Grand Vision Regulatory News (GVMH)

Grand Vision Media Holdings plc - Half-year Report

PR Newswire

London, March 8

London, 8 March 2022

GRAND VISION MEDIA HOLDINGS PLC (“THE GROUP”)

Half yearly report for the six months ended 30 June 2021

The CEO’s Report

Overview

The disappointing full year results for 2020 have continued into the first half of 2021. Whilst the core business has suffered badly from the ongoing business disruption and uncertainty caused by the pandemic in the region, the Group has been focussing on generating new revenue streams to bolster revenues. It is hoped that these new revenue streams will come to fruition in 2022 onwards.

Summary of Trading Results

Revenue in the period was HKD1,742K [1H2019 : HKD6,045K], which represents a significant decline as compared to the prior year period. The Group had a loss after tax of HKD3,335K [1H2019 : HKD664K loss]. This was primarily as a result of the reduced turnover resulting from the ongoing business disruption. To mitigate against this, the Group has managed to achieve cost savings as a result of space consolidation and headcount reductions, and has taken advantage of Government fiscal support aimed at helping businesses through the pandemic whenever this was available. However, this did not prevent the overall poor Group performance as reported.

Cash in hand at the period end was HK$490K. The Group continues to manage its cash within its available resources.

Outlook

The Group has suffered enormously from the business disruption and uncertainty caused by the pandemic, and particularly more so as Hong Kong/China have been following a strict zero COVID policy. The full year results for 2021 are expected to be well below historic levels again, but the Group remains committed to sourcing new revenue streams to mitigate against the decline in traditional revenues.

Responsibility Statement

We confirm that to the best of our knowledge:

a. the condensed set of financial statements has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’;

b. the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six

months of the year; and,

c. the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein).

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to

assess the Company’s strategies and the potential for those strategies to succeed. The IMR should not be relied on by

any other party or for any other purpose.

The condensed accounts have not been reviewed by the auditors.

Jonathan Lo

Chief Executive Officer

Date : 8 March 2022

Interim Condensed Statement of Comprehensive Income

Interim Condensed Statement of Changes in Equity

Share capital is the amount subscribed for shares at nominal value.

The share premium has arisen on the issue of shares at a premium to their nominal value.

Retained losses represent the cumulative loss of the Company attributable to equity shareholders.

Interim Condensed Statement of the Financial Position

Interim Condensed Cash Flow Statement

Notes to the Interim Condensed Financial Statements

1. General Information

GRAND VISION MEDIA HOLDINGS PLC (‘the Company’) is a media company incorporated in the United Kingdom. Details of the registered office, the officers and advisers to the Company are presented on the Directors and Advisers page at the end of this report. The information within these interim condensed financial statements and accompanying notes must be read in conjunction with the audited annual financial statements that have been prepared for the period ended 31 December 2020.

2. Basis of Preparation

These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2021 were approved by the board and authorised for issue on 8 March 2022. 

The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2020 have been applied in the preparation of these condensed interim financial statements. These interim financial statements have been prepared in accordance with the recognition and measurement principles of the UK adopted International Financial Reporting Standards (“IFRS”) that are expected to be applicable to the financial statements for the year ending 31 December 2021 and on the basis of the accounting policies expected to be used in those financial statements. 

The figures for the six months ended 30 June 2021 and 30 June 2020 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2020 are extracts from the 2020 audited accounts. The independent auditor’s report on the 2020 accounts was not qualified.

Going Concern

The directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

Standards and Interpretations adopted with no material effect on financial statements

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 Reporting

In the opinion of the Directors, the Company has one class of business, being that of out of home media and marketing and operates in the Peoples Republic of China/Hong Kong.

4. Company Result for the period

The operating loss of the Company for the six months ended 30 June 2021 was HK$ 544,593 (2020:loss of HK$ 585,869, year ended 31 December 2020: HK$ 1,329,171). The current period operating loss incorporated the following main items:

5. Earnings per Share

Earnings per share data is based on the Company result for the six months and the weighted average number of shares in issue.

Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:

Basic and diluted earnings per share are the same, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. There were no potential dilutive shares in issue during the period.

6. Share Capital

Ordinary shares are classified as equity. Proceeds from issuance of ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against share capital.

7 Events Subsequent to 30 June 2021

There were no events subsequent to the balance sheet date.

8. Reports

This interim condensed financial statements will be available shortly on the Company website at www.gvmh.co.uk

For more information:

- ENDS -