Share Name Share Symbol Market Type Share ISIN Share Description
NEW TREND LIFESTYLE GROUP PLC NEX:NTLG.GB NEX Ordinary Share GB00B8L0LP68
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.25p 0.15p 0.35p 0.25p 0.25p 0.25p 0 07:34:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

New Trend Lifestyle Group plc Final Results for the year ended 31 December 2018

27/06/2019 2:51pm

UK Regulatory (RNS & others)


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RNS Number : 7017D

New Trend Lifestyle Group plc

27 June 2019

For immediate release:

27 June 2019

The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

New Trend Lifestyle Group Plc

("NTLG" or the "Company")

Final Results for the year ended 31 December 2018

New Trend Lifestyle Group Plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, today announces its audited final results for the year ended 31 December 2018.

CHAIRMAN'S & CEO'S STATEMENT, INCLUDING FINANCIAL REVIEW

Background and summary of trading performance

The Group's trading performance showed an improvement in the year, with the sales and marketing initiatives implemented taking effect. This, together with the tight control of costs, resulted in the Group reporting a reduced loss for the year. The trading conditions in Singapore remained challenging, and the Board remain cautious about the continued improvement.

Trading

Sales in the year were SGD6,491k (2017 : SGD4,743k), an increase of 36.85%. The Group loss before tax from continuing operations showed an improvement on the prior year at SGD390k (2017 : SGD1,559k), mainly as a result of the increase in sales, but this also due to the cost reductions and tight control achieved by the Board during the year.

The Group disposed of Le Queenz Pte. Ltd (a wholly owned subsidiary of New Trend Lifestyle Pte. Ltd) in the period and is now focussed solely on its core activities of providing feng shui products and services.

Costs in the UK were SGD357k (2017 : SGD378k).

Balance sheet

Net inventories increased to SGD723k (2017: SGD689k).

Cash flow

Cash in hand at the year end was SGD1,216k (2017 : SGD2,119k), and the Group continues to manage its cash within its available resources.

Current trading and outlook

Unaudited revenue in the first quarter of 2019 has shown continued improvement compared to 2018, at SGD1,858k (2017 Q1 : SGD1,645k). This has been as a result of continued success with the sales and marketing initiatives. The Board continue to focus on improving sales, whilst maintaining a tight control on costs, such that trading performance continues to improve.

There has been little progress with the sourcing of a new acquisition, as the Board has been focussed on the improvement in trading performance. The Board will continue to update shareholders as and when there is any significant progress in this regard.

POST BALANCE SHEET EVENTS

In April 2019, New Trend Lifestyle Pte Ltd ("NTLSG") entered into a business partnership agreement with GDI Capital Corporation Pte Ltd, who subscribed for 500,000 shares in NTLSG for SGD100,000.

 
 Gregory Collier   Phang Song Hua 
 CHAIRMAN          CHIEF EXECUTIVE 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                     Notes        Year ended       Year ended 
 Continuing operations                           31 December      31 December 
                                                        2018             2017 
                                                     SGD'000          SGD'000 
-----------------------------------  -----  ----------------  --------------- 
 
Revenue                                5               6,491            4,743 
                                            ----------------  --------------- 
 
Direct purchases and costs                           (1,545)          (1,398) 
Personnel expenses                     7             (3,044)          (2,656) 
Depreciation and amortisation 
 expenses                                              (310)            (239) 
Finance expenses                       8                (97)            (259) 
Commission expenses                                     (20)                1 
Advertising and promotional 
 expenses                                              (320)            (124) 
Bank charges                                           (156)            (141) 
Operating lease expenses                             (1,219)          (1,208) 
Other operating expenses               9               (652)            (796) 
Loss on Disposal                                         (8)            (249) 
Other income                           6                 520              840 
Loss before tax                                        (360)          (1,486) 
Income tax (charges) / credits        10                   -                - 
                                            ----------------  --------------- 
Profit/(Loss) from continuing 
 operations                                            (360)          (1,486) 
                                            ----------------  --------------- 
Loss from discontinued operations                       (30)             (73) 
                                            ----------------  --------------- 
Profit/(Loss) for the year                             (390)          (1,559) 
Other comprehensive income: 
Exchange loss arising on 
 translation of foreign operations                         -                - 
                                            ----------------  --------------- 
Total comprehensive Profit/(loss) 
 for 
 the year                                              (390)          (1,559) 
                                            ----------------  --------------- 
Attributable to: 
 - Owners of the parent                                (390)          (1,559) 
                                            ----------------  --------------- 
 
