TIDMNTLG
RNS Number : 2140S
New Trend Lifestyle Group plc
29 September 2017
For immediate release, 29 September 2017
Half Year Report
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
New Trend Lifestyle Group Plc
("NTLG" or the "Company" or the "Group")
Unaudited interim results for the six months ended 30 June
2017
New Trend Lifestyle Group (AIM: NTLG), the Singapore-based Feng
Shui products and services group, announces its interim results for
the six months to 30 June 2017.
The Directors of the issuer accept responsibility
for this announcement.
For further information please contact:
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 +44 (0)1483 413500
Or visit our website: www.newtrendlifestylegroup.com
Chairman's Statement
Results for the period
Revenue in the period declined significantly against the
corresponding period last year, at SGD2,017k (1H-2016: SGD3,316k),
continuing the downward trend that the Group has been experiencing
for some time and we have mentioned consistently in our recent
statements. The trading conditions in Singapore remain challenging
for the foreseeable future.
The total comprehensive loss of for the period was SGD1,106k
(1H-2016 : SGD359k loss). The Board continues to keep tight control
of our costs, continuing to make reductions, where possible, to
mitigate against the declining revenue; so minimising losses until
market conditions improve.
In addition to this, the Group continues to try to promote its
services through new sales and marketing initiatives as well as
through its retail stores,
Cash at bank at the period end was lower than at the same date
last year at SGD1,401k (1H-2016 : SGD1,766k).
Update on acquisition strategy
The Board has evaluated a number of potential acquisition
targets in line with our stated strategy, which we outlined last
year, however, none of these businesses which we identified has
proved to be suitable to take forward. The Board will continue with
this approach as we feel that the Group, in its present shape, will
not grow in the current environment unless there is a significant
economic upturn in our market.
In the light of this, we 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.
Outlook
As we have outlined above, the second half of the year has
started in the same way as the first half ended and trading
conditions in Singapore continue to be very challenging. We expect
our results for the second half are going to be significantly lower
than the corresponding period last year and we anticipate that the
full year results to 31 December 2017 will be below last year.
Throughout this difficult period, the staff have continued to
work extremely hard to try and improve the situation as best they
can. On behalf of the Board and the shareholders, I would like to
thank them all for their hard work and dedication in this difficult
period.
Gregory Collier
Chairman
New Trend Lifestyle Group Plc
Consolidated Comprehensive Income Statement
For the period to 30 June 2017
Notes Six months Six months Year ended
to 30 to 31 December
June 2017 30 June 2016
Unaudited 2016 Audited
Unaudited
SGD'000 SGD'000 SGD'000
Revenue 2,017 3,316 5,512
Cost of Sales (554) (946) (1,611)
------------ ------------ ------------
Gross Profit 1,463 2,370 3,901
------------ ------------ ------------
Administrative expenses (2,864) (3,261) (6,241)
Other income 355 174 656
------------ ------------ ------------
Operating Loss 4 (1,046) (717) (1,684)
Finance expense (60) (35) (137)
------------ ------------ ------------
Loss before tax (1,106) (752) (1,821)
Income tax charges - - (2)
------------ ------------ ------------
Loss from continuing
operations (1,106) (752) (1,823)
Loss on discontinued
operation - - (344)
------------ ------------ ------------
Loss for the year (1,106) (752) (2,167)
Other comprehensive
income/(loss) for
the period - 393 (1)
------------ ------------ ------------
Total comprehensive
loss for the
Period (1,106) (359) (2,168)
Attributable to:
- Owners of the parent (1,106) (359) (2,168)
Loss per share
Basic and diluted
loss per share 6 (0.011) (0.008) (0.02)
New Trend Lifestyle Group Plc
Consolidated Statement of Financial Position as at 30 June
2017
Notes As at As at As at
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
SGD'000 SGD'000 SGD'000
Assets
Non-current assets
Intangibles - - 51
