Half-year Report

Grand Vision Media Holdings

01/10/2025 15:29

London, 1 October 2025
FOR IMMEDIATE RELEASE

 

 

Grand Vision Media Holdings plc
( “GVMH” or the “Company”)

Half Year Report

 

Grand Vision Media Holdings plc announces its half year report for the six months ended 30 June 2025.

 

The CEO’s Report

 

Overview

The struggles of year 2024 have persisted throughout the first half of 2025. The anticipated recovery of tourism was below market expectations and adversely affected by the global political situation.  Local consumer expenditure was also impacted by the growing trend of Hong Kong consumers going to Greater China region with a lower cost and better variety of products.

 

Summary of Trading Results

Revenue in the period was HKD1,552K [2024: HKD1,878K], which represents a decrease of 17.36%. The Group had a loss after tax of HKD1,738K [2024: HKD2,288K].   Our focus remains tight cost control to minimise operational costs and generate the new business income stream wherever possible.

 

Outlook

The economy and market conditions are increasingly volatile.  However, we intend to stay focus on our core strategy of providing solutions and services in marketing and cross border e commerce. We also intend to explore new business areas including brokering and facilitating deals via our extensive international network. We intend to re-finance the Group through shareholder loan which provides adequate working capital and also provide funding for potential new business streams.

 

 

GRAND VISION MEDIA HOLDINGS PLC (“THE GROUP”)

 

 

 

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 :  30 September 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interim Condensed Statement of Comprehensive Income

 

Notes
GVMH
6 months Ended
30 June
2025
(unaudited)
GVMH
6 months Ended
30 June
2024
(unaudited)
GVMH
Year End
31 December
2024
(audited)
HK$’000
HK$’000
HK$’000
Turnover
1,552
1,878
3,431
Cost of Sales
(1,099)
(1,365)
(2,653)
Gross Profit
453
513
778
Other Income / Expenditure
-
(1)
7
Administrative expenses
(2,188)
(2,503)
(6,294)
Impairment loss on trade receivables
-
-
(1,123)
Depreciation
(3)
(293)
-
Operating Loss
(1,738)
(2,284)
(6,632)
Finance Cost
-
(4)
(6)
Loss before taxation
(1,738)
(2,288)
(6,638)
Tax on ordinary activities
-
-
-
Loss after taxation
(1,738)
(2,288)
(6,638)
Exchange difference arising on Translation
346
(162)
437
Loss and total comprehensive loss for the period
(1,392)
(2,450)
(6,201)
Loss attributable to:
Equity holders of the Company
(1,773)
(2,129)
(6,226)
Non-controlling interests
35
(159)
(412)
(1,738)
(2,288)
(6,638)
Total comprehensive loss attributable to:
Equity holders of the Company
(1,427)
(2,291)
(5,789)
Non-controlling interests
35
(159)
(412)
(1,392)
(2,450)
(6,201)
Basic and diluted earnings per share (HK$)
5
(0.02)
(0.02)
(0.06)

 

 

 

 

 

 

 

 

 

 

Interim Condensed Statement of the Financial Position

 

Notes
GVMH
30 June
2025
(unaudited)
GVMH
30 June
2024
(unaudited)
GVMH
31 December 2024
(audited)
HK$’000
HK$’000
HK$’000
Assets
Non-Current Assets
Property, plant and equipment
8
14
11
Right of use assets
-
240
-
Total Non-Current Asset
8
254
11
Current assets
Trade and Other Receivables
560
1,448
213
Deposits and Pre-Payments
113
167
192
Cash and Cash Equivalents
28
4
11
Total Current Assets
701
1,619
416
Total Assets
709
1,873
427
Equity and Liabilities
Share Capital
6
14,064
14,064
14,064
Share Premium Account
6
47,020
47,020
47,020
Group Re-organization Reserve
(12,460)
(12,460)
(12,460)
Capital Contribution arising from Shareholder’s Loan
844
844
844
Exchange and Other Reverses
(244)
899
1,165
Non-Controlling Interest
(970)
(752)
(1,005)
Accumulated deficit
(103,054)
(97,184)
(101,281)
Total Equity
(54,800)
(47,569)
(51,653)
Liabilities
Non-Current Liabilities
Convertible Bonds
6,068
5,563
5,232
Shareholders loans
803
714
953
Total Non-Current Liabilities
6,871
6,277
6,185
Current Liabilities
Trade and Other Payables
12,084
15,420
10,910
Bank overdraft
111
-
-
Amount Due to Directors
15,048
6,069
13,525
Lease Liability
-
244
-
Deposits Received
8
45
73
Shareholder loan
21,387
21,387
21,387
Total Current Liability
48,638
43,165
45,895
Total Liabilities
55,509
49,442
52,080
Total Equity and Liabilities
709
1,873
427

 

 

 

 

 

