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Unaudited interim results

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RNS Number : 2140S
New Trend Lifestyle Group plc
29 September 2017
 

For immediate release, 29 September 2017

Half Year Report

 

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

 

New Trend Lifestyle Group Plc

 

("NTLG" or the "Company" or the "Group")

 

Unaudited interim results for the six months ended 30 June 2017

 

New Trend Lifestyle Group (AIM: NTLG), the Singapore-based Feng Shui products and services group, announces its interim results for the six months to 30 June 2017.

 

 

 

 

 

The Directors of the issuer accept responsibility for this announcement.

 

 

 

For further information please contact:

 

Gregory Collier, Non-Executive Chairman

            

+44 (0) 7830 182501

SPARK Advisory Partners Limited (NOMAD)          

Mark Brady/Neil Baldwin       

              

+44 (0) 20 3368 3551

SI Capital Ltd (Broker)

Nick Emerson

+44 (0)1483 413500

 

Or visit our website: www.newtrendlifestylegroup.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chairman's Statement

 

 

Results for the period

Revenue in the period declined significantly against the corresponding period last year, at SGD2,017k (1H-2016: SGD3,316k), continuing the downward trend that the Group has been experiencing for some time and we have mentioned consistently in our recent statements. The trading conditions in Singapore remain challenging for the foreseeable future.  

The total comprehensive loss of for the period was SGD1,106k (1H-2016 : SGD359k loss). The Board continues to keep tight control of our costs, continuing to make reductions, where possible, to mitigate against the declining revenue; so minimising losses until market conditions improve.

In addition to this, the Group continues to try to promote its services through new sales and marketing initiatives as well as through its retail stores,

Cash at bank at the period end was lower than at the same date last year at SGD1,401k (1H-2016 : SGD1,766k).

 

Update on acquisition strategy

The Board has evaluated a number of potential acquisition targets in line with our stated strategy, which we outlined last year, however, none of these businesses which we identified has proved to be suitable to take forward.  The Board will continue with this approach as we feel that the Group, in its present shape, will not grow in the current environment unless there is a significant economic upturn in our market.

 

In the light of this, we continue to try and manage our cash resources as best we can and continue, wherever possible to save cost, without compromising our ability to develop the business and increase revenue.

 

Outlook

As we have outlined above, the second half of the year has started in the same way as the first half ended and trading conditions in Singapore continue to be very challenging. We expect our results for the second half are going to be significantly lower than the corresponding period last year and we anticipate that the full year results to 31 December 2017 will be below last year.

Throughout this difficult period, the staff have continued to work extremely hard to try and improve the situation as best they can.  On behalf of the Board and the shareholders, I would like to thank them all for their hard work and dedication in this difficult period.

 

Gregory Collier

Chairman

 

 

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

 

Consolidated Comprehensive Income Statement

For the period to 30 June 2017

           

 

 

 

Notes

Six months to 30 June 2017 Unaudited

Six months to

30 June 2016

Unaudited

Year ended

31 December 2016

Audited

 

 

SGD'000

SGD'000

SGD'000

 

 

 

 

 

Revenue

 

2,017

3,316

5,512 

 

 

 

 

 

Cost of Sales

 

(554)

(946)

(1,611)

 

 

──────

──────

──────

Gross Profit

 

1,463

2,370

3,901

 

 

──────

──────

──────

 

 

 

 

 

Administrative expenses

 

(2,864)

(3,261)

(6,241)

Other income

 

355

174

656

 

 

──────

──────

──────

Operating Loss

4

(1,046)

(717)

(1,684)

 

 

 

 

 

Finance expense

 

(60)

(35)

(137)

 

 

──────

──────

──────

Loss before tax

 

(1,106)

(752)

(1,821)

 

 

 

 

 

Income tax charges

 

-

-

(2)

 

 

──────

──────

──────

Loss from continuing operations

 

(1,106)

(752)

(1,823)

 

Loss on discontinued operation

 

 

-      

 

                     -                         

(344)

 

 

──────

──────

──────

Loss for the year

 

(1,106)

(752)

(2,167)

 

 

═════

═════

═════

 

 

 

Other comprehensive income/(loss) for the period

 

 

-

393

(1) 

 

 

──────

──────

──────

Total comprehensive loss for the

Period

 

(1,106)

(359)

(2,168)

 

 

═════

═════

═════

 

 

 