Property, plant and
equipment 1,490 1,449 1,619
Investment property 2,023 2,042 2,015
------------ ------------ ------------
3,513 3,491 3,685
------------ ------------ ------------
Current assets
Cash and cash equivalents 8 1,401 1,766 2,390
Trade and other receivables 559 1,100 346
Inventories 652 775 683
------------ ------------ ------------
2,612 3,641 3,419
------------ ------------ ------------
Total assets 6,125 7,132 7,104
Equity and liabilities
Capital and reserves
Issued capital 7 243 199 243
Share premium 2,221 1,731 2,221
Other reserves 305 360 305
Group reorganisation
reserve 2,845 2,845 2,845
Currency translation
reserve (159) 135 (259)
Accumulated surplus (6,184) (3,663) (5,078)
------------ ------------ ------------
Total equity (729) 1,607 277
------------ ------------ ------------
Non-current Liabilities
Restoration costs - 97 89
Borrowings - - 3,171
------------ ------------ ------------
- 97 3,260
------------ ------------ ------------
Current liabilities
Trade and other payables 3,743 1,045 2,205
Short term borrowings 3,111 3,501 1,354
Convertible loan - 882 -
notes
Restoration costs - - 8
Current income tax - - -
liabilities
------------ ------------ ------------
6,854 5,428 3,567
------------ ------------ ------------
Total equity and
liabilities 6,125 7,132 7,104
New Trend Lifestyle Group Plc
Consolidated Statement of Cash Flows
For the six months to 30 June 2017
6 Months 6 Months Year to
to to
30 June 30 June 31 Dec
2017 2016 2016
Notes Unaudited Unaudited Audited
SGD'000 SGD'000 SGD'000
Cash flows from
operating activities
Loss before income
tax (1,106) (752) (2,167)
Adjustments for:
Depreciation and
amortisation expense 187 249 443
Loss on disposal
of fixed assets - - 71
Interest expense 61 41 91
Gain on disposal
of plant and equipment - - 8
Reversal of provision
for restoration
costs - (68) (68)
Foreign exchange
differences - - 81
Movement in reserves 100 114 -
Loss of written - 51 -
off property, plant
and equipment
Goods in Transit 18 - -
------------ ------------ ------------
(740) (365) (1,541)
Changes in working
capital:-
Inventories 31 89 174
Trade and other
receivables (213) (54) 419
Trade and other
payables 1,432 (329) 846
Provision for restoration
costs - - 23
------------ ------------ ------------
Cash consumed in
operations 510 (659) (79)
Income tax paid - - (2)
------------ ------------ ------------
Net cash consumed
in operating activities 510 (659) (81)
------------ ------------ ------------
Cash flows from
investing activities
Purchase of plant
and equipment (24) (188) (595)
------------ ------------ ------------
Net cash consumed
in investing activities (24) (188) (595)
------------ ------------ ------------
Cash flows from
financing activities
Proceeds from bank
borrowings (net) - 34 252
Repayment of bank
loans (1,414) (204) (428)
Proceeds/(repayment) - (30) -
of convertible loan
Interest paid (61) (41) (91)
Net proceeds from
share issue - - 479
------------ ------------ ------------
Net cash from/(consumed
in) financing activities (1,475) (241) 212
------------ ------------ ------------
Net change in cash
and cash equivalents (989) (1,088) (464)
Cash and cash equivalents
at beginning of
year 2,390 2,854 2,854
------------ ------------ ------------
Cash and cash equivalents
at end of year 1,401 1,766 2,390
New Trend Lifestyle Group Plc
Consolidated statement of changes in equity
For six months to 30 June 2017
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
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
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for
the period - - (1,415) - - - (1,415)
Shares
issued
in the
period 44 490 - - - - 534
Currency
translation - - - - - (394) (394)
Convertible
Loan note - - - (55) - - (556)
Balance at
31
December
2016 243 2,221 (5,078) 305 2,845 (259) 277
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for
the period - - (1,106) - - - (1,105)
Convertible - - - - - - -
Loan note
Currency
translation - - - - - 100 100
At 30 June
2017 243 2,221 (6,184) 305 2,845 (159) (729)
New Trend Lifestyle Group Plc
Notes to the unaudited Interim Financial Information
1. General Information
New Trend Lifestyle Group Plc ("NTLG" or "Company" 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 Group, 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 2016.
