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SU Group Holdings Reports 11% Revenue Growth For Fiscal Year 2024

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8.7% Increase in Net Income Year over YearStrengthened Balance Sheet to Support Growth Initiatives

HONG KONG, Jan. 28, 2025 /PRNewswire/ — SU Group Holdings Limited (Nasdaq: SUGP) (“SU Group” or the “Company”), an integrated security-related engineering services company in Hong Kong, today announced financial results for the fiscal year ended September 30, 2024, led by strong growth in revenue and net income, as compared to the fiscal year ended September 30, 2023. All U.S. dollar figures cited in this press release are based on the exchange rate of HK$7.7733 against US$1.00 as of September 30, 2024.

Select Financial Highlights:

For the fiscal year ended September 30, 2024, SU Group reported an 11.3% increase in revenue on a year over year basis, led by growth in the security-related engineering services business, which increased 9.0% on a year over year basis.Net income increased by 8.7% on a year over year basis to HK$10.7 million (US$1.4 million) for the fiscal year ended September 30, 2024, with net income per share (basic and diluted) increasing to HK$0.82 from HK$0.81 on a year over year basis.

SU Group’s Chairman and CEO, Dave Chan, commented, “We are driving consistent revenue growth and business expansion as we build on our strong competitive position. Our successful initial public offering on the Nasdaq market helped fortify our balance sheet and is allowing us to accelerate strategic investments that will ensure our long-term success, including hiring additional security experts and investing in advanced security technologies like our proven AI-aided security solutions. Our specialized focus and ability to closely support customers can be seen in several landmark wins we have announced, including our support of one Asia’s largest airlines and one of Hong Kong’s leading higher education institutions. These customers serve as high-profile references, showcasing our efficiency, reliability, and versatility. Overall, we are pleased with our progress but believe we are still in the very early stages of what we can achieve as we continue to execute on our business and build long-term value for shareholders.”

SU Group’s Chief Financial Officer, Calvin Kong, noted, “We drove a near 9% increase in net income for the fiscal year 2024, reflecting our strong revenue growth and execution on operational efficiency. We remain diligent in our operating expense management, focused on expanding cash flow and committed to investing in support of our customers. We have established a solid foundation for accelerated growth, with the financial strength to scale our business in both Hong Kong and previously untapped geographic markets as we look to build on our momentum and leadership position moving forward.”

SU Group Holdings Limited (Nasdaq: SUGP) provides security-related engineering services and security guarding and screening services:

Security-related engineering services: The Company offers security-related engineering services to customers, including providing (i) security systems and products, provision of installation, and related maintenance services; (ii) security systems and products only; or (iii) maintenance services only. In addition, SU Group provides equipment rental services to its customers with use of dedicated security-related systems and equipment for contractual periods.Security guarding and screening services: The Company provides security guarding services, by dispatching security guards with corresponding abilities and qualifications on demand, to fulfill the customers’ needs such as securing and guarding physical properties by, among other things, conducting patrols, entrance guarding, access control and alarm monitoring and response such as fire and gas detection, burglary detection and emergency management such as first aid service and communication and evacuation. SU Group also offers security guarding services targeted at crowd coordination and management, and provides security screening services, where its certified screeners work to detect of explosives, incendiary devices in air cargo consignment and dangerous goods for safety purpose through the operation of threat detection systems. In addition, the Company provides a variety of related vocational training courses.

Financial Results for the Fiscal Year Ended September 30, 2024

Revenues increased by 11.3% to HK$182.2 million (US$23.4 million) for the fiscal year ended September 30, 2024 from HK$163.7 million (US$21.0 million) for the fiscal year ended September 30, 2023, primarily due to an increase in revenues from the security-related engineering services business. Revenues from the provision of security-related engineering services increased by 9.0% to HK$107.0 million (US$13.8 million) for the fiscal year ended September 30, 2024 from HK$98.1 million (US$12.5 million) for the fiscal year ended September 30, 2023.

