Share Name Share Symbol Market Type Share ISIN Share Description
NEW TREND LIFESTYLE GROUP PLC NEX:NTLG.GB NEX Ordinary Share GB00B8L0LP68
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  +0.00p +0.00% 0.45p 0.30p 0.60p 0.45p 0.45p 0.45p 0 07:39:10
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New Trend Lifestyle Group plc Interim results for 6 months ended 30 June 2018

24/09/2018 7:00am

UK Regulatory (RNS & others)


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New Trend Lifestyle Group plc

24 September 2018

24 September 2018

Interim Results

New Trend Lifestyle Group Plc

("NTLG" or the "Company")

Unaudited Interim results for the six months ended 30 June 2018

New Trend Lifestyle Group Plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, announces its unaudited interim results for the six months to 30 June 2018.

 
 
The Directors of the issuer accept responsibility for this announcement. 
 This announcement contains inside information which is disclosed 
 in accordance with the Market Abuse Regulation which came into 
 effect on 3 July 2016. 
 
 For further information please contact: 
 
 New Trend Lifestyle Group Plc +44 (0) 7830 182501 
 Gregory Collier, Non-Executive Chairman 
SPARK Advisory Partners Limited                                                            +44 (0) 20 3368 3551 
 (NOMAD) 
Mark Brady/Neil Baldwin 
 
 SI Capital Limited (Broker) +44 (0) 1483 413500 
Nick Emerson 
 
 
  Or visit our Website: www.newtrendlifestylegroup.com 
 
 
 
 

Chairman's Statement

Results for the period

Revenue in the period increased significantly against the corresponding period last year at SGD 2,543k (1H-2017: SGD 2,017k), as the sales and marketing initiatives implemented since the downturn have started to take effect. The trading conditions in Singapore remain challenging, however, the Board is hopeful that the improvement in sales seen in the first half will continue throughout the remainder of the year.

The total comprehensive loss of for the period was SGD1,060k (1H-2017: SGD1,106k loss). Overheads increased in the year as a result of increased headcount and commissions to support the sales growth. The Board continues to keep tight control of our costs, which are reviewed on an ongoing basis.

Cash at bank at the period end was lower than at the same date last year at SGD 659k (1H-2017: SGD1, 401k). The Board 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.

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.

Update on acquisition strategy

The Board continue with their efforts to source an acquisition as previously stated. To date, a suitable target has not been identified, however, the search is ongoing, and we will update shareholders with progress as and when appropriate.

Outlook

The Board continues to adopt a cautious view on the short-term outlook and are encouraged by the improved revenue in the first half against the same period in the prior year. It is difficult to ascertain whether this improvement will continue, however, the Board are hopeful that the full year results will be an improvement on the prior year, albeit still making a loss for the year.

Gregory Collier

Chairman

New Trend Lifestyle Group Plc

Consolidated Comprehensive Income Statement

For the period to 30 June 2018

 
                                        Notes        Six months     Six months     Year ended 
                                                     to 30 June             to    31 December 
                                                 2018 Unaudited        30 June           2017 
                                                                          2017        Audited 
                                                                     Unaudited 
                                                        SGD'000        SGD'000        SGD'000 
 
 Revenue                                                  2,543          2,017          4,898 
 
 Cost of Sales                                            (730)          (554)        (1,445) 
                                                   ------------   ------------   ------------ 
 Gross Profit                                             1,813          1,463          3,453 
                                                   ------------   ------------   ------------ 
 
 Administrative expenses                                (3,011)        (2,864)        (5,620) 
 Other income                                               246            355            867 
                                                   ------------   ------------   ------------ 
 Operating Loss                          4                (952)        (1,046)        (1,300) 
 
 Finance expense                                          (109)           (60)          (259) 
                                                   ------------   ------------   ------------ 
 Loss before tax                                        (1,061)        (1,106)        (1,559) 
 
 Income tax charges                                           -              -              - 
                                                   ------------   ------------   ------------ 
 Loss for the year                                      (1,061)        (1,106)        (1,559) 
 
  Other comprehensive income/(loss)                           -              -              - 
   for the period 
                                                   ------------   ------------   ------------ 
 Total comprehensive loss for 
  the 
  Period                                                (1,061)        (1,106)        (1,559) 
 
