Source - RNS
RNS Number : 0596L
New Trend Lifestyle Group plc
28 September 2016
 

New Trend Lifestyle Group Plc

 

("NTLG" or the "Company")

 

Interim results for the six months ended 30 June 2016

 

New Trend Lifestyle Group (AIM: NTLG), the Singapore-based Feng Shui products and services group, announces its interim results for the six months ended 30 June 2016.

 

 

For further information:-

 

 

New Trend Lifestyle Group Plc     

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, Andy Thacker

+44 (0)1483 413500

 

ChairmanÕs Statement

 

Summary

Trading, balance sheet and cash flow

Sales in the period were SGD602k lower than the corresponding period last year, at SGD3,316k (1H-2015: SGD3,918k). This was as a result of the continued tough trading conditions in Singapore. The Company continues to develop sales and marketing strategies to address the decline in retail sales, and this has had some effect in the period under review as corporate sales have shown signs of increase from prior periods. Alongside this, cost control measures are being constantly reviewed by the Board to ensure that these remain as lean as possible.

Gross profit margins remained in line with the prior period, at 71.5% (1H-2015: 71.9%).

The Group made a total comprehensive loss in the period of SGD359k (1H-2015: SGD662k loss), although there was a foreign exchange gain of SGD393k in the current period which would otherwise have shown a worsened position.

Cash on hand reduced from the prior year end, to SGD1,766k. The Company continues to manage its cash within its available resources. After the period end, the Company raised £300,000, which will ensure that it has sufficient cash reserves to help implement its new strategy of identifying new acquisitions, which will require the Company to undertake due diligence and incur travelling and other related costs.

Outlook

The trading conditions in Singapore for our existing business are expected to remain challenging for the remainder of the year, and the Board will continue with the ongoing process of tight cost control, whilst developing new sales and marketing initiatives to bolster sales.

The Board announced an update to its strategy for the Company in June 2016, and following the placing for cash of 25,000,000 new ordinary shares in September 2016, which raised £300,000, the Board is focussed on identifying suitable acquisition opportunities to diversify the Group and grow revenue and profitability. The Board have started the process of sourcing new acquisition opportunities in the Asia region, and will keep shareholders updated on developments, and make announcements, as appropriate.

 

Gregory Collier

Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

 

Consolidated Comprehensive Income Statement

for the period to 30 June 2016

           

 

 

 

Notes

Six months to 30 June 2016 Unaudited

Six months to

30 June 2015

Unaudited

Year ended

31 December 2015

Audited

 

 

SGD'000

SGD'000

SGD'000

 

 

 

 

 

Revenue

 

3,316

3,918

7,852 

 

 

 

 

 

Cost of Sales

 

(946)

(1,102)

(2,237)

 

 

──────

──────

──────

Gross Profit

 

2,370

2,816

5,615

 

 

──────

──────

──────

 

 

 

 

 

Administrative expenses

 

(3,261)

(3,874)

(7,305)

Other income

 

174

494

728

 

 

──────

──────

──────

Operating Loss

4

(717)

(564)

(962)

 

 

 

 

 

Finance expense

 

(35)

(30)

(188)

 

 

──────

──────

──────

Loss before tax

 

(752)

(594)

(1,150)

 

 

 

 

 

Income tax

 

-

-

71

 

 

──────

──────

──────

Loss from continuing operations

 

(752)

(594)

(1,079)

 

Loss on discontinued operation

 

 

-      

 

                      -                         

(407)

 

 

──────

──────

──────

Loss for the year

 

(752)

(594)

(1,486)

 

 

═════

═════

═════

 

 

 

Other comprehensive income/(loss) for the period

 

 

393

(68)

(121) 

 

 

──────

──────

──────

Total comprehensive loss for the

Period

 

(359)

(662)

(1,607)

 

 

═════

═════

═════

 

 

 

 

 

Attributable to:

 

 

 

 

-  Owners of the parent

 

(359)

(662)

(1,607)

 

 

═════

═════

═════

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

 

From continuing operations:-

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

6

(0.008)

(0.006)

(0.015)

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

Consolidated Statement of Financial Position as at 30 June 2016

 

 

 

 

 

Notes

As at

30 June 2016

Unaudited

As at

30 June 2015

Unaudited

 As at

31 December

2015

Audited

 

 

SGD'000

SGD'000

SGD'000

Assets

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

1,449

1,695

1,534

Investment property

 

2,042

2,097

2,070

 

 

──────

──────

──────

 

 

3,491

3,792

3,604

 

 

──────

──────

──────

Current assets

 

 

 

 

Cash and cash equivalents

8

1,766

2,298

2,854

Financial assets at fair value through profit or loss

 

-

16

-

Trade and other receivables

 

1,100

1,432

767

Inventories

 

775

999

864

 

 

──────

──────

──────

 

 

