Financial Performance - The group's revenue for the six months ended December 31, 2023, was SGD 15.1 million, a decrease of 36.3% compared to the same period last year[3]. - Gross profit for the reporting period was SGD 3.7 million, down 44.4% year-on-year[4]. - The loss for the period was SGD 0.2 million, a reduction of 107.6% compared to the previous year, primarily due to decreased revenue from online platform management services and creative and technical services[4]. - The gross margin decreased from approximately 28% to about 25%[4]. - Total comprehensive loss for the period was SGD 0.271 million, compared to a total comprehensive income of SGD 0.733 million in the previous year[6]. - For the six months ended December 31, 2023, the company reported a pre-tax profit of SGD 174,000, down from SGD 233,000 for the same period in 2022, representing a decrease of approximately 25.3%[12]. - The pre-tax profit for the six months ended December 31, 2023, was SGD 174,000, a decrease of 92.9% compared to SGD 2,452,000 in the same period of 2022[45]. - The company reported a net loss attributable to shareholders of SGD 399,000 for the six months ended December 31, 2023, compared to a profit of SGD 1,608,000 in the previous year[48]. - Basic and diluted loss per share for the period was SGD (0.05), compared to earnings of SGD 0.20 per share in the prior year[48]. Revenue Breakdown - Total revenue for the six months ended December 31, 2023, was SGD 15,128,000, a decrease of 36.4% compared to SGD 23,740,000 in the same period of 2022[22]. - Revenue from search engine marketing services increased to SGD 10,000,000 from SGD 9,219,000, reflecting a growth of approximately 8.5%[22]. - Revenue from online e-commerce platform operations decreased by 72.7%, from SGD 11.5 million to SGD 3.1 million, significantly impacting overall revenue[77]. - Revenue from creative and technical services decreased by approximately 49.3% to SGD 1.2 million for the reporting period, down from SGD 2.4 million for the six months ended December 31, 2022[78]. - Revenue from Singapore, the primary operating country, was SGD 11,182,000, a slight decrease of 2.9% from SGD 11,515,000 in the previous year[35]. Assets and Liabilities - Non-current assets as of December 31, 2023, totaled SGD 18.1 million, slightly up from SGD 17.9 million as of June 30, 2023[7]. - Current assets increased to SGD 45.4 million from SGD 44.4 million, driven by an increase in trade and other receivables[7]. - Total liabilities increased to SGD 23.6 million from SGD 22.1 million, with trade and other payables rising[8]. - The company's net assets as of December 31, 2023, were SGD 38.1 million, a slight decrease from SGD 38.4 million as of June 30, 2023[8]. - Trade receivables as of December 31, 2023, were SGD 19,635,000, slightly down from SGD 20,131,000 as of June 30, 2023[51]. - Contract liabilities increased to SGD 4.2 million as of December 31, 2023, from SGD 3.9 million at the end of June 2023[62]. - Trade payables rose to SGD 13.1 million as of December 31, 2023, compared to SGD 12.1 million at the end of June 2023[60]. Cash Flow and Financing - The company's operating cash flow before changes in working capital was SGD 582,000, significantly lower than SGD 4,534,000 in the previous period, indicating a decline of about 87.2%[12]. - The company experienced a net cash outflow from operating activities of SGD 57,000, compared to a net cash outflow of SGD 3,993,000 in the previous period, showing an improvement[12]. - Cash and cash equivalents at the end of the period were SGD 13,883,000, a decrease from SGD 14,739,000 at the end of the previous period[14]. - The company incurred a net cash outflow from financing activities of SGD 520,000, compared to SGD 1,035,000 in the previous period, indicating a reduction in cash used for financing[14]. Corporate Governance and Compliance - The company has established an audit committee with a written terms of reference that complies with corporate governance codes[111]. - The company has implemented high standards of corporate governance to protect shareholder interests and enhance corporate value[105]. - The company is currently not in compliance with certain listing rules due to the resignation of an independent non-executive director and plans to appoint a new director within three months[108]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended December 31, 2023, and found them to comply with applicable listing rules[112]. Employee and Compensation - As of December 31, 2023, the group had 86 employees, with total employee compensation amounting to approximately SGD 3.2 million for the reporting period[103]. - Total employee costs amounted to SGD 3,228,000, a decrease of 12.1% from SGD 3,674,000 in the previous year[46]. - The total employee compensation for the year ended June 30, 2023, was approximately SGD 8.4 million[103]. Future Outlook and Strategy - The company continues to focus on expanding its online marketing services and e-commerce platform operations, targeting both local and international brands[16]. - The company continues to invest in emerging advertising platforms and leading technologies to enhance performance and productivity[73]. - The remaining balance of approximately HKD 58.20 million from the net proceeds of the IPO is expected to be utilized by the fourth quarter of 2024, primarily for enhancing technical infrastructure[101].
秀商时代控股(01849) - 2024 - 中期业绩