We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Crushmetric Group Limited | AQSE:CUSH | Aquis Stock Exchange | Ordinary Share | KYG613521031 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.50 | 5.00 | 20.00 | 12.50 | 12.50 | 12.50 | 0.00 | 06:50:54 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCUSH
RNS Number : 2145O
CRUSHMETRIC Group Limited
02 October 2023
2 October 20 23
CRUSHMETRIC Group Limited
(" CRUSHMETRIC ", the "Group" or the "Company")
Interim results for the six months ended 30 June 20 23
Chief Executive Officer's Statement
CRUSHMETRIC Group Limited ( AQUIS : CUSH ), the consumer design and production group announces the results of the Company and its subsidiaries for the six month period ended 30 June 20 23 .
The Company was formerly engaged in TCM healthcare, as well as the production and sale of skincare products. The board took the view that the Company would have to change focus in the light of the Covid pandemic. Thus during 2022, the nature of the Company's operations and its principal activities were changed to acting as the holding company of a group engaged in (i) design and production that integrates shape changing technology ("CRUSH") into a catalogue of products designed and invented by the artist and co-founder of CRUSHMETRIC Limited, Noah Deledda, and his team. This technology is built on his own series of dented aluminium can sculptures and (ii) the sale and distribution of the CRUSHMETRIC products through online and offline channels worldwide.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Financial highlights
-- Revenue for the six months ended 30 June 20 23 : HK $ 1,040,509 (30 June 20 22 : HK$ 7,969,835 )
-- Gross profit for the six months ended 30 June 20 23 : HK$ 728,143 (30 June 20 22 : HK$ 3, 781,756 )
-- Loss for the six months ended 30 June 20 23 : HK$ 3,813,095 (30 June 20 22 : HK$ 908,874 )
-- The basic and diluted loss per share for the six months ended 30 June 20 23 : HK$ 0. 02 (30 June 20 22 : HK$0. 01 )
-- The Group's cash position as at 30 June 20 23 : HK$ 1,450,559 (30 June 20 22 : HK$ 333,150 )
Review of significant activities
(a) CONVERTIBLE BONDS
(i) Renewal of Convertible Bond 1: Principal Amount USD650,000
On 29 June 2023, the Group entered into an extension agreement for the Convertible Bond. The maturity date has been extended to 19 July 2024 and the Coupon payment of the CB will be adjusted to six percent (6%) per annum payable in cash plus three percent (3%) per annum payable in Ordinary Shares of the Group for the first nine months from 20 January 2023 to 19 October 2023 and the Coupon payment of the CB will be six percent (6%) per annum payable in cash plus four percent (4%) per annum payable in Ordinary Shares of the Group for the period from 20 October 2023 to 19 July 2024. All other terms remain unchanged.
(ii) Convertible Bond 2: Principal Amount SGD250,000
On 24 February 2023, the Group entered into an agreement to issue an unsecured convertible bond ("the Bond") to Future Vision Pte. Ltd ("Future"). Future has agreed to subscribe in cash for the Bond for a principal amount of SGD$250,000 (approximately GBP150,820). The Bond has a coupon of ten percent (10%) per annum.
The Bond, at the election of Future may be converted into ordinary shares of the Group ("Underlying shares") or will otherwise be redeemable at maturity on 23(rd) February 2026. The Bond shall be convertible into the Underlying Shares at an Exchange Price which is calculated at a GBP 0.2 per share where 50% of the Bond can be converted within the first year and the rest can be converted on the Maturity Date at the discretion of Future.
(iii) Convertible Bond 3: Principal Amount USD1,000,000
On 11 April 2023, the Group entered into an agreement with Sky Solar HK Investments Limited ("Sky") to issue an unsecured convertible bond ("the Bond") to Sky. Sky agreed to subscribe in cash for the Bond for a principal amount of USD$1,000,000 (approximately GBP790,400). The bond has a coupon of ten percent (10%) per annum.
The Bond, at the election of Sky, may be converted into ordinary shares of the Group ("Underlying shares") or will otherwise be redeemable three years from the date of receipt of the Principal Amount. The Bond shall be convertible into the Underlying Shares at an Exchange Price which is calculated at a GBP 0.2 per share where 50% of the Bond can be converted within the first year, 25% of the Bond can be converted in the second year and the rest of 25% can be converted on the Maturity Date at the discretion of Sky.
(b) CHANGE OF WORKING ADDRESS
On 23 April 2023, one of the Group's subsidiaries, CRUSHMETRIC eCommerce (HK) Limited entered into a tenancy agreement for a fixed term of two years for a new office located in Hong Kong from which the Group will henceforth carry on its business.