 
 Attributable to: 
 - Owners of the parent                                 (1,061)        (1,106)        (1,559) 
 
 
 Loss per share 
 
 From continuing operations:- 
 
 Basic and diluted loss per 
  share                                  6              (0.008)        (0.009)        (0.012) 
 
 

New Trend Lifestyle Group Plc

Consolidated Statement of Financial Position as at 30 June 2018

 
                                   Notes           As at          As at           As at 
                                            30 June 2018        30 June     31 December 
                                               Unaudited           2017            2017 
                                                              Unaudited         Audited 
                                                 SGD'000        SGD'000         SGD'000 
 Assets 
 
 Non-current assets                                    - 
 Property, plant and equipment                     1,254          1,490           1,396 
 Investment property                               1,931          1,987           1,959 
 Intangible assets                                    11             36              23 
                                            ------------   ------------    ------------ 
                                                   3,196          3,513           3,378 
                                            ------------   ------------    ------------ 
 Current assets 
 Cash and cash equivalents          8                659          1,401           2,119 
 Trade and other receivables                         929            559             501 
 Inventories                                         717            652             689 
                                            ------------   ------------    ------------ 
                                                   2,305          2,612           3,309 
                                            ------------   ------------    ------------ 
 Total assets                                      5,501          6,125           6,687 
 
 
 Equity and liabilities 
 
 Capital and reserves 
 Issued capital                     7                243            243             243 
 Share premium                                     2,221          2,221           2,221 
 Other reserves                                      303            306             303 
 Group reorganisation reserve                      2,845          2,845           2,845 
 Currency translation reserve                       (61)          (159)            (61) 
 Accumulated surplus                             (7,698)        (6,184)         (6,637) 
                                            ------------   ------------    ------------ 
 Total equity                                    (2,147)          (729)         (1,086) 
                                            ------------   ------------    ------------ 
 Non-current Liabilities 
 Restoration costs                                     -              -              48 
 Borrowings                                            -              -           2,753 
                                            ------------   ------------    ------------ 
                                                       -              -           2,801 
                                            ------------   ------------    ------------ 
 
 Current liabilities 
 Trade and other payables                          4,889          3,743           3,570 
 Short term borrowings                             2,759          3,111           1,357 
 Restoration costs                                     -              -              45 
                                            ------------   ------------    ------------ 
                                                   7,648          6,854           4,972 
                                            ------------   ------------    ------------ 
 Total equity and liabilities                      5,501          6,125           6,687 
 
 
 

New Trend Lifestyle Group Plc

Consolidated Statement of Cash Flows

For the six months to 30 June 2018

 
                                               6 Months       6 Months        Year to 
                                                     to             to 
                                           30 June 2018   30 June 2017    31 Dec 2017 
                                  Notes       Unaudited      Unaudited        Audited 
                                                SGD'000        SGD'000        SGD'000 
 Cash flows from operating 
  activities 
 Loss before income tax                         (1,061)        (1,106)        (1,559) 
 Adjustments for: 
 Depreciation and amortisation 
  expense                                           172            187            272 
 Loss on disposal of fixed                            -              -              - 
  assets 
 Interest expense                                   109             61            259 
 Foreign exchange differences                         -              -            196 
 Movement in reserves                                 -            100              - 
 Goods in Transit                                     -             18              - 
                                           ------------   ------------   ------------ 
                                                  (780)          (740)          (832) 
 Changes in working capital:- 
 Inventories                                       (28)             31            (6) 
 Trade and other receivables                      (428)          (213)          (155) 
 Trade and other payables                         1,598          1,432            946 
                                           ------------   ------------   ------------ 
 Cash consumed in operations                        362            510           (47) 
 Income tax paid                                      -              -              - 
                                           ------------   ------------   ------------ 
 Net cash consumed in 
  operating activities                              362            510           (47) 
                                           ------------   ------------   ------------ 
 Cash flows from investing 
  activities 
 Purchase of plant and 
  equipment                                        (26)           (24)           (24) 
 Proceeds from disposal 
  of PPE                                              -              -             59 
                                           ------------   ------------   ------------ 
 Net cash consumed in 
  investing activities                             (26)           (24)             35 
                                           ------------   ------------   ------------ 
 Cash flows from financing 
  activities 
 (Repayment) of bank loans                      (1,687)        (1,414)              - 
 Interest paid                                    (109)           (61)          (259) 
 Net proceeds from share                              -              -              - 
  issue 
                                           ------------   ------------   ------------ 
 Net cash from/(consumed 
  in) financing activities                      (1,796)        (1,475)          (259) 
                                           ------------   ------------   ------------ 
 Net change in cash and 
  cash equivalents                              (1,460)          (989)          (271) 
 Cash and cash equivalents 
  at beginning of year                            2,119          2,390          2,390 
                                           ------------   ------------   ------------ 
 Cash and cash equivalents 
  at end of year                                    659          1,401          2,119 
 