Cost of revenues increased by 16.4% to HK$134.6 million (US$17.3 million) for the fiscal year ended September 30, 2024 from HK$115.6 million (US$14.9 million) for the fiscal year ended September 30, 2023. The increase was in line with the business growth of security-related engineering services and security guarding and screening, as the Company continues to focus on providing a comprehensive portfolio of security products and solutions, along with experienced, tenured employees.

Gross profit decreased slightly by 0.9% to HK$47.6 million (US$6.1 million) for the fiscal year ended September 30, 2024 from HK$48.0 million (US$6.2 million) for the fiscal year ended September 30, 2023, primarily due to the net impact of a decrease in the gross profit margin of security-related engineering services triggered by certain projects completed during the fiscal year ended September 30, 2024, combined with a lower gross profit margin of security guarding services contracts resulting from an increasing labor cost.

Gross profit margin was 26.1% for the fiscal year ended September 30, 2024 compared to 29.3% in the fiscal year ended September 30, 2023. Gross profit margin of project and maintenance income under security-related engineering services decreased to 32.1% for the fiscal year ended September 30, 2024 from 36.4% for the fiscal year ended September 30, 2023. Gross profit margin of equipment leasing income under security-related engineering services decreased to 64.6% for the fiscal year ended September 30, 2024 from 73.9% for the fiscal year ended September 30, 2023. Gross profit margin of security guarding and screening services maintained at a stable level, which was 15.1% for the fiscal year ended September 30, 2024, and 15.2% for the fiscal year ended September 30, 2023.

Selling, general and administrative expenses decreased by 2.1% to HK$36.0 million (US$4.6 million) for the fiscal year ended September 30, 2024, from HK$36.8 million (US$4.7 million) for the fiscal year ended September 30, 2023. The Company achieved the decrease from a reversal of provision for credit loss, while offsetting higher legal and professional fees associated with its initial public offering and being a public company, while also increasing promotional activities and campaigns to penetrate the market.

Losses on the disposal of property and equipment were HK$0.6 million (US$0.1 million) for the fiscal year ended September 30, 2024, compared to HK$0.5 million (US$0.1 million) for the fiscal year ended September 30, 2023.

Our other income decreased by 15.6% to HK$1.2 million (US$0.2 million) for the fiscal year ended September 30, 2024, from HK$1.4 million (US$0.2 million) for the fiscal year ended September 30, 2023. The decrease was mainly due to the decrease in government grants received in relation to COVID-19 to nil for the fiscal year ended September 30, 2024, from HK$0.4 million (US$0.6 million) for the fiscal year ended September 30, 2023.

Income tax expenses decreased by 44.1% to HK$1.3 million (US$0.2 million) for the fiscal year ended September 30, 2024, from HK$2.3 million (US$0.3 million) for the fiscal year ended September 30, 2023. The decrease was mainly due to decrease in income before income tax.

Net income increased by 8.7% to HK$10.7 million (US$1.4 million) for the fiscal year ended September 30, 2024, from HK$9.8 million (US$1.3 million) for the fiscal year ended September 30, 2023, with a net income margin of 6.0% for the fiscal year ended September 30, 2023 and 5.9% for the fiscal year ended September 30, 2024.

Trade receivables, net decreased by 37.5%, to HK$21.9 million (US$2.8 million) as of September 30, 2024, from HK$35.0 million (US$4.5 million) as of September 30, 2023. The decrease of trade receivables was mainly attributable to a general reduction in gross amount of receivables triggered by improving credit collection activities during the fiscal year ended September 30, 2024.

Trade payables decreased by 46.4%, to HK$8.6 million (US$1.1 million) as of September 30, 2024, from HK$16.1 million (US$2.1 million) as of September 30, 2023. The decrease was due to more timely settlement of costs of revenues supported by operating cash inflow.

