Financial Performance - The group's revenue for the three months ended June 30, 2023, was HKD 220,636,000, representing an increase of approximately 47% compared to HKD 150,135,000 for the same period in 2022[19] - The net profit attributable to the company's owners for the three months ended June 30, 2023, was HKD 17,497,000, compared to HKD 16,381,000 for the same period in 2022, reflecting a growth of approximately 6.8%[22] - The group reported a pre-tax profit of HKD 21,638,000 for the three months ended June 30, 2023, compared to HKD 15,684,000 for the same period in 2022, indicating an increase of approximately 37.9%[19] - The total comprehensive income for the period was HKD 17,494,000, compared to HKD 14,624,000 for the same period in 2022, marking an increase of approximately 19.1%[19] - The basic and diluted earnings per share for the three months ended June 30, 2023, were both 5 HK cents, compared to 4.2 HK cents for the same period in 2022[28] - The company reported a profit attributable to owners of the company of HKD 17,497,000 for the three months ended June 30, 2023, compared to HKD 16,381,000 for the same period in 2022, representing an increase of 6.8%[49] - Net profit for the three months ended June 30, 2023, was approximately HKD 17,850,000, representing an increase of about HKD 2,307,000 or 14.8% compared to the previous year[71] - Adjusted net profit increased by approximately HKD 13,871,000 or 348.6% after accounting for government subsidies from the previous fiscal year[71] Employee Costs - Employee costs increased by approximately 32% in the first quarter of FY2024 compared to FY2023, primarily due to an increase in the number of restaurants[2] - The percentage of employee costs to revenue decreased from 32.6% in FY2023 to 29.3% in FY2024, despite the increase in employee costs[2] - Employee costs rose to HKD 64,697,000, accounting for 29.3% of total revenue, compared to 32.6% in the previous year[67] Revenue Growth - Total revenue for Q1 2024 reached HKD 220,636,000, an increase of 47.0% compared to Q1 2023[62] - The number of customers served in Q1 2024 was 884,500, representing an increase of 246,103 customers or 38.6% year-over-year[60] - The average spending per customer rose from HKD 235.2 to HKD 249.4, reflecting a growth in consumer spending[60] - The company opened four new restaurants during the first quarter of the fiscal year 2024, increasing the total number of restaurants in Hong Kong from 39 to 42[51] - The overall number of restaurants increased from 42 to 45, with a net addition of 4 new restaurants after accounting for closures[55] Costs and Expenses - The cost of materials and supplies increased by 32.8% to HKD 60,387,000, aligning with revenue growth[67] - Property rental and related expenses increased by approximately 31.3% compared to Q1 FY2023, primarily due to more restaurants commencing operations in Q1 FY2024[68] - Other expenses increased by 42.8% to approximately HKD 11,068,000, aligning with revenue growth, while the percentage of other expenses to revenue slightly decreased to about 5.0%[70] - Depreciation of property, plant, and equipment increased by about 32.0%, while right-of-use asset depreciation rose by 57.5% compared to Q1 FY2023, attributed to more restaurants opening and new lease agreements[70] Cash Position and Debt - The group maintained a net cash position as of June 30, 2023, with net debt to equity ratio being zero[4] - Cash and cash equivalents as of June 30, 2023, amounted to HKD 126,500,000, with no bank borrowings reported[72] Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 for the three months ending June 30, 2023[90] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the three months ending June 30, 2023, confirming compliance with applicable accounting standards and disclosure requirements[92] - The Audit Committee consists of independent non-executive directors, ensuring oversight of the financial reporting process[92] - The company has adopted written guidelines for directors' securities transactions, ensuring compliance with GEM Listing Rules[92] Shareholder Information - As of June 30, 2023, major shareholders Mr. Huang and Ms. Chen each hold 260,302,000 shares, representing approximately 68.74% of the company's equity[87] - IKEAB Limited, beneficially owned by Mr. Huang and Ms. Chen, holds 250,318,000 shares, accounting for 66.10% of the company's equity[87] Other Information - The company did not receive any rent concessions in the first quarter of FY2024, whereas it received approximately HKD 2,100,000 in rent concessions in the first quarter of FY2023[1] - The company did not recommend the payment of an interim dividend for the three months ended June 30, 2023[46] - The company has no significant contingent liabilities as of June 30, 2023[74] - The company’s outstanding capital commitments as of June 30, 2023, were approximately HKD 6,900,000[75] - The company has not entered into any arrangements that would allow directors to benefit from acquiring shares or debt securities of the company[85] - The company has no knowledge of any person (other than directors) holding any interests or short positions in shares or related securities that require disclosure under the Securities and Futures Ordinance as of June 30, 2023[89] - The company expresses gratitude to all employees and management for their contributions during the period[93] - The company applied new and revised Hong Kong Financial Reporting Standards for the first time during this period, which did not have a significant impact on the financial performance[46] - The company anticipates continued business improvement throughout the fiscal year as tourist numbers gradually increase in Hong Kong and globally[77]
尝高美集团(08371) - 2024 Q1 - 季度财报