Financial Performance - Revenue for FY2022/23 was HK$199.2 million, an increase of 49.5% compared to HK$133.3 million in FY2021/22[14]. - Gross profit for FY2022/23 was HK$3.9 million, up from HK$1.9 million in FY2021/22, reflecting a significant improvement in profitability[14]. - Net loss decreased to HK$3.1 million in FY2022/23 from HK$7.4 million in FY2021/22, indicating a reduction in financial losses[14]. - Loss per share improved to HK$0.20 cents in FY2022/23 from HK$0.47 cents in FY2021/22, showcasing better financial performance[14]. - The Group's overall revenue increased by approximately HK$65.9 million or 49.4%, from approximately HK$133.3 million for the year ended 30 April 2022 to approximately HK$199.2 million for the year ended 30 April 2023[24]. - Revenue from slope works increased from approximately HK$133.0 million for the year ended 30 April 2022 to approximately HK$199.0 million for the year ended 30 April 2023, representing an increase of approximately 49.6%[29]. - The Group's direct costs increased by approximately HK$63.8 million or 48.5%, from approximately HK$131.5 million for the year ended 30 April 2022 to approximately HK$195.3 million for the year ended 30 April 2023[31]. - The Group's gross profit increased by approximately HK$2.0 million or 105.3%, from approximately HK$1.9 million for the year ended 30 April 2022 to approximately HK$3.9 million for the year ended 30 April 2023[34]. - The Group's gross profit margin increased from approximately 1.4% for the year ended 30 April 2022 to approximately 2.0% for the year ended 30 April 2023[34]. - Loss attributable to owners of the Company for the year ended 30 April 2023 was approximately HK$3.1 million, a decrease from approximately HK$7.4 million for the year ended 30 April 2022[44]. - Administrative expenses decreased by approximately HK$1.4 million or approximately 14.7%, from approximately HK$9.5 million for the year ended 30 April 2022 to approximately HK$8.1 million for the year ended 30 April 2023[36]. Market Environment - The construction market in Hong Kong remains competitive, with challenges such as rising operational costs and slower funding proposal scrutiny impacting performance[17]. - The Directors noted that the operating environment is challenging due to increased subcontracting rates and general operational costs[17]. - Future outlook remains cautious due to ongoing political and social challenges affecting the construction industry in Hong Kong[17]. Operational Focus - The Group's principal operating subsidiary, Fraser Construction Company Limited, is an approved specialist contractor for public works, enhancing its competitive position[16]. - The Group is engaged in slope works, foundation works, and general building works, which are critical for maintaining infrastructure stability in Hong Kong[16]. - The Group's focus on public sector projects is crucial, as being on the approved contractor list is necessary for tendering[16]. - The Group has obtained public projects from the Civil Engineering and Development Department and Lands Department of the Hong Kong Government, expected to be completed in the coming years[23]. - The Group is cautiously optimistic about the slope works industry in Hong Kong due to the government's ongoing infrastructure projects[22]. Financial Position - As of 30 April 2023, current assets amounted to HK$52.5 million, down from HK$71.1 million in 2022, with cash and cash equivalents decreasing to HK$1.1 million from HK$44.8 million[50][55]. - The Group's current liabilities were HK$74.8 million as of 30 April 2023, compared to HK$90.6 million in 2022, resulting in a current ratio of 0.7, down from 0.8[50][55]. - The gearing ratio as of 30 April 2023 was approximately negative 95.7%, an improvement from negative 317.7% in 2022, reflecting a reduction in total debts to HK$21.33 million from HK$61.06 million[53][54]. Human Resources - Employee count increased to 94 as of 30 April 2023, up from 46 in the previous year, while staff costs decreased to approximately HK$4.8 million from HK$5.5 million[62][68]. - The Group places great emphasis on employee training and development, viewing excellent employees as a key factor in its competitiveness[88]. Governance and Compliance - The company has complied with the applicable code provisions of the Corporate Governance Code, except for deviations explained in the report[154]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, ensuring a balance of power[166]. - The Group is committed to improving operational efficiency and strengthening risk control measures, which are core competitive advantages[163]. - The company has adopted a code of conduct regarding securities transactions by Directors, confirming compliance during the year ended April 30, 2023[160]. - The Board recognizes the importance of sound corporate governance for long-term success and shareholder value[153]. - The Company has provided training materials to all existing directors regarding updates on GEM Listing Rules to ensure compliance with good corporate governance practices[194]. - The Board Diversity Policy aims to enhance performance quality by considering diversity in gender, age, cultural background, and professional experience among directors[196]. - The Board is collectively responsible for directing and supervising the Company's affairs, ensuring sound internal control and risk management systems are in place[184]. Legal and Regulatory Matters - There was no material non-compliance with relevant laws and regulations in Hong Kong during the year ended 30 April 2023[80]. - The Group's operations are primarily conducted through its subsidiaries in Hong Kong, ensuring compliance with local laws and regulations[80]. - The Company has not received any official documentation from the PRC government indicating involvement in the case related to Mr. Zhou and Ms. Meng's arrest[101]. - The management anticipates no qualified opinion regarding the Deconsolidated Subsidiaries for the year ending April 30, 2024[113]. - The investigation into Mr. Zhou and Ms. Meng was completed on October 13, 2021, with formal arrests made on August 26, 2021[1]. - The registered offices of the Deconsolidated Subsidiaries were found to be empty or occupied by other parties during the investigation[2]. Management and Leadership - Mr. Fu Yan Ming has over 30 years of experience in accounting, audit, internal control, financial management, strategic business planning, corporate finance, merger and acquisition, and corporate governance[137]. - Mr. Leung Tsun Ip has more than 17 years of experience in finance and asset management[131]. - Mr. Hui Man Ho Ivan has over 17 years of experience in auditing, accounting, financial management, and corporate finance[133]. - Mr. Yu Shek Man has over 39 years of experience in the construction industry in Hong Kong[144]. - The company has appointed independent non-executive directors with extensive backgrounds in finance and engineering, enhancing its governance structure[135]. - The management team includes professionals with qualifications such as Financial Risk Manager (FRM) and members of various accounting and engineering institutions[132][138]. - The company is focused on strategic business planning and corporate governance, which are critical for its future growth[137]. - The diverse expertise of the senior management team positions the company well for future projects and market expansion[149].
浙江联合投资(08366) - 2023 - 年度财报