 

 

Attributable to:

 

 

 

 

-  Owners of the parent

 

(1,106)

(359)

(2,168)

 

 

═════

═════

═════

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

6

(0.011)

(0.008)

(0.02)

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

Consolidated Statement of Financial Position as at 30 June 2017

 

 

 

 

 

Notes

As at

30 June 2017

Unaudited

As at

30 June 2016

Unaudited

 As at

31 December

2016

Audited

 

 

SGD'000

SGD'000

SGD'000

Assets

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Intangibles

 

-

-

51

Property, plant and equipment

 

1,490

1,449

1,619

Investment property

 

2,023

2,042

2,015

 

 

──────

──────

──────

 

 

3,513

3,491

3,685

 

 

──────

──────

──────

Current assets

 

 

 

 

Cash and cash equivalents

8

1,401

1,766

2,390

Trade and other receivables

 

559

1,100

346

Inventories

 

652

775

683

 

 

──────

──────

──────

 

 

2,612

3,641

3,419

 

 

──────

──────

──────

Total assets

 

6,125

7,132

7,104

 

 

═════

═════

═════

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

Issued capital

7

243

199

243

Share premium

 

2,221

1,731

2,221

Other reserves

 

305

360

305

Group reorganisation reserve

 

2,845

2,845

2,845

Currency translation reserve

 

(159)

135

(259)

Accumulated surplus

 

(6,184)

(3,663)

(5,078)

 

 

──────

──────

──────

Total equity

 

(729)

1,607

277

 

 

──────

──────

──────

Non-current Liabilities

 

 

 

 

Restoration costs

 

-

97

89

Borrowings

 

-

-

3,171

 

 

──────

──────

──────

 

 

-

97

3,260

 

 

──────

──────

──────

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

3,743

1,045

2,205

Short term borrowings

 

3,111

3,501

1,354

Convertible loan notes

 

-

882

-

Restoration costs

 

-

-

8

Current income tax liabilities

 

-

-

-

 

 

──────

──────

──────

 

 

6,854

5,428

3,567

 

 

──────

──────

──────

Total equity and liabilities

 

6,125

7,132

7,104

 

 

═════

═════

═════

 

 

 

 

 

 

New Trend Lifestyle Group Plc

Consolidated Statement of Cash Flows

 

For the six months to 30 June 2017

 

 

 

6 Months to

6 Months to

 Year to

 

30 June 2017

30 June 2016

31 Dec 2016

Notes

Unaudited

Unaudited

Audited

 

 

SGD'000

SGD'000

SGD'000

Cash flows from operating activities

 

 

 

 

Loss before income tax

 

(1,106)

(752)

(2,167)

Adjustments for:

 

 

 

 

Depreciation and amortisation expense

 

187

249

443

Loss on disposal of fixed assets

 

-

-

71

Interest expense

 

61

41

91

Gain on disposal of plant and equipment

 

-

-

8

Reversal of provision for restoration costs

 

-

(68)

(68)

Foreign exchange differences

 

-

-

81

Movement in reserves

 

100

114

-

Loss of written off property, plant and equipment

 

-

51

-

Goods in Transit

 

18

-

-

 

 

──────

──────

──────

 

 

(740)

(365)

(1,541)

Changes in working capital:-

 

 

 

 

Inventories

 

31

89

174

Trade and other receivables

 

(213)

(54)

419

Trade and other payables

 

1,432

(329)

846

Provision for restoration costs

 

-

-

23

 

 

──────

──────

──────

Cash consumed in operations

 

510

(659)

(79)

Income tax paid

 

-

-

(2)

 

 

──────

──────

──────

Net cash consumed in operating activities

 

510

(659)

(81)

 

 

──────

──────

──────

Cash flows from investing activities

 

 

 

 

Purchase of plant and equipment

 

(24)

(188)

(595)

 

 

──────

──────

──────

Net cash consumed in investing activities

 

(24)

(188)

(595)

 

 

──────

──────

──────

Cash flows from financing activities

 

 

 

 

Proceeds from bank borrowings (net)

 

-

34

252

Repayment of bank loans

 

(1,414)

(204)

(428)

Proceeds/(repayment) of convertible loan

 

-

(30)

-

Interest paid

 

(61)

(41)

(91)

Net proceeds from share issue

 

-

-

479

 

 

──────

──────

──────

Net cash from/(consumed in) financing activities

 

