Although our R&R segment slid
26.1% yoy in revenue, partially
because some of our A&A projects
in FY2016 also included R&R work
scope, all our other segments saw a
yoy surge in revenue with A&A, C&P
and Others achieving 40.1%, 231.0%
and 185.0% growth respectively.
New Milestones
There were several notable
developments during the year. In
January 2016, the Group made its
fifth acquisition in 12 months when
it bought TMG Projects Pte. Ltd. The
subsidiary has since been renamed
ISOTeam TMG Pte. Ltd. (
“TMG”
) in
July 2016. It is principally engaged in
the business of general engineering
works and contractors, providing
architectural and interior construction
solutions mainly to the high value
commercial sector such as shopping
malls, real estate investment trusts,
factories, schools, hospitals, offices,
high-end hotels and residences. This
acquisition will complement our own
interior decoration competencies,
which are currently carried out by
our subsidiary Zara@ISOTeam for the
private home sector.
DEAR SHAREHOLDERS
The financial year ended 30 June 2016
(
“FY2016”
) was our best year since the
Group's inception. Despite the general
slowdown in Singapore’s economy
and a charge of $1.5 million incurred
due to amortisation of intangible
assets arising from the acquisition
of subsidiaries, the Group had once
again beat its previous year’s record
for the third year running, achieving a
13.6% year-on-year (
“yoy”
) increase in
net attributable profit to $9.2 million
on the back of a 15.3% increase in
revenue to $94.1 million.
During the year, we saw the
continued growth of the Group’s
core businesses and we were
particularly pleased to see returns
from the four subsidiaries we had
acquired in January 2015 which
gave the Group capabilities in
landscaping; fireproofing and
floor coating; providing R&R
services to the private-commercial
Management Corporation Strata
Title (
"MCST"
) sector; and supplying
work access equipment and
services. Their contributions had
caused a spike in the performance
of our C&P and Others
(1)
segments.
" During the year, we saw the
continued
growth of the Group’s core businesses
and we were particularly pleased to see
returns from the four subsidiaries we had
acquired in January 2015... "
(1) Includes Commercial Interior Designs (
“ID”
), home retrofitting, landscaping works, leasing
services, waterproofing and green solutions.
17
ISOTEAM LTD.
ANNUAL REPORT 2016
