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Crushmetric Group Ltd on Monday reported a significantly lower revenue in the six months to June 30 as it shifted towards a consumer product company focused on selling innovative products.
The Hong Kong-based pharmaceutical and beauty products company said pretax loss in the first half of 2023 widened to HK$3.8 million, about £400,000, from HK$908,874 a year prior.
Notably, revenue plummeted to HK$1.0 million from HK$8.0 million. Administrative costs increased to HK$4.2 million from HK$3.9 million.
Crushmetric said it transformed towards a consumer product company focused on selling innovative products. It was formerly engaged in TCM healthcare, a specialist fertility clinic in London, and the production and sale of skincare products.
Chair Ivor Shrago said: ‘The launch of our new product - the Tumbler, was delayed but we are confident that it will be launched by the end of the year and we expect this to result improved sales and better returns. The Group will continue to focus on promoting and generating more sales from the Crushmetric series of products which we have launched; together with the Tumbler to be launched soon.’
Looking ahead, he said: ‘The board will continue to take all reasonable efforts to ensure that sufficient working capital is maintained. The board’s objective is the same as previous years, which is to protect and safeguard as well as improve the business, to minimise cost and generate more sales income through online products.’
Crushmetric shares were last traded on AQSE at 35.00 pence each in August 2018.
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