Achieved Record High Turnover and Profit of HK$3.08 Billion and HK$192 Million
Recommended Final and Special Dividends of 5.5 HK cents
| Financial Highlights | For the 12 months ended 31 October(HK$’000) | ||
| 2010 | 2009 | Change | |
| Turnover | 3,075,114 | 2,225,635 | 38% |
| Gross profit | 880,352 | 738,509 | 19% |
| Profit attributable to owners of the Company | 191,821 | 123,831 | 55% |
| Earnings per share -- fully diluted | 15.89 HK cents | 10.34 HK cents | 54% |
| Final dividend per share(recommended) | 4 HK cents | 3.5 HK cents | 57% |
| Special dividend per share(recommended) | 1.5 HK cents | - | 57% |
(Hong Kong, 25 January 2011) – Pico Far East Holdings Limited (“Pico” or the “Group”, SEHK: 0752), a leading global Total Brand Activation company, today announced its annual results for the 12 months ended 31 October 2010 (the “Year”).
During the Year, Pico has delivered a record performance despite continued uncertainty in the global economy. The Group’s turnover reaches HK$3.075 billion (2009: HK$2.226 billion), representing an increase of 38 % compared with the previous year. Profit attributable to owners of the Company increased by 55% to HK$192 million (2009: HK$123.8 million).
The Board of Directors has recommended a final dividend of HK4 cents per ordinary share (2009:HK3.5 cents) and special dividend of HK1.5 cents per ordinary share.Taken together with the interim dividend of HK3.5 cents per ordinary share (2009: HK2.5 cents per ordinary share), the total dividend for the year amounts to HK9 cents per ordinary share (2009: HK6.0 cents per ordinary share).
Mr. Lawrence Chia, Chairman of Pico, said “With our strong foundation in Asia, in particular China,the Group has ended the financial year on a positive note with significant growth across all of our business segments. Highlight of the year has been our completion of the Shanghai World Expo 2010. The Group created 38 country and corporate pavilions for the event, which contributed about 20% to the overall Group’s turnover.”
Chairman Chia added, “In Asia, the engine of growth is still China. Therefore, the Chinese economy is an important factor in the continued growth of the Group’s business. We believe that our business in China, while large in relation to our total turnover, is still small relative to the size and potential of the China market. We are confident of the strong potential of the enormous exhibition and event business in China as the huge latent consumer market has only just started to be developed. In addition, the Group continues to strengthen our position in the Middle East and India.”
Business Review
| Turnover by Segment | For the 12 months ended 31 October(HK$’000) | ||
| 2010 | 2009 | Change | |
| Exhibition and Event Marketing Services | 2,393,555 | 1,828,361 | 31% |
| Museum, Themed Environment, Interior & Retail | 299,386 | 144,770 | 107% |
| Brand Signage and Visual Communication | 282,929 | 201,075 | 41% |
| Conference and Show Management | 99,244 | 51,429 | 93% |
| Turnover by Region | For the 12 months ended 31 October |
| 2010 | |
| Greater China | 52 % |
| South Asia | 31 % |
| Middle East | 9 % |
| US, UK and France | 3 % |
| Others | 5 % |
During the Year, while the Shanghai World Expo was significant to the Group’sExhibition and Event Marketing Services business segment, the other three segments - Museum, Themed Environment, Interior and Retail; Brand Signage and Visual Communication; and Conference and Show Management, all experienced significant growth of 107%, 41% and 93% respectively compared with that of the previous year. Geographically Greater China which comprises Hong Kong, Mainland China, Macau and Taiwan, accounted for 52% (2009: 48%) of the Group’s total turnover with the rest coming mainly from South Asia and the Middle East.
Outlook
Going into the new financial year, the Group has just completed the temporary overlays projects at the 2nd Asian Beach Games held in Muscat, Oman, the XIX Commonwealth Games 2010 in Delhi and four sponsors’ showcases at the 16th Asian Games in Guangzhou. Other projects that we will be commencing work in 2011 include theming works at the Cotai Strip Macau, Hong Kong Ocean Park as well as other museum and themed environment projects in Beijing, Hong Kong, Korea and Singapore. In addition, we have been appointed to organise ITMA 2011 for CEMATEX (Comité Européen des Constructeurs de Machines Textiles) in Barcelona in September 2011.
