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Crushmetric Group Ltd on Tuesday said annual revenue soared on higher sales, while its annual loss narrowed due to lower costs.
The Hong Kong-based pharmaceutical and beauty products company said its pretax loss in 2022 narrowed to HK$5.8 million, or £574,438, from HK$9.5 million a year prior. This was partly driven by a 79% reduction in finance costs to HK$86,398 from HK$399,673.
Revenue more than doubled to HK$10.8 million from HK$4.9 million. The company said this was driven by a significant increase in sales of its Crushmetric SwitchPens products.
Crushmetric did not declare a dividend for 2022, unchanged from a year prior.
Looking ahead, Crushmetric said it will continue to focus on promoting and generating more sales from its online distribution of its series of products, as well as on research and development. It also expects to launch its Crushmetric tumbler product shortly.
Chair Ivor Colin Shrago 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 year, which is to protect and safeguard as well as improve the business, to minimise cost and generate more sales income through online products.’
Shares in Crushmetric were last traded on Aquis Stock Exchange at 20.00 pence each in 2018.
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