(1,475)

(241)

212

 

 

──────

──────

──────

Net change in cash and cash equivalents

 

(989)

(1,088)

(464)

Cash and cash equivalents at beginning of year

 

2,390

2,854

2,854

 

 

──────

──────

──────

Cash and cash equivalents at end of year

 

1,401

1,766

2,390

 

 

═════

═════

═════

 

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

                                   

Consolidated statement of changes in equity

 

For six months to 30 June 2017

 

 

 

 

Share capital

 

 

Share premium

 

 

Retained

profits

Other reserves

 

 

Group reorganisation reserve

 

Currency translation reserve

 

 

 

Total

 

SGD'000

SGD'000

SGD'000

SGD'000

SGD'000

SGD'000

SGD'000

 

 

 

 

 

 

 

 

Balance at 30 June

2015

 

199

 

1,731

 

(2,019)


360

 

2,845

 

(205)

 

2,911

 

 

 

 

 

 

 

 

Loss for the period

-

-

(892)

-

-

-

(892)

 

 

 

 

 

 

 

 

Currency translation

-

-

-

-

-

(53)

(53)

 

 

 

 

 

 

 

 

Convertible loan notes

-

-

-

-

-

-

-

 

──────

──────

──────

──────

──────

──────

──────

Balance at 31

December 2015

 

199

 

1,731

(2,911)

360

2,845

(258)

1,966

 

──────

──────

──────

──────

──────

──────

──────

Loss for the period

-

-

(752)

-

-

-

(752)

 

 

 

 

 

 

 

 

Currency translation

-

-

 

-

-

393

393

 

──────

──────

──────

──────

──────

──────

──────

Balance at 30 June

2016

199

1,731

(3,663)

360

2,845

135

1,607

 

──────

──────

──────

──────

──────

──────

──────

Loss for the period

-

-

(1,415)

-

-

-

(1,415)

 

 

 

 

 

 

 

 

Shares issued in the period

44

490

-

-

-

-

534

 

 

 

 

 

 

 

 

Currency translation

-

-

-

-

-

(394)

(394)

 

 

 

 

 

 

 

 

Convertible Loan note

-

-

-

(55)

-

-

(556)

 

 

 

 

 

 

 

 

Balance at 31

December 2016

243

2,221

(5,078)

305

2,845

(259)

277

 

──────

──────

──────

──────

──────

──────

──────

Loss for the period

-

-

(1,106)

-

-

-

(1,105)

 

 

 

 

 

 

 

 

Convertible Loan note

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

Currency translation

-

-

-

-

-

100

100

 

 

 

 

 

 

 

 

At 30 June 2017

243

2,221

(6,184)

305

2,845

(159)

(729)

 

═════

═════

═════

═════

═════

═════

═════

 

New Trend Lifestyle Group Plc

 

Notes to the unaudited Interim Financial Information

 

1.   General Information

 

New Trend Lifestyle Group Plc ("NTLG" or "Company" or "Group") is a public limited company incorporated in England and Wales with company number 8000104 and is quoted on the AIM market of the London Stock Exchange Plc.

 

2.   Basis of Preparation

 

This interim report, which incorporates the financial information of the Group, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 December 2016.

      Taxes

 

      Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

 

Standards and Interpretations adopted with no material effect on financial statements

 

There are no IFRS or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Group.

 

There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have material impact on the Group.

 

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc 

 

Notes to the unaudited Interim Financial Information

 

3.   Segmental Analysis

 

        Segmental reporting

In the opinion of the Directors the Group has one class of business, being the provider of Feng Shui products and services in Singapore and mainland China.

The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There are currently two geographic reporting segments: Singapore and China.

 

 

6 months to 30 June 2017

 

 

Singapore

China and HK

 

UK

Total

 

Unaudited

Unaudited

Unaudited

Unaudited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

2,017

-

-

2,017

Other income

331

23

1

355

Direct and operating costs

(3,248)

(10)

(220)

(3,478)

 

 

 

 

 

Group loss before tax

(900)

13

(219)

(1,106)

Assets and Liabilities

 

 

 

 

Segment Assets

5,920

32

173

6,125

Segment Liabilities

(6,554)

(15)

(285)

(6,854)

 

(634)

17

(112)

(729)

           

 

 

 

6 months to 30 June 2016

 

 

Singapore

China and HK

 

UK

Total

 