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 unaudited 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 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
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 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)
------------------------ ---------- ---------- ---------- ----------
6 months to 30 June
2016
---------------------------------- ----------
Singapore China and Total
HK UK
Unaudited Unaudited Unaudited Unaudited
SGD'000 SGD'000 SGD'000 SGD'000
------------------------ ---------- ---------- ---------- ----------
Income Statement
Revenue 3,316 - - 3,316
Other income 164 (16) 26 174
Direct and operating
costs (4,001) (8) (233) (4,242)
Group profit/(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
------------------------ ---------- ---------- ---------- ----------
Year to 31 December
2016
-------------------------------- --------
Singapore China and Total
HK UK
Audited Audited Audited Audited
SGD'000 SGD'000 SGD'000 SGD'000
------------------------ ---------- ---------- -------- --------
Income Statement
Revenue 5,512 - - 5,512
Other income 589 5 66 660
Direct and operating
costs (7,567) (349) (423) (8,339)
Group profit/(loss)
before tax (1,466) (344) (357) (2,167)
------------------------ ---------- ---------- -------- --------
Assets and Liabilities
Segment Assets 6,750 35 319 7,104
Segment Liabilities (6,551) (19) (257) (6,827)
------------------------ ---------- ---------- -------- --------
199 16 62 277
------------------------ ---------- ---------- -------- --------
New Trend Lifestyle Group Plc
Notes to the unaudited Interim Financial Information
4. Operating loss for the period is stated after charging
6 Months 6 Months Year to
to to 31 December
30 June 30 June 2016
2017 2016 Audited
Unaudited Unaudited
SGD'000 SGD'000 SGD'000
Depreciation 187 249 443
5. Directors' emoluments
6 Months 6 Months Year to
to to 31 December
30 June 30 June 2016
2017 2016 Audited
Unaudited Unaudited
NTLG Total NTL
SGD'000 SGD'000 SGD'000
Robert Goddard - 36 36
Hillary Phang Song
Hua 329 336 609
Ajay Kumar Rajpal 64 64 121
Gregory Collier 13 2 15
Leung Chi Chiu 11 1 10
Leung Bo Yee Nancy 9 1 10
6. Loss per share
6 Months 6 Months Year to
to to 31 December
30 June 30 June 2016
2017 2016 Audited
Unaudited Unaudited
Loss per ordinary
share Ð SGD
Basic (0.011) (0.008) (0.02)
Diluted (0.011) (0.008) (0.02)
Earnings per share has been calculated on the net basis on the
loss after tax of SGD1,106,000 (31 December 2016 - loss
SGD2,167,000; 30 June 2016 - loss SGD752,000) using the weighted
average number of ordinary shares in issue of 125,000,000 ((31
December 2016 - 108,356,164; 30 June 2016 - 100,000,000)
The weighted average number of ordinary shares in issue if fully
diluted is 128,600,000 (31 December 2016 Ð 111,964,164; 30 June
2016 - 103,600,000).
New Trend Lifestyle Group Plc
Notes to the unaudited Interim Financial Information
7. Called up Share Capital
The issued share capital as at 30 June 2017 was 125,000,000
Ordinary Shares of 0.1p each.
8. Cash and cash equivalents
As at As at As at
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
SGD'000 SGD'000 SGD'000
Cash and bank balance 1,401 1,766 2,390
Fixed deposits - - -
------------ ------------ ------------
Cash and bank balances
as presented in
the statement of
financial position 1,401 1,766 2,390
Less: Pledge fixed - - -
deposits
------------ ------------ ------------
Cash and cash equivalents
as presented in
the statement of
cash flow 1,401 1,766 2,390
9. Events subsequent to 30 June 2017
There were no events subsequent to the period end.
10. The unaudited results for period ended 30 June 2017 do not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The comparative figures for the period
ended 31 December 2016 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 statements 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 company news service from the London Stock Exchange
END
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