Financial review
( i ) Income statement items
The Group's revenue for the six months ended 30 June 20 23 amounted to HK$ 1,040,509 , a de crease of HK$ 6,929,326 or 86.94 % as compared to the six months ended 30 June 20 22 . This was attributable to de creased revenue generated from sales of CRUSHMETRIC SwitchPens by approximately HK$ 5,626,000 . The Group's gross profits and gross profit margin for the six months ended 30 June 20 2 3 amounted to HK$ 728,143 and 69.98 % (30 June 20 22 : HK$ 3,781,756 and 47.45 %) respectively.
The Group's distribution costs for the six months ended 30 June 20 23 amounted to HK$ 111,552 , a de crease of HK$ 102,640 or 47.92 % as compared to the same period in 20 22 . The Group's administrative expenses for the six months ended 30 June 20 23 amounted to HK$ 4,224,302 , a de crease of HK$ 320,487 or 8.21 % as compared to the six months ended 30 June 20 22 .
The Finance Costs for the six months ended 30 June 20 23 amounted to HK$ 502,141 , this was related to the interest expenses for the convertible bond.
The unaudited net loss for the period ended 30 June 20 23 shows a n in crease of HK$ 2,904,221 and 319.54 % compared to the same period in 20 22 . This was attributable to the decrease of sales and increase of administrative expenses by the Group during the period.
The Directors do not recommend the payment of a dividend in respect of the period.
The interim results have not been reviewed by the Company's auditor.
( ii ) Balance sheet items
The Group's tangible fixed assets mainly comprised office equipment, de creased in amount by HK$ 144,031 as at 30 June 20 23 , compared to the same period in 20 22 , mainly due to the depreciation in value of office equipment.
The Group's inventories as at 30 June 20 23 amounted to HK$ 317,424 with a de crease of HK$ 78,084 over the balance as at 30 June 20 22 .
The Group's other receivables and prepayments as at 30 June 20 22 de creased by HK$ 149,971 or 7.17 % compared to the same period in 20 21 .
The Group's trade payables as at 30 June 20 23 amounted to HK$ 3,502,655 with a de crease of HK$ 4,846,272 over the balance as at 30 June 20 22 , this was mainly due to the acquisition of a vendor in December 2022 .
The Group's cash and cash equivalents in creased by HK$ 1,117,409 as at 30 June 20 23 compared to 30 June 20 22 .
Outlook
The Company has transformed its business to a consumer product Group that is focused on selling various innovative products to the market.
We've faced a decrease in sales in the first half years as the Company has dedicated more resources for new product research and preparation. We took some time in searching for social media and marketing partners better suited to the marketing and distribution online, of the CRUSHMETRIC series of products through both our own website as well as Amazon and other marketing partners. We believe these partnerships will help the Company reach out to a more targeted audience and customers that will result in increased revenue in the second half of the coming year.
The launch of our new product - the Tumbler, was delayed but we are confident that it will be launched by the end of the year and we expect this to result improved sales and better returns. The Group will continue to focus on promoting and generating more sales from the CRUSHMETRIC series of products which we have launched; together with the Tumbler to be launched soon.
The Board will continue to take all reasonable efforts to ensure that sufficient working capital is maintained . The Board's objective is the same as previous years, which is to protect and safeguard as well as improve the business, to minimise cost and generate more sales income through online products.
On behalf of the Board of Directors, I would like to thank our management and staff for the great loyalty and dedication they continue to show through these delicate times. I would also like to extend our utmost appreciation to all our partners, shareholders, customers, business associates and suppliers, for their continued support.
The Directors of the Company accept responsibility for the contents of this announcement.