Basic and diluted loss per 
 share                                             SGD              SGD 
From continuing operations            11             (0.002)           (0.01) 
From discontinued operations          11              (0.00)           (0.00) 
                                            ----------------  --------------- 
                                                     (0.002)           (0.01) 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                 Notes  31 December    31 December 
                                               2018           2017 
                                            SGD'000        SGD'000 
--------------------------------------  -----------  ------------- 
ASSETS 
Non-current assets 
Property, plant and equipment       15        1,280          1,396 
Investment property                 14        1,904          1,959 
Intangible Assets                   16            -             23 
                                              3,184          3,378 
                                        -----------  ------------- 
Current assets 
Inventories                         17          723            689 
Trade and other receivables         18          428            500 
Cash and cash equivalents           19        1,216          2,119 
                                        -----------  ------------- 
                                              2,367          3,309 
                                        -----------  ------------- 
Total assets                                  5,551          6,687 
                                        -----------  ------------- 
 
EQUITY and LIABILITIES 
Capital and reserves attributable 
 to 
 equity shareholders 
Share capital                       23          333            243 
Share premium                       23        3,033          2,221 
Other reserves                                  295            303 
Group reorganisation reserve                  2,845          2,845 
Currency translation reserve                   (61)           (61) 
Accumulated deficit                         (7,027)        (6,637) 
                                        -----------  ------------- 
Total equity                                  (582)        (1,086) 
                                        -----------  ------------- 
 
Non-current liabilities 
Restoration costs                   22           55             48 
Financial Liabilities               21        2,715          2,753 
                                        -----------  ------------- 
                                              2,770          2,801 
                                        -----------  ------------- 
Current liabilities 
Trade and other payables            20        2,427        3,570 
Financial Liabilities               21          912        1,357 
Restoration costs                   22           24           45 
                                        -----------  ----------- 
                                              3,363        4,972 
                                        -----------  ----------- 
Total equity and liabilities                  5,551        6,687 
                                        -----------  ----------- 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                        Notes    Year ended    Year ended 
                                                31 December   31 December 
                                                       2018          2017 
                                                    SGD'000       SGD'000 
---------------------------------------------  ------------  ------------ 
Cash flows from operating activities 
Loss before income tax                                (360)       (1,559) 
Adjustments for: 
Depreciation and amortisation expense                   310           272 
Interest expense                                         97           259 
Foreign exchange differences                              -           196 
                                                         47         (832) 
Changes in working capital:- 
Decrease in inventories                                (34)           (6) 
Decrease in receivables                                  73         (155) 
Increase/(decrease) in payables                     (1,054)           946 
Hired Purchase                                        (176)             - 
Cash generated from operations                      (1,144)          (47) 
Net cash(outflow)/ inflow from 
 operating activities                               (1,144)          (47) 
                                               ------------  ------------ 
 
Cash flows from investing activities 
Acquisition of property, plant 
 and equipment                           15           (170)          (24) 
Proceeds from disposal of PPE            15              25            59 
Net cash (outflow) from investing 
 activities                                           (145)            35 
                                               ------------  ------------ 
 
Cash flows from financing activities 
Repayment of loan notes                  22             483             - 
Interest paid                                          (97)         (259) 
Net cash from financing activities                      386         (259) 
                                               ------------  ------------ 
 
