Financial Performance - WLS Holdings Limited reported a total revenue of HKD 68,850 million for the fiscal year 2024[1]. - The company experienced a year-on-year growth of 12.38% in revenue compared to the previous year[1]. - The Group recorded a total revenue decrease of approximately HK$82.4 million for the year ended April 30, 2024, representing a decline of about 44% compared to the previous year[17]. - Net loss attributable to the owners of the Company from continuing operations was approximately HK$11.1 million, a significant decrease of approximately HK$101.3 million compared to the last year[17]. - The overall loss per share for the year was HK$0.078, compared to HK$0.782 in the previous year[12]. - The Group recorded a turnover of approximately HK$82.4 million, a decrease of approximately 44% compared to last year (HK$146.0 million)[51]. - The net loss attributable to owners from continuing operations was approximately HK$11.1 million, a significant reduction from last year's loss of approximately HK$112.4 million[51]. - Gross profit slightly increased by approximately 6% to HK$50.7 million, with a gross profit margin rising to approximately 61.6% from 32.8% last year[51]. Business Strategy and Outlook - User data indicates a significant increase in active users, contributing to the overall revenue growth[1]. - The company has outlined a future outlook with a projected revenue growth of 10% for the next fiscal year[1]. - WLS is focusing on the development of new products and technologies to enhance its market position[1]. - Plans for market expansion include entering new geographical regions to increase market share[1]. - The company is considering strategic acquisitions to bolster its product offerings and customer base[1]. - The Group plans to focus on scaffolding, fitting out, and auxiliary services for construction, as well as money lending and securities investment business in the upcoming year[44]. - The Group is actively seeking profitable projects to diversify its business portfolio and mitigate risks from the competitive construction market[47]. Operational Challenges - The construction industry in Hong Kong is facing challenges due to a shortage of skilled workers, leading to increased labor costs and reduced profit margins[21]. - The scaffolding industry faces increasing competition, rising labor costs, and a declining workforce, leading to a lack of confidence in its future prospects[45]. - The Group has identified risks related to labor shortages and the failure to secure new contracts, which could negatively impact financial performance[75]. Risk Management - The Group identified principal risks classified into strategic, operational, financial, and compliance risks[169]. - Strategic risks include competitive landscape, failure to meet customer expectations, and over-concentration of customer bases[169]. - Operational risks encompass insufficient safety guidelines, technology breakdown, and increased operating costs[169]. - Financial risks identified are liquidity risk, credit risk, foreign exchange rate risk, and interest rate risk[169]. - Compliance risks involve non-compliance with safety, health, and environmental ordinances[169]. - The Group has established a "three lines of defence" corporate governance structure for risk management[172]. - A risk register is maintained to track all identified major risks and actions taken to mitigate them[172]. - Management conducts ongoing risk management activities and evaluates the effectiveness of the risk management framework annually[173]. Corporate Governance - The Company maintains high standards of corporate governance practices[101]. - The Board will arrange for the election of a new Chairman and CEO at an appropriate time[103]. - The Company has adopted a Board Diversity Policy effective from September 1, 2013, focusing on various diversity aspects including gender, age, and professional experience[112]. - The Company encourages all shareholders to attend the Annual General Meeting, which was held on October 27, 2023[117]. - The Company has received annual confirmations of independence from each independent non-executive Director[111]. - The Company has established specific terms of reference for all Board committees, clearly defining their authorities and responsibilities[155]. Financial Position - As of April 30, 2024, the Group's equity attributable to owners was approximately HK$383.9 million, down from HK$396.1 million the previous year[52]. - Current assets decreased to approximately HK$333.9 million from HK$534.5 million as of April 30, 2023[52]. - The Group's total assets were approximately HK$582.0 million, slightly up from HK$575.6 million the previous year[52]. - The gearing ratio as of April 30, 2024, was approximately 38.9%, an increase from 31.7% the previous year[53]. - The Group's bank balances and cash remained stable at approximately HK$18.5 million as of April 30, 2024[54]. - The Group's net loan and interest receivables amounted to approximately HK$456.2 million, an increase from HK$444.4 million in 2023[58]. Human Resources - The total number of full-time employees as of April 30, 2024, was 43, down from 50 on April 30, 2023[82]. - Total staff costs for the year amounted to approximately HK$17.1 million, compared to approximately HK$36.1 million in the previous year[82]. - The Group is committed to providing a safe and healthy working environment to retain labor and mitigate risks associated with labor shortages[75]. - The Group regularly reviews employee remuneration packages to ensure competitiveness in the market[185]. Shareholder Communication - The Company communicates with shareholders through annual, interim, and quarterly reports, as well as announcements and circulars when necessary[159]. - The annual general meeting of the Company provided a forum for shareholders to exchange views with the Board, with a majority of Directors attending to answer shareholder questions[159]. - Shareholders holding not less than one-tenth of the paid-up capital may requisition a general meeting[161]. Board Composition and Changes - The Group has seen significant changes in its board composition with multiple resignations and appointments in 2023 and 2024[89][91][92][94][95]. - The Board currently consists of one Executive Director and two Independent Non-Executive Directors[105]. - Following Ms. Lam's resignation, the Board did not meet the requirement of at least three Independent Non-Executive Directors[107]. - The Company complied with GEM Listing Rules after appointing Ms. Gong on April 11, 2024[108].
汇隆控股(08021) - 2024 - 年度财报