Financial Performance - The total revenue for the fiscal year ending March 31, 2024, was approximately HKD 1,234.3 million, an increase of about HKD 67.5 million or 5.8% compared to the previous year[22]. - The profit and total comprehensive income for the year was approximately HKD 36.2 million, an increase of about HKD 3.1 million or 9.2% from the previous year[22]. - The overall gross profit for the year met expectations, indicating stable financial performance[22]. - Revenue from the IT infrastructure solutions segment was approximately HKD 1,088.8 million, up HKD 54.9 million or 5.3% year-on-year[33]. - Revenue from the IT management services segment was approximately HKD 145.6 million, an increase of HKD 12.7 million or 9.6% compared to the previous year[33]. - Total sales cost for the year was approximately HKD 1,089.4 million, an increase of about HKD 44.1 million or 4.2% year-on-year[34]. - Gross profit for the year was approximately HKD 145.0 million, an increase of about HKD 23.4 million or 19.2% compared to the previous year[35]. - Operating expenses totaled approximately HKD 103.0 million, an increase of about HKD 12.7 million or 14.1% year-on-year[36]. - The company's available reserves for distribution to shareholders as of March 31, 2024, amounted to approximately HKD 46,090,000, a decrease from HKD 75,949,000 in 2023[168]. Market and Business Strategy - The company is actively embracing cutting-edge technologies to meet the growing digital demands of customers, particularly in IT and AI solutions[24]. - The demand for IT and AI solutions is continuously increasing as businesses seek to enhance customer experience and optimize processes[24]. - The company aims to expand its market presence in mainland China and Southeast Asia through acquisitions and partnerships[27]. - The company will continue to optimize operational costs and improve efficiency amid geopolitical tensions and supply chain challenges[26]. - The company plans to enhance AI research and development investments to leverage opportunities in generative AI[26]. - The company will continue to focus on core business and partnerships with major sellers while seeking new market opportunities for sustainable growth[57]. Corporate Governance - The board consists of eight members, including three executive directors, one non-executive director, and four independent non-executive directors[87]. - The board is responsible for setting the overall corporate strategy and development to achieve business objectives[90]. - The company has established appropriate insurance arrangements for directors facing legal actions[93]. - The board aims to hold at least four meetings annually to determine overall strategic direction and approve interim and annual performance[94]. - The company has a commitment to sustainable value creation for shareholders through effective risk management and strategic planning[90]. - The board has established various committees, including the remuneration committee, nomination committee, and audit committee, to oversee different responsibilities[109]. - The company has implemented sufficient checks and balances within its management structure to maintain effective operations despite the combined roles of chairman and CEO[106]. Risk Management - The risk management and internal control systems are designed to manage and reduce risks, providing reasonable assurance against significant misstatements or losses[129]. - The internal audit department operates independently to assess the effectiveness of the company's risk management and control frameworks[131]. - The company utilizes a risk matrix to evaluate the significance of identified risks based on their impact and frequency[132]. - Risk identification procedures are conducted at least annually, with any identified risks reported to management promptly[133]. - The company has taken steps to ensure that risk response measures remain effective and updated regularly[132]. - The board believes that the risk management and internal control systems are adequate and effective for the year[128]. Shareholder Communication and Dividends - The company maintains a shareholder communication policy to ensure timely information disclosure and encourages feedback from shareholders[144]. - The board's report and financial statements for the year have been presented to shareholders, reflecting the company's commitment to transparency[152]. - The board will consider various factors, including financial performance and capital requirements, when deciding on future dividend distributions[150]. - The board of directors decided not to recommend a final dividend for the year, compared to a dividend of HKD 0.025 per share in the previous year[51]. Human Resources and Diversity - The total employee cost, including directors' remuneration, was approximately HKD 121.4 million for the year, up from HKD 108.7 million in the previous year[50]. - As of March 31, 2024, the board diversity by gender is 12% female and 88% male, with one female director and one female employee in senior management[118][122]. - The workforce diversity as of March 31, 2024, is 28% female and 72% male[122]. - The company aims to maintain at least the current level of female representation on the board and is committed to improving gender diversity in senior management roles[119]. Appointments and Changes in Leadership - Wang Guangbo appointed as Executive Director and Chairman of the Board on July 6, 2023, with over 20 years of experience in the IT marketing sector[62]. - Huang Tianlei appointed as Executive Director on September 26, 2023, bringing over 18 years of sales and marketing experience[63]. - Zhang Zhen appointed as Executive Director on January 10, 2024, with a focus on group development strategy and operational planning since 2011[64]. - Lu Jun appointed as Independent Non-Executive Director on July 6, 2023, with extensive experience in management and investment advisory roles[68]. - Dai Bin appointed as Independent Non-Executive Director and Chairman of the Remuneration Committee on November 28, 2023, with over 10 years of experience in dental care sales and marketing[71]. - Xu Jianwen appointed as Independent Non-Executive Director on December 5, 2023, with a strong background in legal, compliance, and risk management in the financial sector[72]. Compliance and Regulatory Matters - The company has established a policy for handling and disclosing inside information, ensuring compliance with regulatory requirements[137]. - The company has implemented monitoring procedures to prevent unauthorized access and use of insider information[137]. - The company has not reported any significant violations of applicable laws and regulations during the year[162]. - The company failed to comply with listing rules regarding the number of independent non-executive directors due to the resignation of Ms. Li, but regained compliance upon Ms. Lan's appointment on February 26, 2024[126].
美高域(01985) - 2024 - 年度财报