Financial Performance - Revenue for FY2023/24 increased to HK$302.10 million, up from HK$199.17 million in FY2022/23, representing a growth of approximately 51.9%[14] - Gross profit for FY2023/24 was HK$5.76 million, compared to HK$3.91 million in FY2022/23, indicating a rise of about 47.3%[14] - Net loss decreased to HK$0.35 million in FY2023/24 from HK$3.08 million in FY2022/23, reflecting a reduction of approximately 88.6%[14] - Loss per share improved to HK$0.02 cents in FY2023/24 from HK$0.20 cents in FY2022/23[14] - The Group's overall revenue increased by approximately HK$102.93 million or 51.68%, from approximately HK$199.17 million for the year ended April 30, 2023, to approximately HK$302.10 million for the year ended April 30, 2024[24] - Revenue from slope works increased from approximately HK$199.01 million for the year ended April 30, 2023, to approximately HK$301.80 million for the year ended April 30, 2024, representing an increase of approximately 51.65%[29] - Revenue from foundation works increased from approximately HK$0.16 million for the year ended April 30, 2023, to approximately HK$0.29 million for the year ended April 30, 2024, representing an increase of approximately 81.25%[30] - The Group's gross profit increased by approximately HK$1.85 million or 47.31%, from approximately HK$3.91 million for the year ended April 30, 2023, to approximately HK$5.76 million for the year ended April 30, 2024[34] - The Group's gross profit margin slightly decreased from approximately 1.96% for the year ended April 30, 2023, to approximately 1.91% for the year ended April 30, 2024[34] - Other income and other gain amounted to approximately HK$1.85 million for the year ended April 30, 2024, compared to HK$2.17 million for the year ended April 30, 2023[35] - Administrative expenses decreased by approximately HK$0.88 million or approximately 10.85%, from approximately HK$8.11 million for the year ended April 30, 2023, to approximately HK$7.23 million for the year ended April 30, 2024[36] - For the year ended 30 April 2024, the net loss attributable to owners of the Company was approximately HK$0.35 million, a significant decrease from HK$3.08 million for the year ended 30 April 2023, primarily due to an increase in gross profit and a decrease in administrative expenses[42][45] Operational Environment - The Group's operating environment remains challenging due to rising operational costs and intense market competition[17] - The construction sector in Hong Kong is facing tougher competitive conditions and slower progress in public works funding scrutiny[17] - The Directors noted that the competition in the market has remained intense due to economic slowdowns[17] - The Group remains cautiously optimistic about the slope works industry in Hong Kong due to the government's ongoing infrastructure projects[22] - The Group has obtained public projects from the Civil Engineering and Development Department and Lands Department of the Hong Kong Government, expected to be completed in the coming years[23] Financial Position - As of 30 April 2024, current assets amounted to HK$64.31 million, up from HK$52.48 million in 2023, with cash and cash equivalents increasing to HK$33.83 million from HK$1.15 million[48][53] - The Group's current liabilities increased to HK$87.52 million as of 30 April 2024, compared to HK$74.81 million in 2023, resulting in a current ratio of 0.73, slightly up from 0.70[48][53] - The gearing ratio as of 30 April 2024 was approximately negative 220.67%, compared to negative 95.69% in 2023, indicating a significant increase in total debts to HK$49.96 million from HK$21.33 million[51][52][56] - The Group had no material capital commitments or contingent liabilities as of 30 April 2024, maintaining a stable financial position[59][63] - The Group's cash position improved significantly, with cash at banks and in hand amounting to approximately HK$33.83 million, an increase of approximately HK$32.68 million compared to the previous year[49][54] - There were no charges over the Group's assets as of 30 April 2024, indicating a clean balance sheet[50][55] - The Group incurred a loss of approximately HK$349,000 for the year ended 30 April 2024, with net current liabilities of approximately HK$23,201,000 and net liabilities of approximately HK$22,643,000[88] Corporate Governance - The Group's management emphasizes the importance of sound corporate governance for long-term success and development[130] - The Group has complied with the applicable code provisions of the Corporate Governance Code, with a noted deviation regarding the appointment of a chairman[131] - The Board recognizes the balance of power with three independent non-executive directors representing half of the Board[132] - The Group has adopted a code of conduct regarding securities transactions by directors, ensuring compliance with required standards[135] - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balanced governance structure[141] - Independent non-executive Directors represent more than one-third of the Board, with at least one possessing professional qualifications in accounting or financial management[148] - The Board is responsible for formulating overall strategies, setting management targets, and supervising management performance[143] - The Company has implemented a code of conduct and compliance manual applicable to Directors and employees to ensure adherence to legal and regulatory requirements[146] - The Board monitors the Group's operational and financial performance, ensuring sound internal control and risk management systems are in place[158] - The Company aims to enhance its corporate governance structure to ensure effective oversight and decision-making processes[191][194] Board Composition and Diversity - The company has a diverse board with members experienced in finance, accounting, and corporate governance, enhancing its strategic decision-making capabilities[112] - The independent non-executive directors bring a wealth of experience from various sectors, including TMT and pharmaceuticals, contributing to the company's growth strategy[112] - The board includes members with international qualifications, such as ACCA and CPA Australia, ensuring compliance with global standards[113] - The Board Diversity Policy was adopted from the date of Listing and amended effective January 1, 2019, to enhance the quality of performance through diverse board composition[169] - The Board Diversity Policy aims to consider measurable aspects such as gender, age, and professional experience in Board appointments[170] - The Company is actively seeking to appoint at least one director of a different gender by December 31, 2024, in compliance with GEM Listing Rules[177] - As of the report date, the Board's composition includes 5 male Executive Directors and 3 Independent Non-Executive Directors, with a focus on gender diversity[179] Meetings and Committees - The Board held five meetings during the year ended April 30, 2024, with the annual general meeting taking place on September 28, 2023[187][189] - The Audit Committee conducted five meetings during the year, focusing on financial reporting matters including quarterly, interim, and annual results[200] - The Audit Committee is responsible for evaluating the effectiveness of internal control and risk management systems, ensuring compliance with accounting standards and GEM Listing Rules[193][197] - The Company has established three functional committees: Audit Committee, Remuneration Committee, and Nomination Committee, to assist the Board in fulfilling its duties[192][195] - The Audit Committee supervises internal investigations and reviews anti-corruption and whistleblowing policies to address employee concerns[199] Employee and Operational Practices - The Group emphasizes employee training and development, viewing excellent employees as a key factor in its competitiveness[86] - The Group did not experience any material difficulties in sourcing materials or assigning subcontractors during the year ended 30 April 2024[83] - Staff costs for the year ended 30 April 2024 were approximately HK$4.09 million, a decrease from approximately HK$4.75 million in 2023, with the number of employees reduced to 73 from 94[60][67]
浙江联合投资(08366) - 2024 - 年度财报