Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit of $2,508,000 compared to a net loss of $1,619,000 in the previous year[3]. - Adjusted net profit (non-IFRS measure) for the year was $6,839,000, significantly higher than the previous year's adjusted net profit of $892,000[3]. - Total revenue for the year was $107,452,000, an increase from $101,008,000 in the prior year, representing a growth of approximately 6.4%[4]. - Gross profit increased to $30,851,000 from $23,311,000, reflecting a gross margin improvement[4]. - Basic earnings per share for the year was $0.49, compared to a loss per share of $0.32 in the previous year[4]. - Other comprehensive loss for the year was $146,000, compared to a gain of $73,000 in the previous year, primarily due to foreign exchange differences[4]. - The total income tax expense for the year 2024 is $1,706,000, compared to $56,000 for the year 2023[30]. - Profit before tax for the year ended December 31, 2024, was approximately $4.2 million, compared to a loss of approximately $1.6 million for the year ended December 31, 2023[60]. - Net profit for the year ended December 31, 2024, was approximately $2.5 million, an increase of about $4.1 million compared to a net loss of approximately $1.6 million for the year ended December 31, 2023[62]. - Basic earnings per share for the year ended December 31, 2024, was $0.49, compared to a loss of $0.32 for the year ended December 31, 2023[63]. Revenue Breakdown - North America revenue increased to $42,515,000 in 2024 from $34,836,000 in 2023, representing a growth of 22.5%[15]. - Europe revenue rose to $43,317,000 in 2024 from $32,605,000 in 2023, marking an increase of 33.0%[15]. - Asia revenue decreased to $13,986,000 in 2024 from $22,969,000 in 2023, a decline of 39.0%[15]. - Revenue for the year ending December 31, 2024, increased by approximately 6.4% (about $6.4 million) to $107.452 million, driven by revenue growth in Europe and North America[49]. - North America revenue increased by 22.0% to $42.515 million, while Europe revenue rose by 32.9% to $43.317 million[50]. - Asia revenue decreased by 39.1% to $13.986 million, and Latin America revenue fell by 28.0% to $7.634 million[50]. Expenses and Cost Management - The company incurred restructuring and redundancy costs amounting to $1,102,000, which were excluded from the adjusted net profit calculation[3]. - The company reported a decrease in selling and distribution expenses to $7,297,000 from $6,432,000, indicating improved cost management[4]. - Research and development expenses for 2024 were $5,688,000, slightly down from $5,894,000 in 2023, a decrease of 3.5%[25]. - The cost of goods sold was $63,708,000 in 2024 compared to $64,988,000 in 2023, a reduction of 2.0%[25]. - Administrative expenses for the year ended December 31, 2024, were approximately $12.0 million[56]. - Other expenses decreased from approximately $4.3 million for the year ended December 31, 2023, to approximately $3.6 million for the year ended December 31, 2024, a reduction of about $0.7 million[58]. - Financing costs decreased by approximately $1.3 million, mainly due to a reduction of about $0.7 million in bank loan interest[59]. Assets and Liabilities - Total assets decreased from $70,736 thousand in 2023 to $68,491 thousand in 2024, a decline of approximately 3.5%[5]. - Current liabilities increased from $36,363 thousand in 2023 to $42,808 thousand in 2024, an increase of about 17.8%[5]. - Non-current liabilities dropped significantly from $11,562 thousand in 2023 to $510 thousand in 2024, a decrease of approximately 95.6%[6]. - Cash and cash equivalents rose from $16,872 thousand in 2023 to $19,443 thousand in 2024, an increase of about 15.2%[5]. - The company's net asset value increased from $22,811 thousand in 2023 to $25,173 thousand in 2024, representing a growth of approximately 10.4%[6]. - Trade receivables decreased from $26,251 thousand in 2023 to $23,575 thousand in 2024, a decline of about 10.2%[5]. - Trade payables for the year 2024 are $28,656,000, compared to $27,711,000 in 2023[36]. - Cash and cash equivalents for the year 2024 total $19,443,000, an increase from $16,872,000 in 2023[37]. Corporate Governance and Compliance - The company has adopted a corporate governance policy that is more flexible than the corporate governance code, with all applicable provisions being followed[89]. - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024[93]. - PricewaterhouseCoopers LLP confirmed that the financial figures in the announcement are consistent with the draft consolidated financial statements for the year[94]. - The company is committed to enhancing corporate governance practices to improve shareholder returns[91]. - The company will continue to review and improve its corporate governance policies to ensure effective board leadership[91]. - The company has not reported any significant changes in its subsidiary structure[108]. Shareholder Information - The proposed final dividend for the year ended December 31, 2024, is $0.0025 per ordinary share, totaling $1,254,000, pending approval at the upcoming annual general meeting[42]. - The board proposed a final dividend of $0.25 per share for the year ending December 31, 2024, compared to no dividend in 2023[86]. - The final dividend is subject to approval at the upcoming annual general meeting scheduled for June 20, 2025[95]. - The proposed final dividend is expected to be distributed around August 22, 2025[98]. - The company will suspend share transfer registration from June 16 to June 20, 2025, to determine eligibility for attending the annual general meeting and receiving the proposed final dividend[96]. - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, with all required information available to shareholders[100]. - The company will hold its Annual General Meeting on June 20, 2025[103]. Innovation and Development - The group has over 200 patents and has developed a comprehensive infrared and code database, emphasizing its commitment to innovation[44]. - The company has updated its brand from "Omni Remotes" to "Omni Devices" to reflect its ambitions in new business areas and capabilities in end-to-end design and manufacturing[44]. - The group continues to invest in various remote control technologies, including sustainable development and advanced sensors[44]. - The new digital automation production base in Hunan, China, has commenced mass production as planned[48]. - The company plans to expand its professional sales team with an allocation of HKD 13.8 million, expected to be fully utilized by December 31, 2026[83]. Risks and Challenges - The group continues to monitor foreign exchange risks and plans to take prudent measures to mitigate currency exchange risks[78]. - The group has faced increased credit risk regarding its financial assets, with uncertainty about the timing and likelihood of redemption[41]. - The company has developed a mitigation plan to address potential impacts from global political changes on its business operations[48]. - The company has not established any hedging agreements for foreign exchange risks[78].
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