Grand Vision Regulatory News (GVMH)

Grand Vision Media Holdings plc - Final Results

PR Newswire

London, April 28

London, 28 April 2023FOR IMMEDIATE RELEASE

Grand Vision Media Holdings plc( “GVMH” or the “Company”)Audited Final Results

Grand Vision Media Holdings plc announces its audited final results for the year ended 31 December 2022.

The CEO Report

2022 was another tough year for the Group as Hong Kong and China was still under the impact of COVID restrictions?With the gradual re-opening of the borders in Hong Kong and China in latter half of Q1 2023, we are expecting to resume our normal business starting from Q2 of 2023

Summary of Trading Results

Total revenue for the year was HK$3,974K (2021: HK$3,039K], a rise of 31% compared to the prior year. This was again adversely impacted from historic levels due to the ongoing disruption from COVID restrictions, although an improvement from the prior year.

The total comprehensive loss for the year was HK$5,716K (2021: HK$6,184K). Again, this was as a direct result of the reduction is revenues across the Group resulting from COVID restrictions. Costs have been controlled wherever possible.

COVID-19 continues to have a significant adverse effect on the Group’s performance in 2022. China was under very strict lock down rules and international travel has been practically suspended. 

Cash in hand at the end of the year was HK$258K. The Group continues to manage its cash within its available resources.

Outlook

With the reopening of the borders, we are also seeing the resumption of marketing activities targeted at travellers from China. We have also begun work to resume the projects that were put on hold due to the business disruption. This includes the new initiative of international brand management and expansion whereby we help brands expand to new geographies. We help our clients develop international expansion strategies and assist in the implementation covering both direct expansion or via overseas partners and distributors.

During COVID, we developed new connections in the wholesale and trading sectors, namely commodities and environmentally friendly products. We hope to leverage off these connections in the coming periods.

We are also developing new revenue streams via short video marketing and live streaming sales on social media platforms such as Tik Tok (Douyin) in China. We are also planning to revive the OOH revenue in China and we plan to develop more interactive marketing campaigns leveraging the cinema space.

These will shortly be available (along with the Company's 2022 Annual Report) to download on the Company's website at https://www.gvmh.co.uk/tag/financial-information/.

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