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New Trend Lifestyle (NTLG)

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Friday 20 September, 2019

New Trend Lifestyle

Interim results for six months ended 30 June 2019

RNS Number : 1531N
New Trend Lifestyle Group plc
20 September 2019
 

New Trend Lifestyle Group Plc

 

("NTLG" or the "Company")

 

Unaudited Interim results for the six months ended 30 June 2019

 

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 2019.

 

 

 

 

 

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

 

We are pleased to report that revenue continued to show improvement against the corresponding period last year at SGD 3,091k (1H-2018: SGD 2,543k). The trading conditions in Singapore remain challenging, however, the Board are hopeful that the improvement in sales that we have seen will continue throughout the remainder of the year.

 

The total comprehensive loss of for the period was SGD298k (1H-2018: SGD1,061k loss) which is a significant improvement on the prior year period. The Board continues to keep tight control of costs, continuing to make reductions, where possible, on an ongoing basis.

 

Cash at bank at the period end was lower than at the same date last year at SGD 187k (1H-2018: SGD659k). The Board continue to manage our cash with available resources and continue to seek cost reductions without compromising our ability to develop the business and increase revenue.

 

On 26 July 2019, the Company issued 50,000,000 new ordinary shares of 0.1p each to Zishange Capital Management Pte Ltd (ZSG) as part of settlement of debt owed to ZSG by New Trend Lifestyle Pte Ltd.

 

Update on acquisition strategy

 

The Board have not made any progress with the acquisition strategy as the main focus has been the continued improvement in sales performance. We continue to look for suitable, complementary businesses and will update shareholders with any progress as and when appropriate.

Outlook

 

The Board are very encouraged by the continued improved performance in the business against the prior year.  However, we also continue to adopt a cautious view on the short-term outlook given the economic conditions in our local market. It is difficult to ascertain whether this improvement will continue, however, the Board believe that the Group's results for the current year will show an improvement over the prior year.

 

 

 

Gregory Collier

Chairman

 

 

 

New Trend Lifestyle Group Plc

 

Consolidated Comprehensive Income Statement

For the period to 30 June 2019

           

 

 

 

Notes

Six months to 30 June 2019 Unaudited

Six months to

30 June 2018

Unaudited

Year ended

31 December 2018

Audited

 

 

SGD'000

SGD'000

SGD'000

 

 

 

 

 

Revenue

 

3,091

2,543

6,491 

 

 

 

 

 

Cost of Sales

 

(906)

(730)

(1,545)

 

 

──────

──────

──────

Gross Profit

 

2,185

1,813

4,946

 

 

──────

──────

──────

 

 

 

 

 

Administrative expenses

 

(2,717)

(3,011)

(5,729)

Other income

 

298

246

520

 

 

──────

──────

──────

Operating Loss

4

(234)

(952)

(263)

 

 

 

 

 

Finance expense

 

(80)

(109)

(97)

 

 

──────

──────

──────

Loss before tax

 

(314)

(1,061)

(360)

 

 

 

 

 

Income tax charges

 

-

-

-

 

 

──────

──────

──────

Loss for the year

 

(314)

(1,061)

(360)

 

 

═════

═════

═════

Loss from discontinuing operations

 

 

-

-

(30)

 

 

 

Other comprehensive income/(loss) for the period

 

 

-

-

 

 

──────

──────

──────

Total comprehensive loss for the

period

 

(314)

(1,061)

(390)

 

 

═════

═════

═════

 

 

 

 

 

Attributable to:

 

 

 

 

-  Non-controlling Interest

 

(16)

-

-

-  Owners of the parent

 

(298)

(1,061)

(390)

 

 

═════

═════

═════

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

 

From continuing operations:-

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

6

(0.002)

(0.008)

(0.002)

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc

Consolidated Statement of Financial Position as at 30 June 2019

 

 

 

 

 

Notes

As at

30 June 2019

Unaudited

As at

30 June 2018

Unaudited

 As at

31 December

2018

Audited

 

 

SGD'000

SGD'000

SGD'000

Assets

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

1,166

1,254

1,280

Investment property

 

1,876

1,931

1,904

Intangible assets

 

-

11

-

 

 

──────

──────

──────

 

 

3,042

3,196

3,184

 

 

──────

──────

──────

Current assets

 

 

 

 

Cash and cash equivalents

8

187

659

1,216

Trade and other receivables

 

489

929

428

Inventories

 

713

717

723

 

 

──────

──────

──────

 

 

1,389

2,305

2,367

 

 

──────

──────

──────

Total assets

 

4,431

5,501

5,551

 

 

═════

═════

═════

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

Issued capital

7

333

243

333

Share premium

 

3,033

2,221

3,033

Other reserves

 

379

303

295

Group reorganisation reserve

 