Ivor Colin Shrago
Chairman
For further information, please contact:-
CRUSHMETRIC Group Limited Tel: +852 2110 4221 ONG Ban Poh Michael - Chief Executive Officer Lilian Lo - Acting Chief Financial Officer Aquis Growth Market Corporate Adviser Tel: +44 (0)20 7469 PETERHOUSE CAPITAL LIMITED 0930 Guy Miller Mark Anwyl
CRUSHMETRIC Group Limited
Consolidated S tatement of C omprehensive I ncome
F or the six months ended 30 June 20 23
The Group ----------------------------------------------- Unaudited Unaudited A udited --------------- ------------ ----------------- 6 months 6 months Year ended ended 30 June ended 30 31 December 20 23 June 20 22 20 22 --------------- ------------ ----------------- HK$ HK$ HK$ From continuing operations Revenue 1,040,509 7,969,835 10,826,825 (4,188,079 ( 6,422,471 Cost of sales (312,366 ) ) ) Impairment loss on inventory - - - , Gross profit 728,143 3,781,756 4,404,354 Other revenue 679,246 125,108 1,646,139 ( 111,552 ( 214,192 ( 393,306 Distribution costs ) ) ) ( 4,224,302 ( 3,903,815 (1 1,049,827 Administrative expenses ) ) ) Foreign exchange gains /(losses), net (386,192) (117,317) (266,084) ( 3,314,657 ( 328,460 Operating loss ) ) (5,658,724) Impairment loss on trade ( 45,759 receivable - (24,830) ) ( 502,141 ( 555,945 ( 86,398 Finance costs ) ) ) Interest income 3,703 361 433 ( 3,813,095 ( 908,874 Loss before taxation ) ) (5,790,448) Taxation - - (57,594) ( 3,813,095 ( 908,874 Loss for the period/year ) ) (5,848,042) Other comprehensive income Exchange differences arising from translation 485,461 550,758 1,010,343 Total comprehensive result ( 3,327,634 ( 358,116 for the period/year ) ) (4,837,699) Loss for the period/year a ttributable to: Equity holders of the parent entity (3,913,831) (904,339) (5,595,532) Non-controlling interests 100,736 (4,535) (252,510) --------------- ------------ ----------------- (3,813,095) (908,874) (5,848,042) Total comprehensive loss for the period/year a ttributable to: Equity holders of the parent ( 3,428,370 ( 353,581 entity ) ) (4,585,189) ( 252,510 Non-controlling interests 100,736 (4,535) ) ( 3,327,634 ( 358,116 ) ) (4,837,699) Loss per share - from continuing operations (HK$) Basic and diluted (0. 02 ) (0. 01 ) (0.06)
Loss per share - from continuing operations
The calculation of basic loss per share is based on the consolidated loss attributable to the equity holders of the parent entity of HK$ 3,913,831 ( For the six months ended 30 June 20 22 : Loss of HK$ 904,339 ; For the 12 months ended 31 December 20 22 : Loss of HK$ 5,595,532 ) and the weighted average number of ordinary shares of 239,933,283 ( For the six months ended 30 June 20 22 weighted average number of ordinary shares of 85,606,051 ; For the 12 months ended 31 December 20 22 : 89,655,922 ) in issue during the period.
CRUSHMETRIC Group Limited
Cons olidated Statement of Financial Position
A s at 30 June 20 23
A udited Unaudited As at 3 Unaudited As at 30 1 As at 30 June 20 December June 20 23 22 20 22 --------------- -------------- -------------- HK$ HK$ HK$ Assets Non-current assets Fixed assets 185,391 41,360 221,258 Other intangible assets - 2,678,572 - Right-of-use assets 199,389 266,793 370,640 Goodwill 293,993,592 - 293,993,592 294,378,372 2,986,725 294,585,490 Current assets Inventories 317,424 395,508 341,561 Trade receivables 904,977 2,051,407 757,271 Other receivables and prepayments 1,197,284 1,940,336 1,162,149 Cash and cash equivalents 1,450,559 333,150 128,658 3,870,244 4,720,401 2,389,639 Total assets 298,248,616 7,707,126 296,975,129 Equity and liabilities Equity Share capital 1,870,234 668,509 1,870,234 Share premium 392,450,040 97,084,716 392,450,040 (1 44,997,379 (1 37,337,401 (1 41,569,009 Re serve ) ) ) Equity attributable to the ( 39,584,176 parent entity 249,322,895 ) 252,751,265 Non-controlling interest (440,910) (293,671) (541,646) ( 39,877,847 Total equity 248,881,985 ) 252,209,619 Liabilities Current liabilities Trade payables 3,502,655 8,348,927 4,319,057 Other payables and accruals 28,174,956 29,911,001 31,961,020 Taxation payable 57,594 - 57,594 Amount due to directors 2,927,984 3,448,023 2,930,515 Lease liabilities 204,648 453,305 275,620 Borrowings 14,498,794 5 ,423,717 5, 106,144 49,366,631 47,584,973 44,649,950 Non- Current liabilities Lease liabilities - - 115,560 Total liabilities 49,366,631 47,584,973 44,765,510 Total equity and liabilities 298,248,616 7,707,126 296,975,129
The Group's consolidated financial statements for the six months ended 30 June 20 22 and 20 23 disclosed above have neither been audited nor reviewed by the Company's auditors.
The same accounting policies and methods of computation as included in the Group's consolidated financial statements for the year ended 31 December 20 22 have been adopted in the preparation of the Group's unaudited consolidated financial statements for the six months ended 30 June 20 23 .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NEXEAANNAFDDEFA
(END) Dow Jones Newswires
October 02, 2023 02:00 ET (06:00 GMT)
1 Year Crushmetric Chart |
1 Month Crushmetric Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions