Half Yearly Report and Accounts
Sydney, Feb 26, 2021 AEST (ABN Newswire) - Sales revenue for the half year ended 31 December 2020 increased by 28% to $4.5m compared to $3.52m reported in the previous corresponding period. The increase in revenue was mainly due to the rapid market demand recovery in PaaS & SaaS business during the period.
The Group has expanded its offering related to its cloud-based education services. Leveraging on the existing PaaS offering, this service adds more value on training, consulting, online courses and specializations through channels such as virtual classroom and recorded video streams to allow its users to readily have access to online learning tools.
The operating result of the Group has suffered a loss of $0.5m (December 2019: loss of $0.17m). The loss mainly came from the amount of $0.4m software development expenses (December 2019: Nil). The management found a new direction to expand its SaaS business, which is the development of off-the-shelf software and on-site customization development for potential or existing clients to meet their demand. After long-term accumulation of clients' needs during the service, the management team made good sense on potential demands of the clients. The management is confident that the pre-development will become another growth engine for the company's SaaS business.
On 25 September 2020, considering to be more operational cost effective, the Group decided to dispose its BVI subsidiary Concord Orient Limited (COL) and enter the sale of the shares of COL to two third parties at a consideration of $131 (USD $100). COL was the holding company of Tech Source Limited, which was disposed in November 2019. COL was a dormant entity and the disposal would not impact the revenue and operation of the Group.
The core business of the Company remains unchanged and Company continues to focus on its digital strategies.
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About Victor Group Holdings Limited
The Victor Group is a consulting firm specialising in providing enterprise management services. They assist the entrepreneurs/management to better manage their company and provide advisory services in relation to most aspects of running a business (e.g. political, financial, legal, technological, behavioural etc.). Its operating model focuses on carrying out large-scale seminars and specific enterprise management consulting courses. Its current business involves providing Enterprise Management Consulting Services (EMCS) which include marketing management training and consulting courses that are currently delivered offline and face to face. Due to the decrease in traditional business and to take advantage of all aspects of modern digitalised business applications, the Victor Group expanded its existing business to various economic development zones in China through internet after the data center acquisition in June 2016.