Inventories increased by 16.4% to HK$47.6 million (US$6.1 million) as of September 30, 2024, from HK$40.9 million (US$5.3 million) as of September 30, 2023. The increase of inventories was mainly due to an increase in work-in-progress since there are more ongoing projects and thus more project costs being incurred and transferred to work-in-progress. The increase is consistent with our business growth and the increase in revenues.

Capital expenditures were HK$3.2 million (US$0.4 million) the fiscal year ended September 30, 2024, compared to HK$1.4 million (US$0.2 million) for the fiscal year ended September 30, 2023, with the increase primarily related to the acquisition of equipment and computer software to meet expected business growth.

For the fiscal year ended September 30, 2024, net cash provided by operating activities was HK$14.1 million (US$1.8 million) with net cash provided by financing activities of HK$25.2 million (US$3.2 million), compared to net cash used in operating activities of HK$13.5 million (US$1.7 million) and net cash used in financing activities of HK$4.8 million (US$0.6 million) for the fiscal year ended September 30, 2023.

The Company had a balance of cash and cash equivalents of HK$52.3 million (US$6.7 million) with working capital of approximately HK$82.1 million (US$10.6 million), as of September 30, 2024.

About SU Group Holdings Limited

SU Group (Nasdaq: SUGP) is an integrated security-related services company that primarily provides security-related engineering services, security guarding and screening services, and related vocational training services in Hong Kong. Through its subsidiaries, SU Group has been providing turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems for over two decades. The security systems that SU Group provides services include threat detection systems, traffic and pedestrian control systems, and extra-low voltage systems in private and public sectors, including commercial properties, public facilities, and residential properties in Hong Kong. For more information visit www.sugroup.com.hk.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to renew contracts with recurring customers; the Company’s ability to secure new contracts; the Company’s ability to accurately estimate risks and costs and perform contracts based on the Company’s estimates; the Company’s relationship with the Company’s suppliers and ability to manage quality issues of the systems; the Company’s ability to obtain or renew the Company’s registrations, licenses, and certificates; the Company’s ability to manage the Company’s subcontractors; the labor costs and the general condition of the labor market; the Company’s ability to compete effectively; the Company’s ability to successfully manage the Company’s capacity expansion and allocation in response to changing industry and market conditions; implementation of the Company’s expansion plans and the Company’s ability to obtain capital resources for planned growth; the Company’s ability to acquire sufficient products and obtain equipment and services from the Company’s suppliers in suitable quantity and quality; the Company’s dependence on key personnel; the Company’s ability to expand into new businesses, industries, or internationally and to undertake mergers, acquisitions, investments, or divestments; changes in technology and competing products; general economic and political conditions, including those related to the security-related engineering services industry; possible disruptions in commercial activities caused by events such as natural disasters, terrorist activities, political, economic, and social instability, and fluctuations in foreign currency exchange rates, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”), including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

(Financial Tables Follow)

SU GROUP HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

For the Years Ended September 30,

2023

2024

2024

HK$

HK$

US$

Revenues

163,690,966

182,164,539

23,434,647

Cost of revenues

(115,648,013)

(134,568,099)

(17,311,579)

Gross profit

48,042,953

47,596,440

6,123,068

Operating expenses

Selling, general and administrative expenses

(36,805,428)

(36,028,548)

(4,634,910)

Losses on disposal of property and equipment

(485,957)

(636,289)

(81,856)

Income from operations

10,751,568

10,931,603

1,406,302

Other income (expenses)

Other income

1,445,506

1,219,376

156,867

Finance expenses

(55,080)

(189,749)

(24,410)

Other expenses

Total other income, net

1,390,426

1,029,627

132,457

Income before income tax expenses

12,141,994

11,961,230

1,538,759

Income tax expenses

(2,338,850)

(1,307,742)

(168,235)

Net income

9,803,144

10,653,488

1,370,524

Less: Net income attributable to non-controlling interests

(105,775)

Net income attributable to SU Group Holdings Limited’s ordinary shareholders

9,697,369

10,653,488

1,370,524

Net income per share

Basic and diluted

0.81

0.82

0.11

Weighted average number of shares

Basic and diluted

12,000,000

13,027,752

13,027,752

 

