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Public company info - Pacific Legend Group Limited , 08547.HK

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Pacific Legend Group Limited, 08547.HK - Company Profile
Chairman John Warren McLennan
Share Issued (share) 1,200,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Furniture & Household Goods
Corporate Profile Business Summary: The group principally operate three lines of business, namely, (i) sale of home furniture and accessories; (ii) rental of home furniture and accessories; and (iii) project and hospitality services, which typically involve styling, decorating and furnishing commercial or residential properties such as hotels, serviced apartments and showflats. Performance for the year: The Group’s revenue for the year ended 31 December 2019 (the “Current Year”) was approximately HK$307.7 million, representing an increase of HK$29.6 million or 10.6% as compared with the year ended 31 December 2018 (the “Last Year”) of approximately HK$278.1 million. The gross profit of the Group increased HK$10.9 million or 6.6% from approximately HK$165.3 million in the Last Year to approximately HK$176.2 million in the Current Year. Loss attributable to equity shareholders of the Company for the Current Year amounted to approximately HK$7.8 million. Business Review: Expand the Group’s retail network by opening additional retail stores (including additional staff for such stores) In the fourth quarter of 2019, the Group secured a second location in Shanghai and expect to have this open in the second quarter of 2020. The Group will continue to look for additional sites as planned in the Prospectus, however such plan has been delayed due to prevailing market conditions. Enhance the Group’s online shop and the Group’s information technology capability Successful Hong Kong radio frequency identification system (RFID) pilot conducted for the end-of-year stocktake and product photoshoot, enabling operational efficiencies. RFID will be rolled-out further across the Hong Kong operation and Group upon move to new warehouse location in Hong Kong in the second quarter of 2020. The Group has purchased licenses and development of a new CRM and Marketing automation software to be rolled out in the second quarter of 2020. This will enhance the Group’s website and mobile capabilities with the Group’s customer base. Development of a mobile application has commenced through this CRM and marketing automation software solution. The Group intends to use up the remaining unutilised fund for this objective within the timeline as outlined in the Prospectus. Recruitment of additional staff During the course of 2019, the Group did not recruit any additional staff using the net proceeds from the Listing but made two replacement of staff. Seven staff, five in Hong Kong and two in China, have been primarily hired with the net proceeds from Listing since the Listing Date to support growth areas of design services, back office and e-Commerce activity. The Group intends to use up the remaining unutilised funds for this objective in the Prospectus subject to timing of store openings. Increasing the Group’s inventory New TMall product offerings have been introduced to enhance ability to drive awareness and sales. The Group intends to use up the remaining unutilised fund for this objective within the timeline as outlined in the Prospectus. The remaining net proceeds as at 31 December 2019 had been placed in interestbearing deposits in banks in Hong Kong. The Directors will constantly evaluate the Group’s business objectives and will change or modify plans against the changing market conditions to ascertain the business growth of the Group. As at the date of this report, the Directors do not anticipate any change to the plan as to the use of proceeds. Prospects: The Group’s mission for 2020 will remain the same – to enable the Group’s customers and their clients to Live Beautifully. In 2020 the Group will continue to focus on delivering this promise through continual development of the Group’s products and services in all regions, to differentiate ourselves in the Group’s markets such as increased B2C design services both in store and online. The forthcoming financial year is expected to be challenging due to the competitive market conditions in the industry as well as the uncertainty in all the Group’s markets as a result of the COVID-19 scare and Hong Kong’s continued social unrest. These factors will adversely impact the Group’s performance for at least the first quarter of the year 2020. The Group will continue to actively cut costs and streamline operations wherever possible to deliver on the Group’s strategic development plans and take advantage of growth opportunities as they arise in all regions. For example, the Group plans to open a new store in a prominent location in Shanghai later in the year. The Group will also continue to develop the Sonder Living @ Indigo partnership which will allow them to gain more retail and B2B market share. The Group will also continue to develop the brand to stay aligned with current market trends and technology ensuring the Group remains ahead of the competitor curve.

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