TIDMNTLG
RNS Number : 6283B
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
IR BBGDCRGDBGIX
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