SKYMISSION GP (01429) released its audited results for the year ended 31 March 2026.

Revenue and Gross Margin • Revenue rose 20.0% year on year to HK$483.50 million, driven by faster progress on several projects and new contract wins. • Gross profit climbed 312.5% to HK$17.93 million, lifting gross margin to 3.7% from 1.1% in FY2025.

Bottom-Line Performance • A HK$136.20 million charge for expected credit losses (ECL) on trade receivables and contract assets, combined with higher administrative and finance costs, pushed the loss attributable to shareholders to HK$139.92 million (FY2025: HK$105.41 million). • Basic loss per share widened to HK8.74 cents from HK6.59 cents.

Balance Sheet and Liquidity • Cash and cash equivalents improved to HK$4.74 million (31 March 2025: HK$0.67 million). • Trade and other receivables fell 42.8% to HK$122.69 million; contract assets declined 29.6% to HK$88.27 million. • Interest-bearing borrowings dropped to HK$13.98 million from HK$60.24 million, cutting the gearing ratio to 11.9% (31 March 2025: 23.8%). • Net assets decreased to HK$117.04 million (31 March 2025: HK$252.96 million) after recognising an HK$68.69 million payable to a former shareholder as a non-current liability.

Operational Highlights • Public sector projects contributed 79.0% of FY2026 revenue, up from 55.8% a year earlier. • The company managed 21 ongoing projects with an outstanding contract value of approximately HK$345.90 million at period-end. • Headcount more than doubled to 2,778 (31 March 2025: 1,249) as the project pipeline expanded.

Capital Management • No final dividend was proposed for FY2026, consistent with the prior year. • The board cited preservation of liquidity and challenging industry conditions for the decision.

Auditor’s Opinion • Target CPA Limited issued an unmodified opinion on the FY2026 consolidated financial statements.

Outlook Management signalled continued prudence in bidding, cost control and credit risk management amid a challenging Hong Kong construction market. Diversification opportunities, including smart circular-economy technology, are under review, with further announcements to follow if and when plans crystallise.