Financial Performance - The Group's revenue for the six months ended September 30, 2024, was approximately HK$80.1 million, a decrease of approximately HK$13.3 million or 14.2% compared to HK$93.4 million for the same period in 2023[20] - The gross profit for the Reporting Period amounted to approximately HK$13.2 million, down from approximately HK$17.1 million in 2023[20] - The net loss for the Reporting Period was approximately HK$5.5 million, compared to a net loss of approximately HK$3.2 million in 2023[21] - The group's gross profit for the reporting period was approximately HK$13.2 million, compared to HK$17.1 million in 2023, representing a decrease of about 23.1%[23] - The net loss for the reporting period was approximately HK$5.5 million, compared to a net loss of HK$3.2 million in 2023, indicating an increase in losses of approximately 71.9%[23] - The revenue for the six months ended September 30, 2024, was HK$80.1 million, down from HK$93.4 million in 2023, reflecting a decline of approximately 14.2%[26] - The Group reported a loss before tax of approximately HK$5,467,000 for the six months ended 30 September 2024, compared to a loss of approximately HK$3,248,000 in the same period of 2023[84] - The Group recorded a net loss attributable to the owners of approximately HK$5.5 million for the Reporting Period, compared to a net loss of approximately HK$3.2 million in 2023[142] Dividend and Shareholder Returns - The Board does not recommend an interim dividend for the Reporting Period, consistent with the previous year[21] - The company did not recommend the payment of an interim dividend for the reporting period, consistent with the previous year[23] - The Group does not recommend a payment of an interim dividend for the Reporting Period[142] Expenses and Costs - Administrative expenses decreased to HK$20.4 million from HK$21.4 million in 2023, a reduction of about 5.0%[26] - The total cost of acquiring property, plant, and equipment during the reporting period was approximately HK$54,000, a significant decrease from HK$736,000 in the previous year[89] - The cost of sales decreased by approximately 12.3% from approximately HK$76.3 million for the six months ended 30 September 2023 to approximately HK$66.9 million for the Reporting Period[141] - The gross profit decreased by approximately 22.8% from approximately HK$17.1 million for the six months ended 30 September 2023 to approximately HK$13.2 million for the Reporting Period, primarily due to a decline in revenue[141] Cash Flow and Liquidity - For the six months ended September 30, 2024, net cash used in operating activities was HK$ (1,918,000), a significant improvement compared to HK$ (29,559,000) in the same period of 2023, indicating a reduction in cash outflow[41] - Cash and cash equivalents at the end of the period were HK$ 28,595,000, down from HK$ 51,364,000 at the end of the same period in 2023, reflecting a net decrease in cash[41] - The Group's liquidity and capital requirements are primarily met through operating cash flows, bank borrowing, and equity[142] - As of September 30, 2024, the Group has net current assets of approximately HK$116.1 million, a decrease from HK$121.9 million as of March 31, 2024[2] - The Group's bank balances and cash amounted to approximately HK$53.7 million as of September 30, 2024, down from approximately HK$70.2 million as of March 31, 2024[3] - The Group had no outstanding borrowings as of September 30, 2024, compared to approximately HK$15.0 million as of March 31, 2024[4] - The gearing ratio as of September 30, 2024 was not applicable, down from 11.0% as of March 31, 2024, due to the full settlement of borrowings during the Reporting Period[5] Assets and Liabilities - Total current assets as of September 30, 2024, were HK$164.9 million, down from HK$188.9 million as of March 31, 2024, a decrease of approximately 12.7%[28] - Total current liabilities decreased to HK$48.8 million from HK$67.0 million, a reduction of approximately 27.9%[31] - The total equity as of September 30, 2024, was HK$130.7 million, down from HK$136.3 million as of March 31, 2024, indicating a decrease of about 4.9%[31] - The Group's trade receivables as of September 30, 2024, totaled HK$36,440,000, a decrease from HK$38,671,000 as of March 31, 2024[98] - The Group's trade payables as of September 30, 2024, amounted to HK$14,472,000, an increase from HK$12,146,000 as of March 31, 2024[102] - The provision for contract works at the end of the period was HK$7,501,000, down from HK$9,237,000 at the beginning of the period[106] Revenue Segments - Revenue from Mobile Ticketing and Digital Payment Solutions increased to HK$ 8,236,000, up 54.1% from HK$ 5,331,000 in the previous year[58] - Revenue from Engineering Services decreased to HK$ 12,095,000, a slight decline of 2.1% from HK$ 12,351,000 in the same period of 2023[58] - Revenue from the Transportation Mission Critical System Solutions segment was approximately HK$8.2 million, an increase from approximately HK$5.3 million in 2023, with outstanding contracts valued at approximately HK$36.3 million, up from approximately HK$16.6 million in 2023[116] - Revenue from Mobile Ticketing and Digital Payment Solutions was approximately HK$16.2 million, down from approximately HK$25.9 million in 2023, with outstanding contracts valued at approximately HK$96.8 million, compared to approximately HK$120.3 million in 2023[119] - Revenue from Digital Fabrication and Maintenance Services was approximately HK$12.1 million, slightly down from approximately HK$12.4 million in 2023, while outstanding contracts increased to approximately HK$67.9 million from approximately HK$29.1 million in 2023[121] - Revenue from M&E Technology Solutions and Engineering Services was approximately HK$42.1 million, down from approximately HK$49.5 million in 2023, with outstanding contracts valued at approximately HK$149.7 million, compared to approximately HK$210.3 million in 2023[125] Corporate Governance - The Company has complied with all applicable code provisions in the Corporate Governance Code during the Reporting Period[11] - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance during the reporting period[171] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results and confirmed compliance with applicable accounting standards[173] - The company continues to comply with the GEM Listing Rules regarding the disclosure of interests[5] Share Capital and Options - As of September 30, 2024, the total number of issued shares was 404,960,000[5] - The Share Option Scheme allows for a maximum of 40,000,000 Shares to be granted, representing 10% of the total number of Shares in issue at the time of adoption[189] - The total number of Shares that may be issued under all share schemes during the Reporting Period was 3.13% of the weighted average number of Shares in issue[6] - The subscription price for any option granted under the Share Option Scheme is determined by the Board and cannot be less than the highest of the closing price on the date of grant, the average closing price for the preceding five business days, or the nominal value of a Share[191] - The Share Option Scheme will remain in force for 10 years from October 16, 2017, unless terminated earlier by the Shareholders[191] - The maximum number of Shares that can be issued upon exercise of options in any 12-month period shall not exceed 1% of the Shares in issue[189] - The options granted include 1,000,000 to a former director and 400,000 to the Joint Company Secretary[197]
高萌科技(08065) - 2025 - 中期财报