2,845

2,845

2,845

Currency translation reserve

 

(61)

(61)

(61)

Accumulated surplus

 

(7,325)

(7,698)

(7,027)

 

 

──────

──────

──────

Total equity

 

(796)

(2,147)

(582)

 

 

──────

──────

──────

Non-current Liabilities

 

 

 

 

Restoration costs

 

74

-

55

Borrowings

 

2,740

-

2,715

 

 

──────

──────

──────

 

 

2,814

-

2,770

 

 

──────

──────

──────

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

1,895

4,889

2,427

Short term borrowings

 

513

2,759

912

Restoration costs

 

5

-

24

 

 

──────

──────

──────

 

 

2,413

7,648

3,363

 

 

──────

──────

──────

Total equity and liabilities

 

4,431

5,501

5,551

 

 

═════

═════

═════

 

 

 

 

 

 

New Trend Lifestyle Group Plc

Consolidated Statement of Cash Flows

 

For the six months to 30 June 2019

 

 

 

6 Months to

6 Months to

 Year to

 

30 June 2019

30 June 2018

31 Dec 2018

Notes

Unaudited

Unaudited

Audited

 

 

SGD'000

SGD'000

SGD'000

Cash flows from operating activities

 

 

 

 

Loss before income tax

 

(314)

(1,061)

(360)

Adjustments for:

 

 

 

 

Depreciation and amortisation expense

 

149

172

310

Interest expense

 

80

109

97

 

 

──────

──────

──────

 

 

(85)

(780)

47

Changes in working capital:-

 

 

 

 

Inventories

 

10

(28)

(34)

Trade and other receivables

 

(62)

(428)

73

Trade and other payables

 

(382)

1,598

(1,054)

Hire Purchase

 

-

-

(176)

 

 

──────

──────

──────

Cash consumed in operations

 

(519)

362

(1,144)

Income tax paid

 

-

-

-

 

 

──────

──────

──────

Net cash consumed in operating activities

 

(519)

362

(1,144)

 

 

──────

──────

──────

Cash flows from investing activities

 

 

 

 

Purchase of plant and equipment

 

(7)

(26)

(170)

Proceeds from disposal of PPE

 

-

-

25

 

 

──────

──────

──────

Net cash consumed in investing activities

 

(7)

(26)

(145)

 

 

──────

──────

──────

Cash flows from financing activities

 

 

 

 

Issue of convertible loan notes

 

728

-

-

(Repayment) of bank loans

 

(1,251)

(1,687)

483

Interest paid

 

(80)

(109)

(97)

Net proceeds from share issue

 

100

-

-

 

 

──────

──────

──────

Net cash from/(consumed in) financing activities

 

(503)

(1,796)

386

 

 

──────

──────

──────

Net change in cash and cash equivalents

 

(1,029)

(1,460)

(903)

Cash and cash equivalents at beginning of year

 

1,216

2,119

2,119

 

 

──────

──────

──────

Cash and cash equivalents at end of year

 

187

659

1,216

 

 

═════

═════

═════

 

  

 

 

 

New Trend Lifestyle Group Plc

                                   

Consolidated statement of changes in equity

 

For six months to 30 June 2019

 

 

 

 

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 2018

243

2,221

(6,637)

303

2,845

(61)

(1,086)

 

──────

──────

──────

──────

──────

──────

──────

Loss for the period

-

-

(1,061)

-

-

-

(1,061)

Convertible loan notes

-

-

-

-

-

-

-

Currency translation

-

-

-

-

-

-

-

 

──────

──────

──────

──────

──────

──────

──────

Balance at 30 June

2018

243

2,221

(7,698)

303

2,845

(61)

(2,147)

 

──────

──────

──────

──────

──────

──────

──────

Profit for the period

-

-

671

-

-

-

671

 

 

 

 

 

 

 

 

Convertible Loan note

-

-

-

(8)

-

-

(8)

 

 

 

 

 

 

 

 

Share issued in the period

90

812

-

-

-

-

902

 

 

 

 

 

 

 

 

Balance at 31

December 2018

333

3,033

(7,027)

295

2,845

(61)

(582)

 

──────

──────

──────

──────

──────

──────

──────

Loss for the period

-

-

(298)

-

-

-

(298)

 

 

 

 

 

 

 

 

Non-Controlling Interest

-

-

-

84

-

-

84

 

 

 

 

 

 

 

 

Balance at 30 June 2019

333

3,033

(7,325)

379

2,845

(61)

(796)

 

═════

═════

═════

═════

═════

═════

═════

 

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 2018.