3,641

4,745

4,485

 

 

──────

──────

──────

Total assets

 

7,132

8,537

8,089

 

 

═════

═════

═════

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

Issued capital

7

199

199

199

Share premium

 

1,731

1,731

1,731

Other reserves

 

360

360

360

Group reorganisation reserve

 

2,845

2,845

2,845

Currency translation reserve

 

135

(205)

(258)

Accumulated surplus

 

(3,663)

(2,019)

(2,911)

 

 

──────

──────

──────

Total equity

 

1,607

2,911

1,966

 

 

──────

──────

──────

Non-current Liabilities

 

 

 

 

Restoration costs

 

97

153

20

Borrowings

 

-

-

3,366

Deferred tax liability

 

-

65

-

 

 

──────

──────

──────

 

 

97

218

3,386

 

 

──────

──────

──────

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

1,045

804

1,282

Short term borrowings

 

3,501

3,672

398

Convertible loan notes

 

882

929

912

Restoration costs

 

-

-

145

Current income tax liabilities

 

-

3

-

 

 

──────

──────

──────

 

 

5,428

5,408

2,737

 

 

──────

──────

──────

Total equity and liabilities

 

7,132

8,537

8,089

 

 

═════

═════

═════

 

 

 

 

 

 

New Trend Lifestyle Group Plc

Consolidated Statement of Cash Flows

 

for the six months to 30 June 2016

 

 

 

Six months to

Six months to

 Year to

 

30 June 2016

30 June 2015

31 Dec 2015

Notes

Unaudited

Unaudited

Audited

 

 

SGD'000

SGD'000

SGD'000

Cash flows from operating activities

 

 

 

 

Loss before income tax

 

(752)

(594)

(1,557)

Adjustments for:

 

 

 

 

Depreciation and amortisation expense

 

249

345

662

Loss on disposal of fixed assets

 

-

-

22

Interest expense

 

41

27

199

Interest income

 

-

-

(11)

Impairment loss on trading securities

 

-

-

15

Gain on disposal of plant and equipment

 

-

13

-

Reversal of provision for restoration costs

 

(68)

(36)

(22)

Foreign exchange differences

 

-

-

(121)

Movement in reserves

 

(114)

(68)

-

Loss of written off property, plant and equipment

 

51

37

-

Deferred revenue

 

0

14

-

 

 

──────

──────

──────

 

 

(365)

(262)

(813)

Changes in working capital:-

 

 

 

 

Inventories

 

89

156

291

Trade and other receivables

 

(53)

120

782

Trade and other payables

 

(329)

(519)

(152)

Provision for restoration costs

 

-

-

39

 

 

──────

──────

──────

Cash consumed in operations

 

(659)

(505)

147

Interest received

 

-

-

11

Income tax paid

 

-

-

-

 

 

──────

──────

──────

Net cash consumed in operating activities

 

(659)

(505)

158

 

 

──────

──────

──────

Cash flows from investing activities

 

 

 

 

Purchase of plant and equipment

 

(188)

(146)

(227)

Proceeds from disposal of plant and equipment

 

-

20

106

Acquisition of intangible assets

 

-

-

(75)

 

 

──────

──────

──────

Net cash consumed in investing activities

 

(188)

(126)

(196)

 

 

──────

──────

──────

Cash flows from financing activities

 

 

 

 

Proceeds from bank borrowings (net)

 

34

-

200

Repayment of bank loans

 

(204)

(112)

(350)

Proceeds/(repayment) of convertible loan

 

(30)

(192)

(210)

Interest paid

 

(41)

(27)

(57)

Proceeds from obligations under finance leases

 

-

-

70

Repayments of obligations under finance leases

 

-

-

(21)

 

 

──────

──────

──────

Net cash from/(consumed in) financing activities

 

(241)

(331)

(368)

 

 

──────

──────

──────

Net change in cash and cash equivalents

 

(1,088)

(962)

(406)

Cash and cash equivalents at beginning of year

 

2,854

3,260

3,260

 

 

──────

──────

──────

Cash and cash equivalents at end of year

 

1,766

2,298

2,854

 

 

═════

═════

═════

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

                                   

Consolidated statement of changes in equity

 

for six months to 30 June 2016

 

 

 

 

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 1

January 2015

 

199

 

1,731

 

(1,425)

 

360

 

2,845

 

(137)

 

 3,573

 

 

 

 

 

 

 

 

Loss for the period

-

-

(594)

-

-

-

 (594)

Currency translation

-

-

-

-

-

(68)

(68)

Convertible loan notes

-

-

-

-

 

-

-

 

──────

──────

──────

──────

──────

──────

──────

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

 

═════

═════

═════

═════

═════

═════

═════

 

New Trend Lifestyle Group Plc

 

Notes to the Interim Financial Information

 

1.   General Information

 

New Trend Lifestyle Group Plc (ÒNTLGÓ or ÒGroupÓ) 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 Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards (ÒIFRSÓ) 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 2015.

