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天成控股(02110) - 2025 - 中期业绩

Financial Performance - The Group's revenue for the six months ended 30 November 2024 was approximately HK$108.1 million, a decrease from approximately HK$123.6 million for the same period in 2023, representing a decline of about 12.1%[14] - Loss attributable to equity shareholders for the six months ended 30 November 2024 was HK$12.4 million, improved from a loss of HK$20.0 million for the same period in 2023, indicating a reduction of approximately 38%[14] - Loss per share for the six months ended 30 November 2024 was HK4.4 cents, compared to HK8.4 cents for the same period in 2023, reflecting a decrease of approximately 47.6%[14] - The Group recorded revenue from marine construction works of approximately HK$85.0 million, representing a decrease of approximately 25.6% compared to HK$114.2 million in the prior period[19] - The gross loss from marine construction works was approximately HK$8.8 million, a 38.9% decrease from a gross loss of approximately HK$14.4 million in the corresponding prior period[20] - Revenue from other civil engineering works amounted to approximately HK$16.7 million, an increase from approximately HK$5.4 million in the prior period, primarily due to the progress of the Three-runway system project at Chek Lap Kok Airport[26] - The Group's loss before taxation was HK$12,783,000, a significant improvement from HK$20,537,000 in the previous year[83] - The company reported a loss of HK$12,443,000 for the six months ended November 30, 2024, compared to a loss of HK$20,029,000 for the same period in 2023, reflecting an improvement of approximately 37.9%[88] Dividends and Share Capital - The Board does not recommend any interim dividend for the six months ended 30 November 2024[14] - The company issued 33,120,000 new shares on 20 September 2024, raising approximately HK$3.3 million[52] - No interim dividend was declared for the period, consistent with the prior period[53] - The company increased its authorized ordinary share capital by 1,200,000,000 shares, approved at the AGM on 22 November 2024[155] - The issued and fully paid ordinary shares increased from 266,880,000 to 300,000,000 shares following the allotment of 33,120,000 shares on 12 September 2024[155] Project and Operational Updates - The Group has maintained its position as the main contractor for two marine construction projects with a combined contract sum of approximately HK$261.4 million awarded in the previous year[15] - The Group undertook 10 projects with an aggregate initial contract sum of approximately HK$398.2 million, of which five projects were completed during the period[31] - As of 30 November 2024, the Group had five ongoing projects with an aggregate initial contract sum of approximately HK$310.2 million[31] - The completion of one significant project was delayed due to the persistent occupation of working areas by other vessels, impacting revenue generation[23] - The challenges faced during pier reconstruction, including adverse weather conditions, have led to increased costs and resource utilization issues[20] Business Diversification and Strategy - To mitigate risks, the Group has launched a new health and wellness services segment to diversify its business portfolio and enhance resilience against market volatility[16] - The Group's management has launched a new wellness service division to diversify income sources and reduce reliance on marine construction projects[17] - The Group aims to enhance its resilience and profitability amid market volatility through strategic expansion into new service areas[17] Financial Position and Cash Flow - Cash and bank balances as of 30 November 2024 were approximately HK$29.6 million, up from HK$25.8 million as of 31 May 2024[51] - Non-current liabilities decreased to approximately HK$5.9 million from HK$6.7 million as of 31 May 2024[51] - Total assets decreased to HK$102,868,000 from HK$117,465,000 as of May 31, 2024, representing a decline of approximately 12.4%[86] - Net current assets as of November 30, 2024, were HK$36,332,000, down from HK$39,050,000 as of May 31, 2024, indicating a decrease of about 6.9%[86] - Cash and cash equivalents at the end of the period were HK$29,599,000, a decrease from HK$47,784,000 at the end of the same period in 2023, representing a decline of about 38.0%[92] - The company generated net cash of HK$3,758,000 from investing activities for the six months ended November 30, 2024, compared to HK$5,318,000 for the same period in 2023, a decrease of approximately 29.3%[92] Governance and Compliance - The company has complied with the provisions set out in the Corporate Governance Code during the reporting period[160] - The total number of independent non-executive Directors was reduced to two after Mr. Luo Sheng's resignation on August 1, 2024, which is less than the required three under Rule 3.10 of the Listing Rules[161] - The number of members in the Audit Committee, Remuneration Committee, and Nomination Committee also fell to two, below the minimum required under Rule 3.21 of the Listing Rules[163] - Mr. Hu Ziyu was appointed as an independent non-executive Director on October 18, 2024, bringing the Company back into compliance with Rules 3.10 and 3.21[165] Employee and Share Option Information - The Group's total staff costs for the period amounted to approximately HK$28.9 million, up from HK$25.8 million for the six months ended 30 November 2023, representing an increase of 12%[65] - Directors' emoluments for the six months ended 30 November 2024 amounted to HK$1,357,000, a decrease from HK$1,746,000 in the same period of 2023, reflecting a reduction of approximately 22%[159] - A total of 22,240,000 share options were granted on September 16, 2024, representing 10% of the shares in issue as of the 2020 Adoption Date[171] - The 2020 Share Option Scheme was terminated during an extraordinary general meeting held on November 22, 2024[175] - The 2024 Share Option Scheme was approved on November 22, 2024, and aims to attract and retain high-caliber personnel for the group[182]