Unaudited

Unaudited

Unaudited

Unaudited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

3,316

-

-

3,316

Other income

164

(16)

26

174

Direct and operating costs

(4,001)

(8)

(233)

(4,242)

 

 

 

 

 

Group profit/(loss) before tax

(521)

(24)

(207)

(752)

Assets and Liabilities

 

 

 

 

Segment Assets

6,791

310

31

7,132

Segment Liabilities

(4,396)

(14)

(1115)

(5,525)

 

2,395

296

(1,084)

1,607

           

 

 

 

Year to 31 December 2016

 

 

Singapore

China and HK

 

UK

Total

 

Audited

Audited

Audited

Audited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

5,512

-

-

5,512

Other income

589

5

66

660

Direct and operating costs

(7,567)

(349)

(423)

(8,339)

 

 

 

 

 

Group profit/(loss) before tax

(1,466)

(344)

(357)

(2,167)

Assets and Liabilities

 

 

 

 

Segment Assets

6,750

35

319

7,104

Segment Liabilities

(6,551)

(19)

(257)

(6,827)

 

199

16

62

277

           

 

 

New Trend Lifestyle Group Plc 

 

Notes to the unaudited Interim Financial Information

 

 

4.    Operating loss for the period is stated after charging

      

 

6 Months to

30 June 2017

Unaudited

6 Months to

30 June 2016

Unaudited

 Year to

31 December 2016

Audited

 

SGD'000

SGD'000

SGD'000

 

 

 

 

Depreciation

187

249

443

 

═════

═════

═════

      

 

5.   Directors' emoluments

 

 

 

6 Months to

30 June 2017

Unaudited

 

6 Months to

30 June 2016

Unaudited

 

 Year to

31 December 2016

Audited

 

NTLG

SGD'000

Total

SGD'000

NTL

SGD'000

 

 

 

 

Robert Goddard

-

36

36

Hillary Phang Song Hua

329

336

609

Ajay Kumar Rajpal

64

64

121

Gregory Collier

13

2

15

Leung Chi Chiu

11

1

10

Leung Bo Yee Nancy

9

1

10

 

═════

═════

═════

6.   Loss per share

 

6 Months to

30 June 2017

Unaudited

6 Months to

30 June 2016

Unaudited

 Year to

31 December 2016

Audited

 

 

 

 

 

 

 

 

Loss per ordinary share Ð SGD

 

 

 

Basic

(0.011)

(0.008)

(0.02)

Diluted

(0.011)

(0.008)

(0.02)

 

═════

═════

═════

 

     

      Earnings per share has been calculated on the net basis on the loss after tax of SGD1,106,000 (31 December 2016 - loss SGD2,167,000; 30 June 2016 - loss SGD752,000) using the weighted average number of ordinary shares in issue of 125,000,000 ((31 December 2016 - 108,356,164; 30 June 2016 - 100,000,000)

 

      The weighted average number of ordinary shares in issue if fully diluted is 128,600,000 (31 December 2016 Ð 111,964,164; 30 June 2016 - 103,600,000).

 

 

New Trend Lifestyle Group Plc 

 

Notes to the unaudited Interim Financial Information

 

 

7.      Called up Share Capital

 

       The issued share capital as at 30 June 2017 was 125,000,000 Ordinary Shares of 0.1p each.

 

      

8.      Cash and cash equivalents

 

 

As at

30 June 2017

Unaudited

As at

30 June 2016

Unaudited

As at

31 December 2016

Audited

 

SGD'000

SGD'000

SGD'000

Cash and bank balance

1,401

1,766

2,390

Fixed deposits

-

-

-

 

──────

──────

──────

Cash and bank balances as presented in the statement of financial position

 

 

                    1,401

 

 

         1,766

 

 

2,390

Less: Pledge fixed deposits

-

-

-

 

──────

──────

──────

Cash and cash equivalents as presented in the statement of cash flow

1,401

1,766

 

 

2,390

 

═════

═════

═════

 

 

 

 

 

 

 9.     Events subsequent to 30 June 2017

 

There were no events subsequent to the period end.

 

 

10.     The unaudited results for period ended 30 June 2017 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the period ended 31 December 2016 for NTLG extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.

 

11.     This interim financial statements will be, in accordance with the AIM Rules for Companies, available shortly on the Company's website at www.newtrendlifestylegroup.com .

 

 


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