Financial Performance - The group's revenue decreased from approximately HKD 37.4 million for the year ended June 30, 2023, to approximately HKD 31.3 million for the year ended June 30, 2024[6]. - The group recorded a gross profit of approximately HKD 11.4 million for the year ended June 30, 2024, compared to a gross loss of approximately HKD 3.1 million for the year ended June 30, 2023[8]. - The total profit and comprehensive income for the year ended June 30, 2024, was approximately HKD 3.7 million, a significant improvement from a loss of HKD 23.2 million in 2023[10]. - The net profit for the year ended June 30, 2024, was primarily attributed to the recovery of gross profit and the reversal of expected credit loss provisions on trade receivables and contract assets[10]. - Basic earnings per share for the year was HKD 3.1, compared to a loss per share of HKD 19.3 in the previous year[110]. - The company reported a profit attributable to owners of HKD 3,747,000 for the year ended June 30, 2024, compared to a loss of HKD 23,203,000 in the previous year, marking a significant turnaround[187]. Revenue and Contracts - The decrease in revenue was mainly due to a reduction in the number of larger construction and renovation projects undertaken by the group compared to the previous year[7]. - Revenue from the largest customer accounted for approximately 42.1% of total revenue for the year ended June 30, 2024, compared to 41.2% in 2023[73]. - Revenue from the top five customers collectively accounted for about 86.7% of total revenue for the year ended June 30, 2024, down from 89.2% in 2023[73]. - Revenue from contracts recognized over time decreased from HKD 37,420 million in 2023 to HKD 31,301 million in 2024, indicating a decline in contract performance[178]. Expenses and Costs - Administrative expenses for the year ended June 30, 2024, were approximately HKD 11.2 million, slightly down from HKD 11.3 million in 2023[9]. - The company’s construction costs included materials, employee costs, subcontracting expenses, and insurance, totaling approximately HKD 277,000 for 2024, down from HKD 346,000 in 2023[181]. - Interest expenses on lease liabilities decreased to HKD 12,000 in 2024 from HKD 43,000 in 2023, representing a reduction of approximately 72%[180]. - The total remuneration for directors amounted to HKD 1,712 in 2024, compared to HKD 2,802 in 2023, showing a decrease of about 39%[184]. Cash Flow and Liquidity - As of June 30, 2024, the group maintained a cash and bank balance of approximately HKD 28.3 million, down from HKD 33.3 million in 2023[12]. - The company experienced a cash outflow from operating activities of HKD 4,903 million in 2024, compared to a cash inflow of HKD 3,486 million in 2023[114]. - Cash and cash equivalents decreased from HKD 33,291 million in 2023 to HKD 28,276 million in 2024, a decrease of approximately 15.1%[114]. Corporate Governance - The board does not recommend a final dividend for the year ended June 30, 2024, consistent with the previous year[21]. - The company has not appointed a CEO, leading to a deviation from corporate governance code A.2.1 after the resignation of Mr. Gan Jianbin on December 11, 2023[29]. - The independent non-executive directors provide impartial opinions on the company's strategy and performance, ensuring the interests of all shareholders are considered[28]. - The company has adhered to all applicable provisions of the corporate governance code, except for the aforementioned deviation[25]. Risk Management - The group faces credit risk from clients, which could adversely affect its liquidity if clients fail to make timely payments[58]. - The group has experienced various risks and uncertainties that are partially beyond its control, including economic and political conditions in Hong Kong[58]. - The group conducts annual risk identification and assessment to manage potential risks affecting its objectives[49]. Employee and Management - The group employed a total of 25 employees as of June 30, 2024, compared to 26 employees in 2023[20]. - Employee costs, including director remuneration, were approximately HKD 9.4 million for the year ended June 30, 2024, compared to HKD 9.2 million in 2023[20]. - The total remuneration for the top five highest-paid individuals (excluding directors) increased to HKD 7,253 in 2024 from HKD 4,088 in 2023, reflecting an increase of approximately 78%[182]. Financial Position - The company’s total liabilities remained relatively stable, with current liabilities at HKD 5,884 million in 2023 and HKD 5,872 million in 2024[111]. - Total equity increased from HKD 36,545 million in 2023 to HKD 40,292 million in 2024, representing an increase of approximately 10.1%[112]. - Non-current assets decreased from HKD 741 million in 2023 to HKD 432 million in 2024, a decline of approximately 41.7%[111]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly present the group's financial position as of June 30, 2024[97]. - Key audit matters included revenue recognition for construction contracts and expected credit loss provisions for trade receivables and contract assets[99]. - The group has adopted the GEM Listing Rules as a code of conduct for securities trading by its directors, ensuring compliance throughout the fiscal year[96]. Future Outlook - The group aims to enhance its market presence and explore new business opportunities in the construction sector moving forward[5]. - The group aims to expand its market share and pursue more foundation and renovation projects while maintaining prudent financial management[11]. - The group is closely monitoring the latest developments in the Hong Kong property market and will adjust strategies as necessary[11].
WT集团(08422) - 2024 - 年度财报