Preliminary Announcement - Year Ended 31 March 2023

The Board of Southern Charter Financial Group Limited (NZX: SNC) has today announced the financial results of the company for the twelve months ended 31 March 2023.

Financial Results
The Company reported a net loss attributable to shareholders of $280,107 for the year. This compares with a net loss attributable to shareholders of $164,650 for the previous year.

The financial results consisted mainly of expenditure relating to the maintenance of the listed company and interest earned on short term cash deposits, as well as activities related to work undertaken on evaluation of suitable businesses for acquisition. More expenses were incurred in the year ended March 2023 on directors fees with the addition of KC Ng as a full director and an increase in individual fees, whilst still remaining within the limits of the approved fee pool, to recognize the increased workload on directors engaged in due diligence activities in relation to potential acquisitions. The director fee increase is partially offset by a reduction in management fees. Legal fees and Compliance costs were higher in 2023, mostly related to the acquisition of the license agreement and subsequent outsourced production agreement for the manufacture and supply of a self-cleaning, antimicrobial, surface coating product.

Future Growth Strategy
The Company remains in a position with a strong balance sheet which includes significant cash resources. The focus of the Board is currently on completing the establishment of the pilot scale production facility which will be followed by the necessary trials, tests and customer engagements to move the Company into commercial production and sales. The Company will provide the market with any updates as to material developments in due course.

On behalf of the Directors of Southern Charter Financial Group the Company extends its thanks to the shareholders for their support of the Company.

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Announcement PDF