the Board[115] Shareholder Communication - The Board is committed to ensuring effective communication with shareholders and stakeholders, providing timely access to balanced and understandable information[124] - The Company encourages directors and committee members to attend general meetings to engage with shareholders and address their questions[101] - The Company is committed to promoting and maintaining effective communication with shareholders and investors[126] Dividend and Shareholder Matters - For the year ended 31 March 2024, the Group declared a final dividend of HK1 cent per share[138] - The proposed final dividend is subject to approval at the annual general meeting scheduled for 23 August 2024[158] - The register of members will be closed from 20 August 2024 to 23 August 2024 for determining entitlement to attend and vote at the AGM[159] Compliance and Reporting - The Company continues to adopt a going concern approach in preparing its consolidated financial statements, with no material uncertainties identified[71] - The financial performance for the year ending March 31, 2024, has been audited and is in compliance with GEM Listing Rules[186] - The company confirms that the information in the report is accurate and complete in all material respects, with no misleading or deceptive statements[189] - The report will be available on the Stock Exchange's website for at least 7 days from the posting date[182] Environmental and Social Responsibility - The Group has established an effective environmental management system in accordance with international standards to support its operations[131] - An environmental policy has been implemented to demonstrate the Group's commitment to environmental protection[153] - The Company has adopted a whistleblowing policy to encourage reporting of misconduct and ensure good corporate governance[116]
邝文记(08023) - 2024 - 年度业绩