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Public company info - ICO Group Ltd. , 01460.HK
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ICO Group Ltd., 01460.HK - Company Profile
Chairman Leong Yeng Kit
Share Issued (share) 706,000,000
Par Currency Hong Kong Dollar
Par Value 0.025
Industry System Applications & IT Consulting
Corporate Profile Business Summary: The Group is principally engaged in the following businesses: (i) provision of IT application and solution development services; (ii) provision of IT infrastructure solutions; (iii) provision of secondment services; and (iv) provision of maintenance and support services. Performance for the year: The Group’s revenue for FY2020 amounted to approximately HK$606.3 million, representing an increase by approximately 1.8% from approximately HK$595.5 million for FY2019 to approximately HK$606.3 million for FY2020. The Group recorded a net profit of approximately HK$77.3 million for FY2020 as compared to approximately HK$93.2 million for FY2019. Business Review： Provision of IT application and solution development services This segment provides design and implementation of IT application solution services and procurement of third party hardware and software. The revenue generated from provision of IT application and solution development services amounted to approximately HK$49.7 million, representing approximately 8% of the revenue for FY2020. The revenue derived from provision of IT application and solution development services increased by approximately 107% from approximately HK$24.0 million for FY2019 to approximately HK$49.7 million for FY2020, the significant increase was primarily attributable to the commencement of implementation phrase of various new large-scale projects during FY2020. Provision of IT infrastructure solutions This segment provides IT infrastructure solution services and sale of IT infrastructure solutions related hardware and software. The revenue generated from provision of IT infrastructure solutions amounted to approximately HK$408.8 million, representing approximately 67% of the revenue for FY2020. The revenue derived from provision of IT infrastructure solutions decreased by approximately 4% from approximately HK$427.0 million for FY2019 to approximately HK$408.8 million for FY2020, the decrease was primarily due to (i) there was a one-off significant amount of revenue, amounted to approximately HK$75.3 million recorded in FY2019, which did not occurred in FY2020. The increase in amount of revenue generated from customers in the construction and financial services sectors during FY2020 was not enough to offset the impact for the abovementioned one-off revenue and (ii) the combine effect of social unrest and the outbreak of novel coronavirus disease 2019 (“COVID-19”) which inevitably led to the drop of revenue in the last quarter of FY2020. Provision of secondment services This segment provides secondment services for a fixed period of time pursuant to the secondment service agreements. The revenue generated from provision of secondment services amounted to approximately HK$39.7 million, representing approximately 7% of the revenue for FY2020. The income from this segment was a relatively stable revenue source when compared with project basis income. During FY2020, the revenue derived from provision of secondment services decreased by approximately 14% from approximately HK$46.1 million for FY2019 to approximately HK$39.7 million for FY2020, the decrease was primarily due to (i) the decrease in demand for services from the major customers in banking and finance sector and (ii) the revenue of new secondment services contracts awarded to the Group were not enough to offset the impact for the decrease in demand from the major customers. Provision of maintenance and support services This segment provides maintenance and support services. The revenue generated from provision of maintenance and support services amounted to approximately HK$108.1 million, representing approximately 18% of the revenue for FY2020. The revenue derived from provision of maintenance and support services increased by approximately 10% from approximately HK$98.4 million for FY2019 to approximately HK$108.1 million for FY2020, the increase was primarily due to (i) during FY2020, there was enhancement of the maintenance phase commenced from a Group’s sizable IT Projects and (ii) some maintenance phase of sizable IT Projects commenced since August 2018, so the corresponding revenue was recorded partly in FY2019 and recorded fully in FY2020. Prospects: FY2020 was another successful year for the Group, not only the increase in revenue derived from (i) IT application and solution development services segment and (ii) maintenance and support services segment, also the Group recorded a net profit for FY2020. There are also the following positive signs in relation to the Group’s future prospects: Firstly, the maintenance contracts of the Group’s large scale IT projects which contributed to the increase in the Group’s revenue for the maintenance and support services segment will last until 2027. These contracts are expected to contribute a revenue stream of over HK$60 million per year to the Group, this steady revenue stream will sustain profitability of the Group as well as provide healthy working capital level for the Group to sustain and expand its business in the future. Secondly, upon completion of the downsizing exercise in FY2019, this enables the Group to avoid cost overrun, maintain a sustainable team size and monitor its cost structure efficiently in the future. Thirdly, for the investment of 40% equity interest of PointSoft Limited, (a company with a focus on developing and managing food and beverage point-of-sales system) it managed to provide steady dividend income and share of profit to the Group during the challenging business environment in FY2020. This effectively diversified the business portfolio and broadened the revenue sources of the Group. Lastly, up to the date at this announcement, the acquisition of O2O Limited, which has a wholly owned subsidiary in Malaysia, is now developing an e-Marketplace project with both physical stores and online trading platforms (“Project CKB”) Project CKB by the Group was completed on 2 June 2020. Upon its completion, O2O Limited is the 100% wholly owned subsidiary of the Group, the Group would be able to further expand and diversify the revenue sources by receiving stable rental income from the physical stores. For details of the acquisition of Project CKB, please refer to the announcements and circular of the Company dated 7 December 2017, 8 January 2018, 28 March 2018, 19 April 2018, 5 June 2018, 27 July 2018, 9 November 2018, 15 November 2018, 11 January 2019, 12 June 2019, 7 August 2019, 1 November 2019, 6 February 2020, 28 February 2020 and 2 June 2020 (collectively the “Project CKB Announcements and Circular”).

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