Supersearch Plus PLC - Half-year Report

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.      

SUPERSEARCH PLUS PLC

("Supersearch Plus", the "Company" or together with its subsidiaries the "Group")

Solid Unaudited FY2024 Results for SuperSearch Capital (Hong Kong) Limited

SuperSearch Plus plc, the Hong Kong-based frozen seafood importer and wholesaler, is pleased to announce the unaudited results for its wholly owned subsidiary, SuperSearch Capital (Hong Kong) Limited ("SuperSearch Capital") for the year ended 31 December 2024 ("Unaudited FY2024 Results").

SuperSearch Capital delivered a solid performance in FY2024, recording total revenue of HK$11.33 million. Gross profit amounted to HK$5.38 million, resulting in a net profit of HK$1.03 million, despite one-off listing-related expenses of HK$1.98 million in the second half of the year. The listing is expected to position the Group for future growth and capital market access.

SuperSearch Capital 's financial position remains strong, with net current assets of HK$7.15 million.

Key financial highlights: Unaudited FY2024 Results and comparative audited results for FY 2023:

·      Revenue: HK$11,326,426 (2023: HK$10,833,820) - increase of 4.5%

·      Gross Profit: HK$5,384,498 (2023: HK$5,200,234) - increase of 3.5%

·      Operating Expenses: HK$4,354,267 (including HK$1.980.000 listing-related costs) (2023: HK$5,303,704) - decrease of 17.9%

·      Net Profit: HK$1,030,231 (2023: Net loss of HK$103,470)

·      Net Assets as of 31 Dec 2024: HK$7,151,677 (2023: HK$6,121,446) - increase of 16.8%

·      Cash and Bank Balances: HK$322,730 (2023: HK$100,239) - increase of 222%

·      Retained Earnings: HK$7,150,677 (2023: HK$6,120,446) - increase of 16.8%

Foelan Wong, Executive Chairman of SuperSearch Plus, commented: "We are very pleased with SuperSearch Capital 's continued growth and resilience. SuperSearch Capital has demonstrated strong fundamentals and a clear trajectory for expansion. These unaudited results affirm our confidence in the long-term value SuperSearch Capital brings to the Group. SuperSearch Plus remains committed to supporting SuperSearch Capital's development and unlocking further shareholder value in the year ahead."

The directors of Supersearch Plus PLC accept responsibility for this announcement.

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Company Information

The Company, together with its wholly owned SuperSearch Capital (Hong Kong) Limited ("SuperSearch Capital" and together with the Company, the "Group") operates as a Hong Kong-based frozen seafood importer and wholesaler in the frozen seafood import and wholesale industry. The Group specialises in offering a diverse and wide range of frozen seafood products with more than fifty product varieties, which the Group classifies into seven major food categories: (i) fish; (ii) Lobster; (iii) Tiger Prawn; (iv) mantis Prawn; (v) Sea Urchin; (vi) Fresh Prawn; and (vii) others. The Group's activities include the use of e-commerce platforms to sell frozen seafood within China. Founded in 2017 as a family-run business with a sole director that managed operations, the business now seeks to expand its export and import activities beyond Southeast Asia, with an initial focus on the Chinese diaspora in the United Kingdom.