REG-Grand Vision Media Holdings Plc: Half-year Report
01/10/2025 15:30
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$’000
GVMH PLC
Balance at 1 January 2024 14,064 47,020 (12,460) 1,335 (607) 844 (95,055) (44,859) (593) (45,452)
Loss for the period - - - - - - (2,129) (2,129) - (2,129)
Exchange Reserve - - - - 171 - - 171 - 171
Non-Controlling Interest - - - - - - - - (159) (159)
Total comprehensive income - - - - 171 - (2,129) (1,958) (159) (2,117)
Balance at 30 June 2024 14,064 47,020 (12,460) 1,335 (436) 844 (97,184) (46,817) (752) (47,569)
Loss for the period - - - - - - (4,097) (4,097) - (4,097)
Exchange Reserve - - - - 266 - - 266 - 266
Non-Controlling Interest - - - - - - - - (253) (253)
Total comprehensive income - - - - 266 - (4,097) (3,831) (253) (4,084)
Balance at 31 DECEMBER 2024 14,064 47,020 (12,460) 1,335 (170) 844 (101,281) (50,648) (1,005) (51,653)
Loss for the period - - - - - - (1,773) (1,773) - (1,773)
Exchange Reserve - - - - (1,409) - - (1,409) - (1,409)
Non-Controlling Interest - - - - - - - - 35 35
Total comprehensive income - - - - (1,409) - (1,773) (3,182) 35 (3,147)
Balance at 30 June 2025 14,064 47,020 (12,460) 1,335 (1,579) 844 (103,054) (53,830) (970) (54,800)
Share capital is the amount subscribed for shares at nominal value.
The share premium has arisen on the issue of shares at a premium to their
nominal value.
Retained losses represent the cumulative loss of the Company attributable to
equity shareholders.
Interim Condensed Cash Flow Statement
GVMH 6 Months Ended 30 June 2025 (unaudited) GVMH 6 Months Ended 30 June 2024 (unaudited) GVMH For the year ended 31 December 2024 (audited)
HK$’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
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