Novacon Tech (08635) has released its fiscal year performance as of March 31, 2024, with revenue of HKD 22.791 million, a decrease of 56.65% year-on-year. The firm suffered a loss of HKD 22.976 million during the year, whereas a profit of HKD 5.711 million was earned in the previous year, and the loss per share was 5.74 HK cents.

The announcement stated that the revenue decline was primarily due to a significant reduction in license and maintenance services, as well as initial setup and customization services. License and maintenance service revenue decreased by approximately 72% from about HKD 41.5 million for the fiscal year ended March 31, 2023, to about HKD 11.6 million for the fiscal year ended March 31, 2024, due to the decrease in services provided to existing clients (particularly the amendment and termination of service contracts with several overseas clients, amounting to about HKD 29.9 million). In addition, the initial setup and customization service revenue decreased by about 28% from about HKD 11.1 million for the fiscal year ended March 31, 2023, to about HKD 8 million for the fiscal year ended March 31, 2024. Initial setup and customization services are usually provided as required based on clients' business needs.