TIDMNTLG

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     Six months     Year ended 
                                                     to 30 June             to    31 December 
                                                 2019 Unaudited        30 June           2018 
                                                                          2018        Audited 
                                                                     Unaudited 
                                                        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          As at           As at 
                                            30 June 2019        30 June     31 December 
                                               Unaudited           2018            2018 
                                                              Unaudited         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       6 Months        Year to 
                                                     to             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                               728              -              - 
  loan notes 
 (Repayment) of bank loans                      (1,251)        (1,687)            483 
 Interest paid                                     (80)          (109)           (97) 
 Net proceeds from share                            100              -              - 
  issue 
                                           ------------   ------------   ------------ 
 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          Share                        Other            Group          Currency         Total 
                       capital        premium                      reserves      reorganisation    translation 
                                                     Retained                       reserve          reserve 
                                                     profits 
                         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

In the opinion of the Directors the Group has one class of business, being the provider of Feng Shui products and services in Singapore and mainland China.

The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There are currently two geographic reporting segments: Singapore and China.

 
                               6 months to 30 June 2019 
                                                              ---------- 
                           Singapore   China and                   Total 
                                              HK          UK 
                           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                   Total 
                                              HK          UK 
                           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               Total 
                                              HK        UK 
                             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        6 Months         Year to 
                         to              to     31 December 
                    30 June    30 June 2018            2018 
                       2019       Unaudited         Audited 
                  Unaudited 
                    SGD'000         SGD'000         SGD'000 
 
 Depreciation           149             172             328 
 
 
   5.   Directors' emoluments 
 
                              6 Months         6 Months         Year to 
                                    to               to     31 December 
                               30 June     30 June 2018            2018 
                                  2019        Unaudited         Audited 
                             Unaudited 
                                  NTLG            Total             NTL 
                               SGD'000          SGD'000         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        6 Months         Year to 
                                       to              to     31 December 
                             30 June 2019    30 June 2018            2018 
                                Unaudited       Unaudited         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          As at          As at 
                                 30 June 2019        30 June    31 December 
                                    Unaudited           2018           2018 
                                                   Unaudited        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 rns@lseg.com or visit www.rns.com.

END

IR EAFNEALPNEFF

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September 20, 2019 07:52 ET (11:52 GMT)

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