ZO FUTURE GROUP (02309) announced its annual results for the year ended June 30, 2025, reporting revenue of approximately HK$451 million, representing an increase of approximately 63.9% year-on-year. The loss attributable to owners of the company was approximately HK$314 million, up 71.77% year-on-year, with a loss per share of HK$38.04 cents.

According to the announcement, the significant increase in losses was primarily attributable to the following factors during the review year: (i) Birmingham City Football Club was relegated to English League One in the 2024/25 season, resulting in reduced broadcasting revenue; (ii) increased financing costs, mainly impacted by higher loan levels; (iii) increased operating expenses of the football club, primarily due to higher match day and commercial expenses, as well as increased depreciation of property, plant and equipment following completion of infrastructure repairs, maintenance and equipment upgrades; (iv) increased amortization of intangible assets due to the purchase of new players; (v) increased share of losses from associates due to higher operating expenses of associates; and (vi) increased sales and marketing expenses, research and development costs, and administrative expenses in the new energy vehicle business, which were partially offset by increased commercial revenue and match day income during the year, as well as fair value gains on financial assets.