Financial Performance - The group's revenue reached a record high of HKD 1,386,665,000, representing a growth of 5.5% compared to HKD 1,314,301,000 in the previous year[7]. - Adjusted profit increased by 10.3% to HKD 83,744,000, up from HKD 75,901,000 in the previous year, excluding COVID-19 related subsidies[8]. - The profit attributable to equity holders increased by 16.0% to HKD 110,350,000 for the period, compared to HKD 95,141,000 in 2021/22[29]. - The group's gross profit rose by 5.0% to HKD 646,953,000, up from HKD 616,416,000 in 2021/22[30]. - Net profit for the period was HKD 109,866,000, a rise of 14.3% from HKD 96,104,000 in the prior year[49]. - Operating profit increased to HKD 135,760,000, representing a growth of 13.6% compared to HKD 119,470,000 in the previous year[49]. - Basic earnings per share increased to HKD 15.37, up from HKD 13.26, reflecting a growth of 15.9%[49]. - The company reported a total comprehensive income of HKD 105,809,000 for the period, compared to HKD 96,365,000 in the previous year, indicating an increase of 9.5%[49]. Revenue Sources - Revenue from the Hong Kong market grew by 5.6% to HKD 1,227,140,000, with same-store sales increasing by 4.5%[21]. - In Singapore, revenue increased by 7.1% to SGD 24,036,000, with same-store sales growth of 13.8% despite a reduction in store count from 49 to 46[22]. - The group recorded revenue of HKD 24,469,000 from its Macau operations, an increase from HKD 22,726,000 in 2021/22[43]. - Retail sales revenue, including consignment commission income, reached HKD 1,365,174,000, representing 98.5% of total revenue, compared to 99.3% in 2021/22[39]. - Revenue for the six months ended October 31, 2022, was HKD 1,386,665,000, an increase of 5.5% from HKD 1,314,301,000 in the same period of 2021[49]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.12 per share, an increase of 14.3% compared to the previous special dividend of HKD 0.042 per share[9]. - The company declared an interim dividend of 12.0 HKD cents per share, totaling approximately HKD 86,380,000, compared to HKD 105,600,000 in the previous year[138]. Employee and Operational Costs - The total employee cost for the period was HKD 192,564,000, compared to HKD 187,603,000 in the previous year, with approximately 2,061 employees[18]. - Employee benefit expenses, including director remuneration, rose to HKD 192,564,000 from HKD 187,603,000, indicating an increase of about 2.1%[135]. - Short-term employee benefits increased to HKD 7,388,000 for the six months ended October 31, 2022, compared to HKD 7,111,000 in the same period of 2021, reflecting a growth of approximately 3.9%[199]. - Other long-term benefits rose significantly to HKD 718,000, up from HKD 405,000, marking an increase of approximately 77.3%[199]. Liquidity and Financial Position - The group’s liquidity ratio improved to 1.6, up from 1.5 in the previous period, with total borrowings at HKD 21,139,000[16]. - The group maintained a strong cash position with cash and cash equivalents amounting to HKD 468,846,000 as of October 31, 2022, up from HKD 416,923,000 on April 30, 2022[35]. - Cash and cash equivalents increased to HKD 468,846,000 from HKD 416,923,000, reflecting a growth of approximately 12.4%[51]. - Operating cash flow for the six months ended October 31, 2022, was HKD 310,881,000, a decrease from HKD 323,173,000 in 2021, representing a decline of approximately 3.9%[55]. Strategic Initiatives - The group is actively expanding its product range, including more fast-moving consumer goods and OEM products, to enhance sales and profit margins[14]. - The group plans to launch a new logistics distribution center in Hong Kong's Kwai Chung ATL Logistics Center in the first half of 2023 to improve supply chain operations[28]. - The company plans to continue expanding its retail network, particularly in newly developed residential areas and public housing projects in Hong Kong[58]. - The company aims to enhance its product categories by increasing offerings of fast-moving consumer goods and OEM products to drive sales and improve gross margins[63]. - The group aims to provide a seamless shopping experience by integrating online and offline inventory records and enhancing its e-commerce platform[44]. Market Performance and Outlook - The company maintains a positive outlook for medium to long-term growth, focusing on markets in Hong Kong, Singapore, and Macau, with plans to open new stores in high-potential areas[59]. - In Singapore, despite the removal of retail subsidies, the company reported improved performance compared to the same period last year, indicating resilience in this strategic market[61]. Financial Management and Accounting - The group’s financial risk management policies have not undergone any significant changes since the last fiscal year-end[88]. - The group has adopted revised accounting standards effective from May 1, 2022, with no significant impact on previously reported amounts[84]. - The group is currently evaluating the impact of new accounting standards that will become effective on January 1, 2023, with preliminary conclusions indicating no significant impact on operational performance[86]. - The group’s management has made significant judgments and estimates in preparing the interim financial information, consistent with the previous fiscal year[87]. Assets and Liabilities - Total assets as of October 31, 2022, were HKD 1,735,259,000, slightly down from HKD 1,738,760,000 at April 30, 2022[51]. - Total liabilities decreased from HKD 843,905,000 as of April 30, 2022, to HKD 816,773,000 as of October 31, 2022, representing a reduction of approximately 3.9%[102]. - Trade payables were HKD 183,524,000 as of October 31, 2022, compared to HKD 176,111,000 on April 30, 2022[155]. Customer and Market Insights - The company’s largest customer accounted for less than 10% of total revenue for the periods ended October 31, 2022, and 2021, indicating a diversified customer base[118]. - The group’s main market remains Hong Kong, contributing 88.5% to total revenue, slightly up from 88.4% in 2021/22[40].
国际家居零售(01373) - 2023 - 中期财报