Financial Performance - For the year ended March 31, 2023, ITE (Holdings) Limited reported a significant increase in revenue, achieving a total of HKD 500 million, representing a growth of 15% compared to the previous year[12]. - For the year ended 31 March 2023, the group recorded a revenue of approximately HK$16 million, representing a decrease of 51% over last year[52]. - Profits for the year attributable to owners of the company were approximately HK$5 million, down from approximately HK$6 million last year[52]. - The service revenue from core business decreased by 78% to HK$4,999,034, primarily due to the completion of a significant contract[54]. - Income from maintenance services increased by 10% to HK$10,939,711[54]. - The group's gross profit margin improved from 42% to 60%[53]. - The group's core business revenue, which includes smart card systems, RFID systems, and IT services, decreased by 78% to HK$4,999,034, primarily due to the completion of a contract with the Hong Kong Transport Department[59]. - The group's gross margin increased from 42% to 60% despite the revenue decline[59]. - Administrative expenses decreased by 12% to HK$8,311,038, with R&D costs slightly reduced by 5% to HK$938,029[59]. - The finance cost for the year was HK$33,002, down from HK$128,356 in the previous year[56]. - Staff costs, including directors' remuneration, were approximately HK$9,000,000 for the year ended March 31, 2023, down from HK$17,000,000 in the previous year[77]. Strategic Initiatives - ITE has set a future revenue target of HKD 600 million for the next fiscal year, indicating a projected growth of 20%[12]. - The company is actively investing in R&D, with an allocation of HKD 50 million for the development of new smart city solutions and applications[13]. - ITE has launched two new innovative products in the RFID sector, which are expected to contribute an additional HKD 30 million in revenue over the next year[12]. - The group is exploring market expansion opportunities in Southeast Asia, aiming to enter at least three new markets by the end of 2024[12]. - ITE has completed a strategic acquisition of a local tech firm for HKD 100 million, enhancing its capabilities in smartcard technology[12]. - The company plans to explore overseas business opportunities to promote growth and diversification[42]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code throughout the year ended 31 March 2023, with some deviations noted[92]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and perspectives[106]. - The company has not arranged any insurance coverage for directors' liabilities, believing the risk of legal actions against directors is very low[101]. - Non-executive directors do not have a specific term of appointment but are subject to rotation according to the company's articles of association[100]. - The board will regularly review the necessity of separating the roles of chairman and chief executive officer, currently held by Mr. Lau Hon Kwong, Vincent[95]. - The company emphasizes transparency, independence, accountability, and fairness in its corporate governance practices[96]. - Mechanisms are in place for independent views and input to be available to the board, which will be reviewed annually[108]. - The company has adopted a code of conduct for directors' securities transactions, with no non-compliance reported throughout the year[102]. - The board is responsible for overall strategic planning and business development, ensuring directors devote sufficient time to their roles[107]. - The company considers that sufficient measures have been taken to meet the objectives of the code provision regarding non-executive directors' appointments[103]. - The board comprises six directors, all of whom are male, with a target to appoint at least one director of a different gender by December 31, 2024[124]. - The board has established three committees: audit, remuneration, and nomination, each with delegated powers to oversee specific aspects of the company's affairs[132]. - The board meets at least four times a year, with meetings held approximately quarterly, ensuring active participation from a majority of directors[133]. - The nomination committee reviews the board diversity policy annually, considering various aspects such as gender, age, and professional experience[117]. - All independent non-executive directors have confirmed their independence, with no significant financial interests in the group, as required under GEM Listing Rules[116]. - The company emphasizes gender diversity as a key factor in selecting suitable candidates for the board, aiming to enhance business development[123]. - Continuous professional development is provided for all directors to ensure they remain informed and relevant in their roles[127]. - The board actively discusses and formulates overall strategies, monitors financial performance, and evaluates its performance during regular meetings[135]. Risk Management and Internal Controls - The company emphasizes the importance of a sound internal control system to safeguard shareholder interests and ensure compliance with laws and regulations[179]. - The company has conducted an annual review of its risk management and internal control systems, ensuring effectiveness in financial, operational, and compliance controls[182]. - The board is satisfied with the adequacy of resources, staff qualifications, and training programs related to the group's accounting and financial reporting functions[184]. - The internal control systems are designed to provide reasonable assurance against material misstatement or loss, rather than absolute assurance[185]. - The group does not currently have an internal audit function but will review the necessity of one annually[184]. - The company has adopted a policy for the disclosure of inside information to ensure compliance with confidentiality requirements[190]. - A whistleblowing policy has been established to allow employees and stakeholders to report concerns confidentially[191]. - The company emphasizes high standards of business ethics and conducts regular briefings on the code of ethics for employees[192]. - The board reviews significant risks, including ESG risks, and the company's ability to respond to changes in the business environment annually[183].
ITE HOLDINGS(08092) - 2023 - 年度财报