SU GROUP HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

As of September 30,

2023

2024

2024

HK$

HK$

US$

Assets

Current assets

Cash and cash equivalents

16,400,123

52,338,132

6,733,065

Trade receivables, net

34,978,153

21,851,480

2,811,094

Inventories

40,919,214

47,613,381

6,125,247

Prepaid expenses and other current assets

1,590,259

5,013,876

645,011

Contract assets, net

3,187,403

6,443,947

828,985

Prepaid income tax

2,066,219

265,810

Total current assets

97,075,152

135,327,035

17,409,212

Non-current assets

Property and equipment, net

8,405,563

8,886,235

1,143,174

Intangible assets, net

144,879

268,500

34,541

Goodwill

1,271,160

1,271,160

163,529

Prepaid expenses and other non-current assets

4,462,823

574,122

Deferred offering expenses

3,853,500

Operating lease right-of-use assets, net

1,113,926

5,496,985

707,162

Investment in key management insurance policy

1,157,520

1,157,520

148,910

Deferred tax assets

1,418,419

207,702

26,720

Total non-current assets

17,364,967

21,750,925

2,798,158

TOTAL ASSETS

114,440,119

157,077,960

20,207,370

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Trade payables

16,104,581

8,625,685

1,109,655

Notes payables

3,503,768

2,355,023

302,963

Other payables

2,633,447

3,499,507

450,196

Accrued payroll and welfare

8,228,964

9,040,942

1,163,076

Operating lease liabilities – current

204,156

1,935,187

248,953

Income tax payable

1,058,040

Contract liabilities

22,748,443

27,801,257

3,576,506

Total current liabilities

54,481,399

53,257,601

6,851,349

Non-current liabilities

Operating lease liabilities – non-current

61,229

3,004,974

386,576

Other payables – non-current

996,069

1,340,016

172,387

Deferred tax liabilities

1,468,575

431,717

55,538

Other liabilities

1,008,306

1,321,956

170,064

Total non-current liabilities

3,534,179

6,098,663

784,565

Total liabilities

58,015,578

59,356,264

7,635,914

Commitments and contingencies

Shareholders’ Equity

Ordinary shares (par value of HK$0.01 per share; 750,000,000 ordinary shares authorized and 12,000,000 and 13,647,500 ordinary shares issued and outstanding as of September 30, 2023 and 2024, respectively.)

120,000

136,475

17,557

Shares subscription receivables

(119,990)

(90)

(12)

Additional paid-in capital

14,642,029

46,260,499

5,951,205

Retained earnings

41,782,502

51,324,812

6,602,706

Total SU Group Holdings Limited shareholders’ equity and total shareholders’ equity

56,424,541

97,721,696

12,571,456

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

114,440,119

157,077,960

20,207,370

 

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SOURCE SU Group Holdings Limited

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Keynode Launches Advanced Liquidity Pooled Staking Plans for Crypto Stakers

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Keynode introduces Liquidity Pooled Staking, removing high entry barriers and providing flexible staking options with regular rewards.

NEW YORK, Feb. 1, 2025 /PRNewswire-PRWeb/ — As crypto adoption goes mainstream, Keynode, a crypto staking platform, has launched its new Liquidity Pooled Staking services. This feature gives you more flexibility and better crypto staking rewards. To many, it’s going to change the staking space and also solve the problems in the staking ecosystem.

Liquidity Pooled Staking is a game-changer for crypto staking platforms. It combines staking with liquidity solutions so that new and seasoned investors can unlock their crypto‘s full potential and support the blockchain networks.

Solving Crypto Staking Challenges Through Innovation

Crypto Staking, the process of locking up cryptocurrency to secure the blockchain, has been limited by high thresholds, technical complexity and not being able to access the staked assets. The platform’s Liquidity Pooled Staking removes these barriers by offering a user-friendly approach where you can stake with minimal requirements and have liquidity at the same time.