 
Net increase/(decrease) in cash and 
 cash equivalents                                     (903)         (271) 
Cash and cash equivalents at start 
 of year - cash                                       2,119         2,390 
Cash and cash equivalents at end 
 of year                                 19           1,216         2,119 
                                               ------------  ------------ 
 
 
 

Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term highly liquid investments with maturity of three months or less, as adjusted for any bank overdrafts.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                   Attributable to equity shareholders of the 
                                    Company 
                           Share      Share   Accumulated       Other            Group       Currency     Total 
                         capital    premium       deficit    reserves   reorganisation    translation 
                                                                               reserve        reserve 
                         SGD'000    SGD'000       SGD'000     SGD'000          SGD'000        SGD'000   SGD'000 
 At 1 January 
  2017                       243      2,221       (5,078)         305            2,845          (259)       277 
 Comprehensive 
  income 
 Loss for the 
  period                       -          -       (1,559)           -                -              -   (1,559) 
 Other comprehensive 
  income 
 Currency 
  translation 
  reserve                      -          -             -           -                -            198       198 
 Total comprehensive 
  income for the 
  year                         -          -       (1,559)           -                -            198   (1,361) 
 Shares issued 
  in the period                -          -             -           -                -              -         - 
 Convertible 
  loan notes                   -          -             -         (2)                -              -       (2) 
 At 31 December 
  2017                       243      2,221       (6,637)         303            2,845           (61)   (1,086) 
 
 At 1 January 
  2018                       243      2,221       (6,637)         303            2,845           (61)   (1,086) 
 Comprehensive 
  income 
 Profit/(Loss) 
  for the period               -          -         (390)           -                -              -     (390) 
 Other comprehensive 
  income 
 Currency 
 translation 
 reserve                       -          -             -           -                -              -         - 
 Total comprehensive 
  income for the 
  year                         -          -         (390)           -                -              -     (390) 
 Shares issued 
  in the period               90        812             -           -                -              -       902 
 Convertible 
  loan notes                   -          -             -         (8)                -              -       (8) 
 At 31 December 
  2018                       333      3,033       (7,027)         295            2,845           (61)     (582) 
 
 
 
 Share capital          Amount subscribed for shares at nominal value. 
 Share premium          Amount subscribed for share capital in excess of 
                         nominal value. 
 Other reserves         Cumulative amounts charged in respect of share 
                         based payments for unsettled warrants issued and 
                         the equity portion of convertible loans issued. 
 Group reorganisation   Effect on equity of the group reorganisation. See 
  reserve                Note 2. 
 Accumulated surplus    Cumulative surplus of the Group attributable to 
                         equity shareholders. 
 
 
 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

   1.    General information 

New Trend Lifestyle Group Plc ("the Company") is a company incorporated in England on 21 March 2012 under the Companies Act 2006 but domiciled in Singapore. It was listed on the AIM market on 28 June 2012. The address of the registered office is given at the start of the annual report. The nature of the Group's operations and its principal activities are set out in the Chairman's Statement on pages 2 to 3.

   2.    Basis of preparation and significant accounting policies 

The consolidated financial statements of New Trend Lifestyle Group Plc have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS's as adopted by the EU), IFRS Interpretations Committee and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, available-for-sale financial assets, and financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.

   3.    Notes to the Consolidated Financial Statements 

The notes to the consolidated financial statements, which are an integral part of these consolidated financial statements, are contained in the full Report and Accounts for New Trend Lifestyle Group Plc.

   4.      Availability of the Report and Accounts 

A copy of the Company's Report and Accounts for the year ended 31 December 2018 will be posted to shareholders and will be available on the Company's website: www.newtrendlifestylegroup.com.

END

For further information:-

 
 New Trend Lifestyle Group Plc 
  Gregory Collier, Non-Executive Chairman    +44 (0) 7830 182501 
 SPARK Advisory Partners Limited (NOMAD)     +44 (0) 20 3368 
  Mark Brady/Neil Baldwin                     3551 
 SI Capital Ltd (Broker) 
  Nick Emerson                               +44 (0)1483 413500 
 

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.

END

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