 

New Trend Lifestyle Group Plc

Consolidated statement of changes in equity

For six months to 30 June 2018

 
                    Share          Share                        Other            Group          Currency         Total 
                   capital        premium                      reserves      reorganisation    translation 
                                                 Retained                       reserve          reserve 
                                                 Profits 
                     SGD'000        SGD'000        SGD'000        SGD'000           SGD'000        SGD'000        SGD'000 
 
 Balance at 1 
  January 
  2017                   243          2,221        (5,078)            305             2,845          (259)            277 
                ------------   ------------   ------------   ------------      ------------   ------------   ------------ 
 Loss for the 
  period                   -              -        (1,106)              -                 -              -        (1,105) 
 Convertible               -              -              -              -                 -              -              - 
 loan 
 notes 
 Currency 
  translation              -              -              -              -                 -             99             99 
                ------------   ------------   ------------   ------------      ------------   ------------   ------------ 
 Balance at 
  30 
  June 
  2017                   243          2,221        (6,184)            305             2,845          (159)          (729) 
                ------------   ------------   ------------   ------------      ------------   ------------   ------------ 
 Loss for the 
  period                   -              -          (453)              -                 -              -          (453) 
 
 Currency 
  translation              -              -              -              -                 -             98             98 
 
 Convertible 
  Loan 
  note                     -              -              -            (2)                 -              -            (2) 
 
 Balance at 
  31 
  December 
  2017                   243          2,221        (6,637)            303             2,845           (61)        (1,086) 
                ------------   ------------   ------------   ------------      ------------   ------------   ------------ 
 Loss for the 
  period                   -              -        (1,061)              -                 -              -        (1,061) 
 
 Balance at 
  30 
  June 2018              243          2,221        (7,698)            303             2,845           (61)        (2,147) 
 
 

New Trend Lifestyle Group Plc

Notes to the Interim Financial Information

   1.   General Information 

New Trend Lifestyle Group Plc ("NTLG" 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 Company, 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 2017.

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.

   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 2018 
                                                              ---------- 
                           Singapore   China and                   Total 
                                              HK          UK 
                           Unaudited   Unaudited   Unaudited   Unaudited 
                             SGD'000     SGD'000     SGD'000     SGD'000 
------------------------  ----------  ----------  ----------  ---------- 
 Income Statement 
 Revenue                       2,543           -           -       2,543 
 Other income                    246           -           -         246 
 Direct and operating 
  costs                      (3,607)           -       (243)     (3,850) 
 
 Group loss before tax         (818)           -       (243)     (1,061) 
------------------------  ----------  ----------  ----------  ---------- 
 Assets and Liabilities 
 Segment Assets                5,491           -          10       5,501 
 Segment Liabilities         (7,331)           -       (317)     (7,648) 
                             (1,840)           -       (307)     (2,147) 
------------------------  ----------  ----------  ----------  ---------- 
 
 
 
                               6 months to 30 June 2017 
                          ----------------------------------  ---------- 
                           Singapore   China and                   Total 
                                              HK          UK 
                           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 profit/(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) 
------------------------  ----------  ----------  ----------  ---------- 
 
 
 