Interim Condensed Statement of Changes in Equity

Share capital
Share premium
Reverse Acquisition reserve
Other reserve
Exchange reserve
Capital contribution reserves
Accumulated deficit
Total
Non-controlling interests
Total equity
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
GVMH PLC
Balance at 1 January 2024
14,064
47,020
(12,460)
1,335
(607)
844
(95,055)
(44,859)
(593)
(45,452)
Loss for the period
-
-
-
-
-
-
(2,129)
(2,129)
-
(2,129)
Exchange Reserve
-
-
-
-
171
-
-
171
-
171
Non-Controlling Interest
-
-
-
-
-
-
-
-
(159)
(159)
Total comprehensive income
-
-
-
-
171
-
(2,129)
(1,958)
(159)
(2,117)
Balance at 30 June 2024
14,064
47,020
(12,460)
1,335
(436)
844
(97,184)
(46,817)
(752)
(47,569)
Loss for the period
-
-
-
-
-
-
(4,097)
(4,097)
-
(4,097)
Exchange Reserve
-
-
-
-
266
-
-
266
-
266
Non-Controlling Interest
-
-
-
-
-
-
-
-
(253)
(253)
Total comprehensive income
-
-
-
-
266
-
(4,097)
(3,831)
(253)
(4,084)
Balance at 31 DECEMBER 2024
14,064
47,020
(12,460)
1,335
(170)
844
(101,281)
(50,648)
(1,005)
(51,653)
Loss for the period
-
-
-
-
-
-
(1,773)
(1,773)
-
(1,773)
Exchange Reserve
-
-
-
-
(1,409)
-
-
(1,409)
-
(1,409)
Non-Controlling Interest
-
-
-
-
-
-
-
-
35
35
Total comprehensive income
-
-
-
-
(1,409)
-
(1,773)
(3,182)
35
(3,147)
Balance at 30 June 2025
14,064
47,020
(12,460)
1,335
(1,579)
844
(103,054)
(53,830)
(970)
(54,800)

 

 

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 Cash Flow Statement

 

GVMH
6 Months Ended30 June 2025
(unaudited)
GVMH
6 Months Ended30 June 2024
(unaudited)
GVMH
For the year ended 31 December 2024
(audited)
HK$’000
HK$’000
HK$’000
Cash flows from operating activities
Operating loss
(1,738)
(2,288)
(6,638)
Add: Depreciation
3
293
536
Add: Finance Cost
-
4
6
Add: Impairment of receivables
-
-
1,123
Changes in working capital
(1,735)
(1,991)
(4,973)
(Increase) / Decrease in receivables
(347)
(49)
63
Decrease in deposits and prepayments
79
68
43
Increase / (Decrease) in payables
1,174
652
(3,858)
Increase / (Decrease) in deposit received
(65)
44
72
Net cash flow used in operating activities
(894)
(1,276)
(8,653)
Cash flows from investing activities:
Payment for purchase of property, plant and equipment
-
-
-
Net cash outflow from investing activities
-
-
-
Cash flows from financing activities:
Principal & Interest portion of lease payment
-
(293)
(539)
Bank overdraft utilised
111
-
-
Increase in an amount due to directors
1,523
1,143
8,599
Net cash generated from financing activities
1,634
850
8,060
Net cash outflow for the period
740
(426)
(593)
Opening Cash and cash equivalents
11
291
291
Effect on Foreign exchange rate changes
(723)
139
313
Closing Cash and cash equivalents
28
4
11


 

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 year ended 31 December 2024.   

 

2. Basis of Preparation

 

These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2024 were approved by the board and authorised for issue on 30 September 2025. 

 

The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2024 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 International Financial Reporting Standards (“IFRS”) as endorsed by the EU that are expected to be applicable to the financial statements for the year ending 31 December 2025 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 2025 and 30 June 2024 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 December 2024 are extracts from the 2024 audited accounts.  The independent auditor’s report on the 2024 accounts was not qualified.

 

The assets and liabilities of the legal subsidiary, GVC Holdings Limited are recognized and measured in the Group financial statements at the pre-combination carrying amounts, without restatement of fair value. The retained earnings and other equity balances recognized in the Group financial statements reflect the retained earnings and other equity balances of Grand Vision Media Holdings plc immediately before the reverse and the results of the period from 1 January 2025 to 30 June 2025 and post reverse.

 

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 Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent Company income statement account.

 

The operating loss of the Company for the six months ended 30 June 2025 was HK$372k (2024:
loss of HK$607k, year ended 31 December 2024: HK$1,864k). The current period operating loss incorporated the following main items:

 

Company
GVMH
30 June 2025
Company
GVMH
30 June 2024
Company
GVMH
31 December 2024
(unaudited)
(unaudited)
(audited)
HK$‘000
HK$‘000
HK$‘000
Employment expenses
301
297
599
Legal and professional fees
71
310
519
Other expenses
-
-
746
Total
372
607
1,864

 

5. Earnings per Share

 

Earnings per share data is based on the Group 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:

GVMH
30 June 2025
(unaudited)
GVMH
30 June 2024
(unaudited)
GVMH
31 December
2024
(audited)
HK$
HK$
HK$
Loss attributable to equity holder of parent
(1,773,000)
(2,129,000)
(6,226,000)
Weighted average number of ordinary shares in issue
96,287,079
96,287,079
96,287,079
Basic and diluted loss per share
(0.02)
(0.02)
(0.06)

 

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 of the Company 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.

Allotted, called up and fully paid ordinary shares of 10p each
Number of shares
Share Capital
Share
Capital
Share
Premium
Share Premium
£
HK$
£
HK$
Balance at 31 December 2023 (audited)
96,287,079
9,628,708
96,017,186
4,422,954
44,105,565
Balance at 30 June 2024 (unaudited)
96,287,079
9,628,708
96,017,186
4,422,954
44,105,565
Balance at 31 December 2024 (audited)
96,287,079
9,628,708
96,017,186
4,422,954
44,105,565
Balance at 30 June 2025 (unaudited)
96,287,079
9,628,708
96,017,186
4,422,954
44,105,565

 

 

7. Events Subsequent to 30 June 2025

 

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 contact:

 

Grand Vision Media Holdings plc
Jonathan Lo, Director
http://gvmh.co.uk/
Tel: +44 (0) 20 7866 2145
or info@gvmh.co.uk