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New Trend Lifestyle (NTLG)

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Thursday 27 June, 2019

New Trend Lifestyle

Final Results for the year ended 31 December 2018

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

2018

31 December

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

2018

31 December 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

 

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

31 December

2018

Year ended 31 December 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 capital

Share premium

Accumulated deficit

Other reserves

Group reorganisation reserve

Currency translation reserve

Total

 

 

 

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 reserve

Effect on equity of the group reorganisation. See 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)          

Mark Brady/Neil Baldwin       

              

+44 (0) 20 3368 3551

SI Capital Ltd (Broker)

Nick Emerson

+44 (0)1483 413500

 

 


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