You will no longer need 32 ETH to stake Ethereum, nor will you need to run complex validator nodes. The staking platform simplifies everything making staking accessible to everyone. The staking platform bridges the gap between crypto staking rewards and liquidity so that you can earn without compromising access to your assets.

Secure and Flexible Crypto Staking

By partnering with regulated entities, the staking platform ensures your funds are protected to the highest industry standards. Additionally, they offer customizable staking options to fit your investment goals. You can optimize your strategy without being locked into a specific staking plan.

It’s easy to use and 24/7 support makes the experience even better. Whether you’re a new investor or a seasoned staker, the platform is designed to simplify the staking process for everyone.

Introducing Competitive Crypto Staking Rewards

These Liquidity Pooled Staking plans also bring a competitive edge in terms of crypto staking rewards. By participating in the program, you can earn staking rewards twice a week across multiple assets including ETH, SOL, MATIC, and many more.
The dual payout structure and transparent reward system mean you can stake and have access to your funds. This balance of liquidity and rewards is the unique value proposition of the staking platform to the crypto community.

Key Features of the Staking Platform

Low Staking Threshold: No big upfront investment required; you can start staking with just $100.Multiple Assets: Stake popular cryptos like ETH, SOL, and ADA.Regular Rewards: Get paid twice a week from staked assets.Easy to Use: Simple platform and 24/7 support for hassle-free staking.Flexible Contracts: Choose from various staking plans for short or long term.

Making Crypto Accessible and Innovative

Founded by blockchain enthusiasts who were frustrated with traditional staking the staking platform is committed to making crypto staking accessible to all. By lowering the participation threshold and offering innovative solutions like Liquidity Pooled Staking Keynode will offer some of the best rewards in the staking industry.

In addition to staking services, the platform has an affiliate program to support community engagement. They give up to 4% referral commissions and instant payouts so that users can share the benefits of the platform and earn more.

About Keynode

Keynode is a crypto staking platform focused on unlocking liquidity and maximizing staking rewards for its users. By employing advanced security measures and user-friendly technology, Keynode empowers investors to explore the full potential of their digital assets with confidence.

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involves risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

Media Contact

Kiven Scott, Keynode, (+1) 678-310-6834, info@keynode.net, https://keynode.net/?a=homeKN25PR11

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Research Reveals Talent Shortages and Manual Processes are Stifling Finance Teams in Construction

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MELBOURNE, Australia, Feb. 2, 2025 /PRNewswire/ — A new report has revealed significant challenges facing construction finance teams across Australia and New Zealand, with talent shortages, outdated systems, and manual processes topping the list of concerns. The findings by Payapps, an award-winning construction software solution trusted by thousands of main contractors and subcontractors to simplify and standardise progress payment claims, highlight the urgent need for digital transformation to alleviate pressure on finance professionals and enhance operational efficiency.

Conducted among 125 finance professionals, the survey underscores talent shortages as the most pressing issue, with 36% of respondents identifying it as their biggest challenge. This is compounded by dissatisfaction with manual workflows, particularly in managing progress claims, with 37% of finance teams expressing dissatisfaction with their current systems.

“Construction finance teams are being asked to do more with less, all while ensuring compliance with strict regulations like the Security of Payment Act in Australia and the Construction Contracts Act in New Zealand,” said Daniel Giles, CFO of Payapps. “These inefficiencies not only increase stress on teams but also jeopardise project timelines and financial stability.”

Key Findings:

Manual Processes Hamper Progress: A staggering 41% of teams still rely on manual processes for progress claims, leading to bottlenecks and delays.Compliance Risks: 53% of respondents find meeting payment deadlines under regulatory frameworks challenging, risking legal penalties and disputes.Technology Adoption Pays Off: Teams using Payapps are 81% more likely to meet compliance deadlines and experience fewer delays, highlighting the value of specialised digital tools.

The report also reveals that adopting digital tools significantly improves efficiency and job satisfaction. Finance teams leveraging technology report spending less time on manual tasks, freeing them to focus on strategic priorities.

