Financial Performance - Revenue for the year ended June 30, 2024, increased by 53.8% to HK$73,811,000 compared to HK$48,004,000 in 2023[7]. - Gross profit for the year was HK$14,764,000, a significant recovery from a gross loss of HK$11,418,000 in the previous year[7]. - The company reported a loss for the year of HK$13,044,000, an improvement of 75.6% from a loss of HK$53,556,000 in 2023[7]. - The gross profit margin for the year was 20.0%, indicating a positive shift in profitability[7]. - Loss before income tax decreased to HK$13,044,000 from HK$53,555,000 in 2023, indicating a significant improvement[200]. - Total comprehensive expense for the year was HK$14,349,000, down from HK$54,022,000 in the previous year[200]. - Basic and diluted loss per share improved to HK$9.74 from HK$58.39 in 2023[200]. - Other income for the year was HK$225,000, a decrease from HK$1,047,000 in the previous year[200]. - Administrative expenses were HK$21,244,000, a reduction from HK$30,329,000 in 2023[200]. Assets and Liabilities - The total assets increased by 7.0% to HK$63,613,000 from HK$59,469,000 in 2023[7]. - The capital deficiency improved to HK$44,427,000, a reduction of 17.9% from HK$54,097,000 in the previous year[7]. - The current ratio decreased to 0.74 from 0.81 in 2023, indicating a decline in short-term liquidity[7]. - The gearing ratio worsened to (1.88) compared to (1.31) in the previous year, reflecting increased financial leverage[7]. - As of June 30, 2024, cash and bank balances amounted to approximately HK$16.8 million, down from approximately HK$31.0 million in 2023[37]. - As of June 30, 2024, the Group had other borrowings of approximately HK$53.5 million and shareholder's loans of HK$30.0 million, compared to HK$70.9 million in other borrowings as of June 30, 2023[38]. - The Group had net current liabilities of approximately HK$18,973,000 and capital deficiency of approximately HK$44,427,000[178]. Business Strategy and Market Focus - The management is focusing on market expansion and new product development to drive future growth[7]. - The company is exploring strategic partnerships and potential acquisitions to enhance its market position[7]. - The management is focusing on developing local business in the PRC and Hong Kong while exploring opportunities in Australia, resulting in positive outcomes and new business relationships with internationally recognized brands[25][26]. - The Group is actively seeking potential acquisition targets that may synergize with its existing business for ongoing strategic growth[29]. - The increase in revenue is attributed to various new projects obtained in the PRC, Hong Kong, and Australia[31]. Corporate Governance - The Board consists of six Directors: two executive Directors, one non-executive Director, and three independent non-executive Directors[8]. - The company is focused on enhancing its governance structure with experienced directors in finance and engineering sectors[8][9]. - The Board's composition aims to ensure independent judgment and effective supervision of the company's operations[9]. - The recent appointments of directors reflect the company's strategy to strengthen leadership and expertise in key areas[8][9]. - The Company has adopted the code provisions set out in the CG Code to enhance corporate governance[171]. - The Company has made efforts to improve corporate governance practices in line with the governance code[54]. - The Company has established four Board Committees to oversee specific aspects of its operations[50]. Risk Management - The Risk Management Committee oversees the risk management strategies and guidelines for the Group[103]. - The Company has developed a system for evaluating sanctions risks before pursuing business opportunities in sanctioned countries, with external legal counsel consulted as needed[82]. - The Company has arranged liability insurance to indemnify Directors and senior management[94]. - The internal control system is used as a management tool for daily business operations and is reviewed annually[107]. - The management confirmed to the Board that the risk management and internal control systems are effective and sufficient for the year ended June 30, 2024[109]. Employee and Operational Insights - As of June 30, 2024, the Group had 30 employees, down from 41 in 2023, with total employee benefits amounting to approximately HK$11.0 million, a decrease from approximately HK$19.5 million in 2023[41]. - The Group maintains a low employee turnover rate by offering attractive remuneration packages and career development opportunities[136]. - The Group's business is project-based, leading to variability in revenue mix and profit margins depending on project terms[134]. Shareholder Information - The Board does not recommend any dividend for the Year, which is consistent with the previous year[139]. - The Group's financial results and state of affairs are detailed in the audited consolidated financial statements on pages 54 to 143 of the annual report[137]. - The Company has maintained the prescribed public float under the Listing Rules throughout the year and continues to do so as of the date of the annual report[166]. Compliance and Legal Matters - The Group's compliance with relevant laws and regulations is outlined in the ESG Report[133]. - The Group's operations are compliant with relevant laws and regulations in Hong Kong, the PRC, and Australia[137]. - There were no significant transactions, arrangements, or contracts involving Directors or their connected entities during the year[146].
易纬集团(03893) - 2024 - 年度财报