      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

 

In the current year, the Group, for the first time, has applied IFRS 16 Leases. IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to the lessee accounting by removing the distinction between operating and finance leases and requiring the recognition of a right-of-use asset and a lease liability at the lease commencement for all leases, except for short-term leases and leases of low value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of IFRS 16 on the Group's consolidated financial statements is described below. The Group has applied IFRS 16 using the Modified retrospective approach.

 

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 Interim Financial Information

 

3.   Segmental Analysis

 

        Segmental reporting

 

 

6 months to 30 June 2019

 

 

Singapore

China and HK

 

UK

Total

 

Unaudited

Unaudited

Unaudited

Unaudited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

3,091

-

-

3,091

Other income

298

-

-

298

Direct and operating costs

(3,557)

-

(130)

(3,687)

 

 

 

 

 

Group loss before tax

(168)

-

(130)

(298)

Assets and Liabilities

 

 

 

 

Segment Assets

4,430

-

1

4,431

Segment Liabilities

(5,111)

-

(116)

(5,227)

 

(681)

-

(115)

(796)

           

 

 

 

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 profit/(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)

           

 

 

 

Year to 31 December 2018

 

 

Singapore

China and HK

 

UK

Total

 

Audited

Audited

Audited

Audited

 

SGD'000

SGD'000

SGD'000

SGD'000

Income Statement

 

 

 

 

Revenue

6,491

-

-

6,491

Other income

550

-

-

550

Direct and operating costs

(7,213)

-

(218)

(7,431)

 

 

 

 

 

Group profit/(loss) before tax

(172)

-

(218)

(390)

Assets and Liabilities

 

 

 

 

Segment Assets

5,541

-

10

5,551

Segment Liabilities

(6,007)

-

(126)

(6,133)

 

(49)

-

(533)

(582)

           

 

 

New Trend Lifestyle Group Plc 

 

Notes to the Interim Financial Information

 

 

4.    Operating loss for the period is stated after charging

      

 

6 Months to

30 June 2019

Unaudited

6 Months to

30 June 2018

Unaudited

 Year to

31 December 2018

Audited

 

SGD'000

SGD'000

SGD'000

 

 

 

 

Depreciation

149

172

328

 

═════

═════

═════

      

 

5.   Directors' emoluments

 

 

 

6 Months to

30 June 2019

Unaudited

 

6 Months to

30 June 2018

Unaudited

 

 Year to

31 December 2018

Audited

 

NTLG

SGD'000

Total

SGD'000

NTL

SGD'000

 

 

 

 

Hillary Phang Song Hua

283

283

610

Ajay Kumar Rajpal

48

44

85

Gregory Collier

13

14

27

Leung Chi Chiu

1

12

13

Leung Bo Ye Nancy

-

-

18

 

═════

═════

═════

6.   Loss per share

 

6 Months to

30 June 2019

Unaudited

6 Months to

30 June 2018

Unaudited

 Year to

31 December 2018

Audited

 

 

 

 

 

 

 

 

Loss per ordinary share - SGD

 

 

 

Basic

(0.002)

(0.008)

(0.002)

Diluted

(0.002)

(0.008)

(0.002)

 

═════

═════

═════

 

     

      Earnings per share has been calculated on the net basis on the loss after tax of SGD314.000 (31 December 2018 - loss SGD390,000; 30 June 2018 - loss SGD1,061,000) using the weighted average number of ordinary shares in issue of 175,000,000 (31 December 2018 - 175,000,000; 30 June 2018 - 125,000,000)

 

      The weighted average number of ordinary shares in issue if fully diluted is 175,000,000 (31 December 2018 - 175,000,000; 30 June 2018 - 125,000,000).

 

 

New Trend Lifestyle Group Plc 

 

Notes to the Interim Financial Information

 

 

7.      Called up Share Capital

 

       The issued share capital as at 30 June 2019 was 175,000,000 Ordinary Shares of 0.1p each.

 

      

8.      Cash and cash equivalents

 

 

As at

30 June 2019

Unaudited

As at

30 June 2018

Unaudited

As at

31 December 2018

Audited

 

SGD'000

SGD'000

SGD'000

Cash and bank balance

187

659

1,216

Fixed deposits

-

-

-

 

──────

──────

──────

Cash and bank balances as presented in the statement of financial position

 

 

                    187

 

 

         659

 

 

1,216

Less: Pledge fixed deposits

-

-

-

 

──────

──────

──────

Cash and cash equivalents as presented in the statement of cash flow

187

659

 

 

1,216

 

═════

═════

═════

 

 

 

 

 

 

 9.     Events subsequent to 30 June 2019

 

50,000,000 new ordinary shares of 0.1p each have been issued on 26 July 2019 to Zishange Capital Management Pte Ltd (ZSG) as part of settlement of debt owed to ZSG.

 

10.   The unaudited results for period ended 30 June 2019 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 2018 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 [email protected] or visit www.rns.com.
 
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