A Call for Digital Transformation

With finance teams under pressure to manage growing workloads and navigate complex regulatory environments, the report advocates for adopting integrated digital solutions. Tools like Payapps, which automate and streamline progress claim processes, are identified as critical to addressing inefficiencies and retaining top talent.

“This report is a wake-up call for the construction industry,” added Giles. “Investing in technology isn’t just about efficiency; it’s about staying competitive, retaining skilled professionals, and delivering better project outcomes.”

The full report, “Building Efficient Finance Teams with Construction Technology,” is available for download here.  The survey was conducted by Payapps and included responses from finance professionals from commercial construction companies in Australia and New Zealand.   Payapps thanks their partners, including Accounting Times and Accountants Daily, for inviting subscribers to participate in this survey. We also sincerely thank our valued customers for their participation.

About Payapps

Payapps – An Autodesk Company, is a cloud-based collaboration tool for the construction industry. It helps main contractors and subcontractors simplify and streamline project progress claims and approvals, including contract variations.  A simpler and faster digital process ensures greater transparency, increased accuracy, improved compliance, reduced financial risk, fewer disputes and fairer outcomes. Payapps significantly cuts progress payment processing time, helping to meet regulatory requirements. Compliance is improved and made easier with documentation verification integrated with the approval process.Our award-winning solution seamlessly integrates with a wide range of construction ERPs and accounting software to help provide real-time data on all project payment requests and approvals.  Build Better Together With Payapps

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REVIVER® CELEBRATES BLACK HISTORY MONTH AND FOUNDER NEVILLE BOSTON’S ENTREPRENEURIAL JOURNEY

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SACRAMENTO, Calif., Feb. 1, 2025 /PRNewswire/ — Reviver is proud to celebrate Black History Month and the journey of founder, Neville Boston — from creating the world’s first digital license plate to becoming the first Black-founded technology jersey patch partner among the NBA.

“Together, we’re pushing the boundaries in how we create solutions that reflect our diverse communities.”

This year’s Black History Month is shining a light on African Americans and the intersection of labor with the collective experiences of Black people. For Reviver’s Neville Boston, Black History Month is also an opportunity to reflect on his entrepreneurial journey in building Reviver, and to celebrate the transformative moments to come.

“When I founded Reviver, I didn’t see the RPLATE as a singular solution to one specific problem for today’s world,” said Reviver Founder and Chief Strategy Officer Neville Boston. “What we’re doing is transforming the entire car and driver experience, and we’re designing an ecosystem for the future.”

Of course, being the first of anything has its challenges, especially as a Black founder disrupting and bringing innovation to a highly regulated industry. Boston approached these challenges through relationship-building, leaning into mentors and investors such as John W. Thompson, former chairman of Microsoft and Allan Warren, and talking with everyone, including consumers and teams at the Department of Motor Vehicles.

“Reviver is built on partnerships and relationships with mentors, other entrepreneurs and investors, state and local governments, and the community,” Boston said. “It’s about building trust and creating something that benefits all involved. Together, we’re pushing the boundaries in how we create solutions that reflect our diverse communities, and we hope it doesn’t stop here. Our goal is to spark change and innovation.”

ABOUT REVIVER
Reviver is a technology company on a mission to modernize the driving experience. As developer of the world’s first digital license plate platform, Reviver products transform the license plate into a connected vehicle platform, enabling consumers and commercial businesses to digitize vehicle registration renewals and experience a growing set of personalization, convenience, and safety features, all managed through a mobile or web app interface. Reviver’s digital license plates are legal for sale in Arizona and California, along with Texas for commercial fleet vehicles. Ten additional states are in various stages of adoption. Founded in 2009, Reviver is headquartered in Northern California, and is the official patch partner of the Sacramento Kings and the official innovation partner of the Sacramento Kings and Golden 1 Center. To purchase an RPLATE click here. To learn more about the RPLATE, click here.

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