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(Incorporated in the Cayman Islands with limited liability)
Revenue for the year ended 31 December 2025 reached approximately US$130,144,000, an increase of approximately 11.4% over the year ended 31 December 2024.
Profit attributable to the owners of the Company for the year ended 31 December 2025 was approximately US$45,466,000, representing an increase of approximately 19.5% over the year ended 31 December 2024.
Diluted earnings per share for the year ended 31 December 2025 was approximately US4.11 cents, an increase of approximately 19.1% over the year ended 31 December 2024.
The Board has resolved to declare a second interim dividend of HK16.54 cents per share and a special dividend of HK5.65 cents per share for the year ended 31 December 2025. The dividends are expected to be paid on 26 March 2026 to the shareholders whose names appear in the Company's register of members on 13 March 2026.
The Board (the "Board") of Directors (the "Directors") of Plover Bay Technologies Limited (the "Company") is pleased to announce the consolidated annual results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2025, together with the comparative figures for the corresponding year in 2024 as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 December 2025
Notes | 2025 US$'000 | 2024 US$'000 | ||
Revenue | 4 | 130,144 | 116,791 | |
Cost of sales and services | (56,021) | (52,642) | ||
Gross profit | 74,123 | 64,149 | ||
Other income and gains, net | 4 | 2,589 | 2,054 | |
Selling and distribution expenses | (3,742) | (4,348) | ||
General and administrative expenses | (8,366) | (7,746) | ||
Research and development, consultancy and other expenses | (10,007) | (8,495) | ||
Finance costs | 5 | (257) | (288) | |
Profit before tax | 6 | 54,340 | 45,326 | |
Income tax expense | 7 | (8,874) | (7,280) | |
PROFIT FOR THE YEAR ATTRIBUTABLE TO OWNERS OF THE PARENT | 45,466 | 38,046 |
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations | 289 | (84) | ||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ||||
ATTRIBUTABLE TO OWNERS OF THE PARENT | 45,755 | 37,962 | ||
EARNINGS PER SHARE ATTRIBUTABLE TO | ||||
ORDINARY EQUITY HOLDERS OF THE PARENT | 9 | |||
- Basic (US cents) | 4.12 | 3.46 | ||
- Diluted (US cents) | 4.11 | 3.45 | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
As at 31 December 2025 | ||||
Notes | 2025 | 2024 | ||
US$'000 | US$'000 | |||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 3,098 | 3,366 | ||
Intangible assets | 1,368 | 1,855 | ||
Prepayments and deposits | 12 | 394 | 98 | |
Deferred tax assets | 126 | 127 | ||
TOTAL NON-CURRENT ASSETS | 4,986 | 5,446 | ||
CURRENT ASSETS | ||||
Inventories | 10 | 18,181 | 16,160 | |
Trade receivables | 11 | 22,574 | 15,497 | |
Prepayments, deposits and other receivables | 12 | 4,966 | 4,685 | |
Tax recoverable | 158 | 147 | ||
Pledged deposit | 13 | 2,338 | 2,243 | |
Time deposits | 13 | 8,791 | - | |
Cash and cash equivalents | 13 | 56,259 | 65,933 | |
TOTAL CURRENT ASSETS | 113,267 | 104,665 | ||
CURRENT LIABILITIES | ||||
Trade payables, other payables and accruals | 14 | 8,071 | 7,420 | |
Lease liabilities | 763 | 1,598 | ||
Contract liabilities | 26,380 | 20,880 | ||
Interest-bearing bank borrowings | - | 8,516 | ||
Tax payable | 10,484 | 2,701 | ||
TOTAL CURRENT LIABILITIES | 45,698 | 41,115 | ||
NET CURRENT ASSETS | 67,569 | 63,550 | ||
TOTAL ASSETS LESS CURRENT LIABILITIES | 72,555 | 68,996 | ||
NON-CURRENT LIABILITIES | ||||
Lease liabilities | 1,211 | 982 | ||
Contract liabilities | 12,159 | 11,398 | ||
Deferred tax liabilities | 252 | 317 | ||
TOTAL NON-CURRENT LIABILITIES | 13,622 | 12,697 | ||
NET ASSETS | 58,933 | 56,299 | ||
As at 31 December 2025
EQUITY | Notes | 2025 US$'000 | 2024 US$'000 | |
Equity attributable to owners of the parent | ||||
Issued capital | 15 | 1,423 | 1,420 | |
Reserves | 57,510 | 54,879 | ||
TOTAL EQUITY | 58,933 | 56,299 |
For the year ended 31 December 2025
Attributable to owners of the parentShare | Share Exchange | ||||||
Issued | premium | option | Legal | fluctuation | Retained | Total | |
capital | account | reserve | reserve | reserve | profits | equity | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
At 1 January 2024 | 1,418 | 24,191 | 515 | - | (45) | 24,145 | 50,224 |
Profit for the year | - | - | - | - | - | 38,046 | 38,046 |
Other comprehensive loss for the | |||||||
year: | |||||||
Exchange differences on | |||||||
translation of foreign operations | - | - | - | - | (84) | - | (84) |
Total comprehensive income/(loss) | |||||||
for the year | - | - | - | - | (84) | 38,046 | 37,962 |
Issue of shares upon exercise of share | |||||||
options | 2 | 778 | (149) | - | - | - | 631 |
Equity-settled share option | |||||||
arrangements | - | - | 278 | - | - | - | 278 |
Transfer of share option reserve upon | |||||||
the forfeiture or expiry of share options | - | - | (7) | - | - | 7 | - |
Repurchase and cancellation of shares | - | (87) | - | - | - | - | (87) |
Second interim 2023 dividend | - | - | - | - | - | (15,400) | (15,400) |
2023 special dividend | - | - | - | - | - | (1,999) | (1,999) |
Interim 2024 dividend | - | - | - | - | - | (15,310) | (15,310) |
At 31 December 2024 | 1,420 | 24,882 * 637 * - * (129) * 29,489 * 56,299 | |||||
At 1 January 2025 | 1,420 | 24,882 | 637 | - (129) | 29,489 | 56,299 | |
Profit for the year | - | - | - | - - | 45,466 | 45,466 | |
Other comprehensive income for the | |||||||
year: | |||||||
Exchange differences on translation | |||||||
of foreign operations | - | - | - | - | 289 | - | 289 |
Total comprehensive income for the | |||||||
year | - | - | - | - | 289 | 45,466 | 45,755 |
Issue of shares upon exercise of share | |||||||
options | 3 | 1,187 | (248) | - | - | - | 942 |
Equity-settled share option | |||||||
arrangements | - | - | 269 | - | - | - | 269 |
Transfer of share option reserve upon | |||||||
the forfeiture or expiry of share options | - | - | (11) | - | - | 11 | - |
Transfer of legal reserve | - | - | - | 8 | - | (8) | - |
Second interim 2024 dividend | - | - | - | - | - | (18,906) | (18,906) |
2024 special dividend | - | - | - | - | - | (7,989) | (7,989) |
Interim 2025 dividend | - | - | - | - | - | (17,437) | (17,437) |
At 31 December 2025 | 1,423 | 26,069 * 647 * 8 * 160 * 30,626 * 58,933 | |||||
* These reserve accounts comprise the consolidated reserves of US$57,510,000 (2024: US$54,879,000) in the consolidated statement of financial position.