      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 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. The operations in mainland China and Hong Kong have been discontinued.

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 and Hong Kong.

 

 

Six 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

3,315

-

-

3,315

Other income

165

(16)

26

174

Direct and operating costs

(4,001)

(8)

(233)

(4,242)

 

 

 

 

 

Group 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

           

 

 

 

Six months to 30 June 2015

 

 

Singapore

China and HK

 

UK

Total

 

Unaudited

Unaudited

Unaudited

Unaudited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

3,738

180

-

3,918

Other income

447

57

(10)

494

Direct and operating costs

(4,508)

(271)

(227)

(5,006)

 

 

 

 

 

Group profit/(loss) before tax

(323)

(34)

(237)

(594)

Assets and Liabilities

 

 

 

 

Segment Assets

8,047

439

51

8,537

Segment Liabilities

(4,460)

(57)

(1109)

(5,626)

 

3,587

382

(1,058)

2,911

           

 

 

 

Year to 31 December 2015

 

 

Singapore

China and HK

 

UK

Total

 

Audited

Audited

Audited

Audited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

7,852

253

-

8,105

Other income

728

72

-

800

Direct and operating costs

(9,215)

(732)

(515)

(10,462)

 

 

 

 

 

Group profit/(loss) before tax

(635)

(407)

(515)

(1,557)

Assets and Liabilities

 

 

 

 

Segment Assets

7,989

77

23

8,089

Segment Liabilities

(4,895)

(29)

(1,199)

(6,123)

 

3,094

48

(1,176)

1,966

           

 

 

New Trend Lifestyle Group Plc 

 

Notes to the Interim Financial Information

 

 

4.    Operating loss for the period is stated after charging

      

 

Six months to

30 June 2016

Unaudited

Six months to

30 June 2015

Unaudited

 Year to

31 December 2015

Audited

 

SGD'000

SGD'000

SGD'000

 

 

 

 

Depreciation

249

345

651

 

═════

═════

═════

      

 

5.   DirectorsÕ emoluments

 

 

 

Six months to

30 June 2016

Unaudited

 

Six months to

30 June 2015

Unaudited

 

 Year to

31 December 2015

Audited

 

NTLG

SGD'000

Total

SGD'000

NTL

SGD'000

 

 

 

 

Robert Goddard

36

37

76

Hillary Phang Song Hua

336

332

593

Lawrence Chung

-

31

-

Ajay Kumar Rajpal

64

75

144

Matthew Pau

-

9

             9

 

═════

═════

═════

6.   Loss per share

 

Six months to

30 June 2016

Unaudited

Six months to

30 June 2015

Unaudited

 Year to

31 December 2015

Audited

 

 

 

 

 

 

 

 

Loss per ordinary share Ð SGD

 

 

 

Basic

(0.008)

(0.006)

(0.015)

Diluted

(0.008)

(0.006)

(0.015)

 

═════

═════

═════

 

     

      Earnings per share has been calculated on the net basis on the loss after tax of SGD752,000 (31 December 2015 Ð loss SGD1,079,000; 30 June 2015 - loss SGD594,000) using the weighted average number of ordinary shares in issue of 100,000,000 (fully diluted Ð 103,600,000) (31 December 2015 Ð 103,600,000; 30 June 2015 Ð 103,600,000).

 

 

New Trend Lifestyle Group Plc 

 

Notes to the Interim Financial Information

 

 

7.      Called up Share Capital

 

       The issued share capital as at 30 June 2016 was 100,000,000 Ordinary Shares of 0.1p each.

 

      

8.      Cash and cash equivalents

 

 

As at

30 June 2016

Unaudited

As at

30 June 2015

Unaudited

As at

31 December 2015

Audited

 

SGD'000

SGD'000

SGD'000

Cash and bank balance

1,766

1,197

2,354

Fixed deposits

-

1,101

500

 

──────

──────

──────

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

 

 

                    1,766

 

 

         3,361

 

 

2,854

Less: Pledge fixed deposits

-

(1,101)

(500)

 

──────

──────

──────

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

1,766

2,298

 

 

2,354

 

═════

═════

═════

 

 

 

 

 

 

 9.     Events subsequent to 30 June 2016

 

On 7 September 2016 the Company issued and allotted 25,000,000 ordinary shares of 0.1 pence each at a price of 1.2 pence per share in the capital of the Company in a share placing to new and existing shareholders.

 

 

10.     The unaudited results for six months ended 30 June 2016 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2015 for NTLG are 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 statement will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the Company's website at www.newtrendlifestylegroup.com.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR LIFITAFITFIR

Related Charts

New Trend Lifestyle Group (NTLG)

0.00p (0.00%)
delayed 18:15PM