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New Trend Lifestyle (NTLG)

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Monday 24 September, 2018

New Trend Lifestyle

Interim results for 6 months ended 30 June 2018

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 (NOMAD)

                                   +44 (0) 20 3368 3551

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 to 30 June 2018 Unaudited

Six months to

30 June 2017

Unaudited

Year ended

31 December 2017

Audited

 

 

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

30 June 2018

Unaudited

As at

30 June 2017

Unaudited

 As at

31 December

2017

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 to

6 Months to

 Year 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 capital

 

 

Share premium

 

 

Retained

Profits

Other reserves

 

 

Group reorganisation reserve

 

Currency translation reserve

 

 

 

Total

 

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 HK

 

UK

Total

 

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 HK

 

UK

Total

 

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 HK

 

UK

Total

 

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 to

30 June 2018

Unaudited

6 Months to

30 June 2017

Unaudited

 Year to

31 December 2017

Audited

 

SGD'000

SGD'000

SGD'Õ000

 

 

 

 

Depreciation

172

187

272

 

═════

═════

═════

      

 

5.   DirectorsÕ emoluments

 

 

 

6 Months to

30 June 2018

Unaudited

 

6 Months to

30 June 2017

Unaudited

 

 Year to

31 December 2017

Audited

 

NTLG

SGD'000

Total

SGD'000

NTL

SGD'000

 

 

 

 

283

329

617

44

64

121

14

13

15

12

11

10

-

9

10

 

═════

═════

═════

6.   Loss per share

 

6 Months to

30 June 2018

Unaudited

6 Months to

30 June 2017

Unaudited

 Year to

31 December 2017

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

30 June 2018

Unaudited

As at

30 June 2017

Unaudited

As at

31 December 2017

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.    

 

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.

 

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 [email protected] or visit www.rns.com.
 
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