Access Group (00698.HK) has announced its financial results for the year ended 31 December 2023. The report showed that the company's revenue fell 18.2% to HK$6521.9 million compared to 2022, while gross profit fell sharply by 71.9% to HK$345.8 million. The Company's loss attributable to shareholders amounted to HK$1229.7 million. Interim and final dividends were not distributed for the year (2022: None). Operational restructuring includes closing loss-making factories and consolidating customer bases. As foreign brand customers moved production bases from China to overseas, the precision components business was sold for HK$2015.0 million. The smartphone case business now covers all major global brands and orders have rebounded in recent months. The home and sporting goods business was listed on the Shenzhen Stock Exchange on...Show More

Access Group (00698.HK) has announced its financial results for the year ended 31 December 2023. The report showed that the company's revenue fell 18.2% to HK$6521.9 million compared to 2022, while gross profit fell sharply by 71.9% to HK$345.8 million. The Company's loss attributable to shareholders amounted to HK$1229.7 million. Interim and final dividends were not distributed for the year (2022: None). Operational restructuring includes closing loss-making factories and consolidating customer bases. As foreign brand customers moved production bases from China to overseas, the precision components business was sold for HK$2015.0 million. The smartphone case business now covers all major global brands and orders have rebounded in recent months. The home and sporting goods business was listed on the Shenzhen Stock Exchange on 13 March 2023 with a net value of RMB624.0 million and the Group retained a 67.5% shareholding. Financial conditions remain stable, cash reserves are ample, and reported losses do not affect continuing operations. The financial review shows net cash inflow from operating activities at HK$7013 million. Total non-liquid assets were HK$5269.2 million, net current assets were HK$2960.7 million and total equity was HK$7003.5 million. AUDIT HIGHLIGHTS INCLUDE VALUATION OF ACCOUNTS RECEIVABLE DEPRECIATION, INVENTORY DEPRECIATION PREPARATION AND FIXED ASSETS. Except as disclosed in Notes 10 and 39 to the Financial Statements, the major business activities and nature of the financial statements did not change significantly during the year.