Raytech Holding Announces Key Preliminary Financial Results for 2024

Hong Kong, July 03, 2024 (GLOBE NEWSWIRE) — Raytech Holding Limited (the “Company” or “RAY”), a Hong Kong-based company specializing in the design, sourcing and wholesaling of personal care electrical appliances for international brand owners, pre-announces its financial results for the financial year ending March 31, 2024.

The Company recorded a significant increase in revenue for the financial year 2024. Total sales amounted to approximately HKD 67.0 million, representing a substantial growth of 47.1% compared to the previous financial year’s revenue of HKD 45.5 million. These solid growths were driven by a significant increase in sales of the Company’s core tooling products and programs.

Sales of products including hair styling series, clipper series, eyelash curlers, nail care series and other personal care appliances generated revenue of HKD60.0 million, up 41.5% year-on-year. Sales of tools also increased by 123.4% to HKD7.0 million year-on-year. These positive revenue trends underscore the company’s strong performance in the past financial year.

RAY is also expected to report an operating profit of approximately HK$11.3 million for fiscal 2024, an increase of approximately 57.9% from the previous year. It expects to report a net profit of HK$9.9 million for fiscal 2024, representing an increase of 57.9% from HK$6.3 million in fiscal 2023.

The Company is confident in its ability to effectively manage commodity costs and optimize operational efficiencies as it continues to focus on strategic initiatives and market expansion to grow its business.

CHING Tim Hoi, CEO and Chairman of the Company, commented: “We are pleased with our strong revenue and profitability growth in 2024 as we have made significant progress in expanding our customer base and enhancing our product offering. We remain committed to providing innovative solutions and exceptional service to our valued brand partners.”

“Comparing the 2024 financial results with the previous financial year, the company recorded a substantial increase in revenue and net income, driven by successful market penetration and strategic partnerships. RAY remains focused on implementing cost optimization measures and streamlining our operations to improve profitability.”

RAY expects to announce annual results for the year ending March 31, 2024 in mid-July.

About Raytech Holding Limited

Raytech Holding Limited is a Hong Kong-based company with over 10 years of experience in the personal care electrical appliance industry. Through its operating subsidiary in Hong Kong, it sources and wholesales a diverse range of personal care electrical appliances ranging from hairdressing, tools, trimmers, eyelash curlers, neck care, nail care and other body and facial care appliances to international brand owners, providing integrated product design, production processing and manufacturing solutions. For more information, please visit: https://ir.raytech.com.hk/.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements regarding plans, objectives, goals, strategies, future events or performance, as well as underlying assumptions and other statements that are not statements of historical fact. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These forward-looking statements are subject to uncertainties and risks, including, but not limited to, uncertainties related to market conditions and other factors described in the “Risk Factors” section of the registration statement filed with the SEC. For these and other reasons, investors are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Additional factors are discussed in the Company’s filings with the SEC, which can be found at www.sec.govThe Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

For further information please contact:

Investor Relations
WFS Inc. Investor Relations
Janice Wang, Managing Partner
E-mail: [email protected]
Phone: +86 13811768599
+1 628 283 9214