                              Year to 31 December 2017 
                          --------------------------------  -------- 
                           Singapore   China and               Total 
                                              HK        UK 
                             Audited     Audited   Audited   Audited 
                             SGD'000     SGD'000   SGD'000   SGD'000 
------------------------  ----------  ----------  --------  -------- 
 Income Statement 
 Revenue                       4,898           -         -     4,898 
 Other income                    866           -         1       867 
 Direct and operating 
  costs                      (6,947)           -     (377)   (7,324) 
 
 Group profit/(loss) 
  before tax                 (1,183)           -     (376)   (1,559) 
------------------------  ----------  ----------  --------  -------- 
 Assets and Liabilities 
 Segment Assets                6,657           -        30     6,687 
 Segment Liabilities         (7,428)           -     (345)   (7,773) 
------------------------  ----------  ----------  --------  -------- 
                               (771)           -     (315)   (1,086) 
------------------------  ----------  ----------  --------  -------- 
 
 
   4.    Operating loss for the period is stated after charging 
 
                   6 Months        6 Months         Year to 
                         to              to     31 December 
                    30 June    30 June 2017            2017 
                       2018       Unaudited         Audited 
                  Unaudited 
                    SGD'000         SGD'000   SGD'Õ000 
 
 Depreciation           172             187             272 
 
 
   5.   DirectorsÕ emoluments 
 
                              6 Months         6 Months         Year to 
                                    to               to     31 December 
                               30 June     30 June 2017            2017 
                                  2018        Unaudited         Audited 
                             Unaudited 
                                  NTLG            Total             NTL 
                               SGD'000          SGD'000         SGD'000 
 
 Hillary Phang Song Hua            283              329             617 
 Ajay Kumar Rajpal                  44               64             121 
 Gregory Collier                    14               13              15 
 Leung Chi Chiu                     12               11              10 
 Leung Bo Ye Nancy                   -                9              10 
 
 
   6.   Loss per share 
 
                                 6 Months        6 Months         Year to 
                                       to              to     31 December 
                             30 June 2018    30 June 2017            2017 
                                Unaudited       Unaudited         Audited 
 
 
 Loss per ordinary share 
  Ð SGD 
 Basic                            (0.008)         (0.011)         (0.012) 
 Diluted                          (0.008)         (0.011)         (0.012) 
 
 

Earnings per share has been calculated on the net basis on the loss after tax of SGD1,061,000 (31 December 2017 Ð loss SGD1,559,000; 30 June 2017 - loss SGD1,106,000) using the weighted average number of ordinary shares in issue of 125,000,000 (31 December 2017 Ð 125,000,000; 30 June 2017 Ð 125,000,000)

The weighted average number of ordinary shares in issue if fully diluted is 125,000,000 (31 December 2017 Ð 125,000,000; 30 June 2017 Ð 125,000,000).

   7.      Called up Share Capital 

The issued share capital as at 30 June 2018 was 125,000,000 Ordinary Shares of 0.1p each.

   8.      Cash and cash equivalents 
 
                                        As at          As at          As at 
                                 30 June 2018        30 June    31 December 
                                    Unaudited           2017           2017 
                                                   Unaudited        Audited 
                                      SGD'000        SGD'000        SGD'000 
 Cash and bank balance                    659          1,401          2,119 
 Fixed deposits                             -              -              - 
                                 ------------   ------------   ------------ 
 Cash and bank balances 
  as presented in the 
  statement of financial 
  position                                659          1,401          2,119 
 Less: Pledge fixed deposits                -              -              - 
                                 ------------   ------------   ------------ 
 Cash and cash equivalents 
  as presented in the 
  statement of cash flow                  659          1,401          2,119 
 
 
 
    9.     Events subsequent to 30 June 2018 

50,000,000 new ordinary shares of 0.1p each have been issued on 19 July 2018 to Zue Zuen Enterprise (ZZG) as part of a partial payment of debt owed to ZZG. The balance owing to ZZG after the issue will now be deferred by 18 months, at which time ZZG can either agree a payment plan with NTLSG or discuss the issue of further new ordinary shares.

10. The unaudited results for period ended 30 June 2018 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 2017 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 statement will be, in accordance with the AIM Rules for Companies, available shortly on the Company's website at www.newtrendlifestylegroup.com.

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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