Financial Performance - The Group's revenue for the Reporting Period was approximately HK$54,125,000, representing an increase of approximately 105.1% compared to the Corresponding Period[18]. - The Group recorded a profit for the Reporting Period of approximately HK$463,000, while there was a loss of approximately HK$3,649,000 for the Corresponding Period[18]. - Revenue for the three months ended November 30, 2023, was HK$32,164,000, representing a 100.5% increase compared to HK$16,079,000 for the same period in 2022[27]. - For the six months ended November 30, 2023, revenue reached HK$54,125,000, up 104.5% from HK$26,396,000 in the prior year[27]. - The company reported a profit attributable to owners of the Company of HK$3,174,000 for the three months ended November 30, 2023, compared to a loss of HK$1,018,000 in the previous year[27]. - The total comprehensive income for the period was HK$568,000, a recovery from a loss of HK$3,704,000 in the previous year[32]. - For the six months ended 30 November 2023, the profit attributable to owners of the Company was HK$568,000, a significant improvement from a loss of HK$3,704,000 in the same period of 2022[71]. Dividends and Share Capital - The Board did not recommend payment of any dividend for the Reporting Period[18]. - The Group has not paid, declared, or proposed any dividends during the reporting period and the corresponding period[67]. - The authorized share capital of the company as of November 30, 2023, was HK$100,000,000, with 101,877,600 shares issued and fully paid[180]. - The issued and fully paid ordinary shares increased from 89,892,000 to 101,877,600 shares following the placement of 11,985,600 new ordinary shares[103]. Cash Flow and Liquidity - The company reported a net cash used in operating activities of HK$9,591,000 for the six months ended 30 November 2023, compared to HK$1,173,000 for the same period in 2022, indicating a significant increase in cash outflow[35]. - The balance of cash and cash equivalents at the end of the period was HK$2,880,000, a decrease from HK$2,448,000 at the end of the same period in 2022[35]. - As of November 30, 2023, the Group's total cash and bank balances were approximately HK$2,880,000, down from approximately HK$10,589,000 as of May 31, 2023[144]. - The current ratios were approximately 0.88 times and 0.81 times as of November 30, 2023, and May 31, 2023, respectively[144]. Assets and Liabilities - Total assets less current liabilities increased to HK$21,020,000 as of November 30, 2023, from HK$18,211,000 as of May 31, 2023[30]. - Net assets rose to HK$16,811,000 as of November 30, 2023, compared to HK$10,470,000 as of May 31, 2023[30]. - Current liabilities increased to HK$52,613,000 as of November 30, 2023, compared to HK$37,152,000 as of May 31, 2023[28]. - The Group's total trade and other payables increased to HK$28,822,000 as of 30 November 2023, compared to HK$16,659,000 as of 31 May 2023[94]. Operational Highlights - The Group's principal activities are focused on club and entertainment business operations, with all non-current assets located in Hong Kong[52]. - The Group operated 1 night-club, 1 sports-themed bar, and 2 lounges as of 31 August 2023, covering different segments of the entertainment market[107]. - The Group's revenue from club and entertainment operations increased by approximately HK$27,729,000, or approximately 105.1%, from approximately HK$26,396,000 for the corresponding period to approximately HK$54,125,000 for the reporting period[116]. Expenses and Costs - Cost of inventories sold increased by approximately HK$11,612,000, or approximately 190.0%, from approximately HK$6,100,000 for the Corresponding Period to approximately HK$17,712,000 for the Reporting Period[119]. - Employee benefits expenses increased by approximately HK$4,506,000, or approximately 61.0%, from approximately HK$7,384,000 for the Corresponding Period to approximately HK$11,890,000 for the Reporting Period[126]. - Total depreciation increased by approximately HK$3,132,000, or approximately 56.1%, from approximately HK$5,582,000 for the Corresponding Period to approximately HK$8,714,000 for the Reporting Period[130]. Future Plans and Risks - The management plans to allocate dedicated resources to revenue-generating operations to maintain a competitive edge and enhance diversification[138]. - The Group plans to expand its outlet network by establishing more clubs, bars, and restaurants in Hong Kong, facing various operational risks[168]. - The company faces risks related to fluctuations in the commercial real estate market due to leasing all properties for its outlets[172]. - Expansion plans may impose significant pressure on management, operational, and financial resources, affecting overall profitability[169]. Compliance and Governance - The report complies with the GEM Listing Rules and aims to provide relevant information about the Company[10]. - The Directors confirm that the information contained in the report is accurate and complete in all material respects[10]. - The company has not adopted any new HKFRSs that are relevant and issued but not yet effective for the preparation of these financial statements[46].
新爱德集团(08412) - 2024 - 中期业绩