CLIK — H1 FY2026 Financial Report Analysis
H1 (Interim) · Fiscal year 2026 · Published by Pham Hop
Click Holdings' revenue rose 57% to HK$59.0M in the six months to December 2025, mostly from acquisitions, but doubled overhead cut operating profit 19% and share issuance drove EPS down 80% to HK$1.55.
- Revenue
- HKD 59M
- +57.2% YoY
- Net income
- HKD 2.6M
- -28.1% YoY
- Diluted EPS
- HKD 1.55
- -80.0% YoY
- Operating margin
- 4.5%
This period vs a year ago
- Same period last year
- This period
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Click Holdings is a small Hong Kong company with three businesses: it supplies temporary nurses and carers to care homes and families (sold under the Care U brand), places warehouse and logistics workers with corporate clients, and provides accounting, company-secretarial and compliance services. Its fiscal year ends on June 30, so this report covers the first half of fiscal 2026: July 1 to December 31, 2025. The figures are unaudited. The company files as a foreign private issuer, so it publishes half-year results rather than quarterly 10-Qs. Amounts are in Hong Kong dollars (HK$; about HK$7.8 to US$1).
The half's revenue rose 57% to HK$59.0 million, mostly because of businesses Click bought rather than growth in the ones it already had. Profit went the other way: net income attributable to shareholders fell 28% to HK$2.6 million because administrative costs more than doubled. Earnings per share fell 80% because the company paid for acquisitions in new shares and nearly tripled its share count.
At a glance
- Revenue HK$59.0 million, up 57.2%. Nursing revenue more than doubled, mainly from a nursing provider bought in April 2025, and is now 48% of sales. The original logistics business grew 12.8%.
- Operating margin 4.5%, down from 8.8%. Gross profit rose HK$5.2 million, but general and administrative costs rose HK$5.3 million (legal fees, audit fees and directors' pay), so operating profit fell 19%.
- EPS HK$1.55, down from HK$7.74 (-80%). Shares outstanding went from 1.15 million to 3.26 million (after a 1-for-30 share consolidation in October 2025). Nearly all of the 2.1 million new shares were issued to buy two HR firms.
Results
| Metric | H1 FY2026 (Jul–Dec 2025) | H1 FY2025 (Jul–Dec 2024) | YoY Change |
|---|---|---|---|
| Revenue | HK$59.00M | HK$37.53M | +57.2% |
| Gross profit | HK$12.50M | HK$7.28M | +71.6% |
| Gross margin | 21.2% | 19.4% | +1.8 pts |
| General & administrative expenses | HK$9.09M | HK$3.81M | +138.5% |
| Operating income | HK$2.67M | HK$3.31M | -19.3% |
| Operating margin | 4.5% | 8.8% | -4.3 pts |
| Net income attributable to shareholders | HK$2.63M | HK$3.65M | -28.1% |
| Diluted EPS | HK$1.55 | HK$7.74 | -80.0% |
| Weighted average shares | 1.70M | 0.47M | +260% |
| Nursing share of revenue | 47.6% | 34.4% | +13.2 pts |
Gross margin is the share of revenue left after paying the workers Click places, the main cost of an HR staffing business. Operating margin is what remains after office costs as well: head-office staff, lawyers, auditors and marketing. The growth rates in this report are calculated from the reported figures. The company's MD&A rounds a few of them slightly differently; for example, it gives revenue growth as 57.3%.
Takeaway: Click is growing mainly by acquisition. In this half every extra dollar of gross profit went on extra overhead, and existing shareholders' slice of the profit shrank because new shares paid for the purchases. The press release's "swing to profit" compares this half with a full fiscal 2025 that had a loss. Compared with the same half a year earlier, profit fell.
Where the growth came from
| Segment | Revenue | YoY | Gross margin (vs. last year) | Segment operating income (vs. last year) |
|---|---|---|---|---|
| Nursing solutions | HK$28.08M | +117.6% | 14.0% (11.5%) | HK$1.93M (HK$1.29M) |
| Logistics & other | HK$18.78M | +12.8% | 12.6% (11.2%) | HK$1.69M (HK$1.67M) |
| Professional solutions | HK$12.15M | +52.3% | 51.1% (49.4%) | HK$3.28M (HK$1.71M) |
| Corporate (unallocated) | — | — | — | -HK$4.24M (-HK$1.37M) |
- Nursing: The MD&A says the growth was "mainly attributable to the acquisition of a nursing solution service provider", the competitor Click bought in April 2025. That business was not part of the group in the comparison period. Gross margin improved, but the segment's own administrative costs went from HK$0.19 million to HK$1.99 million once the acquired company's overhead was included. As a result, segment profit rose much more slowly than revenue (+50% versus +118%).
- Professional services: This is by far the highest-margin business, keeping about half of each revenue dollar as gross profit. It is also the segment that earns the most. The MD&A again credits most of the 52% revenue rise to an acquisition of "a professional service provider".
- Logistics: This is the closest thing to organic growth. The 12.8% rise came from "increased work placements from major customers". Margins are thin, and segment profit was almost unchanged.
- Corporate costs tripled to HK$4.24 million, which is larger than any single segment's profit. These are the costs of being a small Nasdaq-listed company: legal fees, audit fees and directors' pay.
What the headline numbers hide
- "Swing to profit" depends on which period you compare with. The May 11, 2026 press release says the company turned "from a loss in last financial year to a healthy profit". The loss is fiscal 2025 as a whole: a HK$7.9 million net loss that included a one-off, non-cash HK$11.1 million share-based compensation charge, according to the FY2025 20-F. Compared with July–December 2024, net income fell from HK$3.65 million to HK$2.63 million.
- Part of last year's profit was a one-off, so the decline in day-to-day earnings is smaller than it looks. The prior-year half included HK$1.0 million of "other miscellaneous income", booked in the professional segment. This half had only HK$0.16 million. Comparing operating income alone, the fall is 19% rather than 28%.
- An unusually low tax rate helped this half's profit. Income tax was HK$65,335 on HK$2.73 million of pre-tax profit, an effective rate of 2.4%, compared with 13.8% a year earlier. The MD&A gives only the lower pre-tax profit as the reason. At last year's rate, net income would have been about HK$0.3 million lower.
- Per-share results are dominated by dilution. Dilution means issuing new shares, so each existing share owns a smaller part of the company. Shares outstanding rose from 1,145,401 to 3,263,033 during the half. The November 17, 2025 announcement that Click would buy Bowser Human Resources and Top Team Consultants for 1,885,350 and 232,256 new shares accounts for almost all of the increase. Total profit fell 28%, while profit per share fell 80%.
- Most of the balance sheet is acquisition accounting. Goodwill (the amount paid for acquired companies above the value of their identifiable assets) rose from HK$69.5 million to HK$131.5 million. Acquired intangible assets such as customer relationships and trademarks rose from HK$31.1 million to HK$65.5 million. Together they are HK$197.0 million, or 79% of total assets of HK$248.9 million. Cash is HK$10.2 million. If the acquired businesses underperform, these assets can be written down, and a write-down would reduce reported profit directly.
- The filing has no cash-flow statement. The interim package contains a balance sheet and an income statement but no cash-flow statement, so we cannot check whether the HK$2.7 million profit turned into cash. Cash dropped slightly during the half, from HK$10.55 million to HK$10.15 million. Receivables (money customers owe) rose 34% to HK$24.4 million, partly because acquired companies were added. That equals roughly 76 days of revenue, compared with about 80 days at June 30, 2025 measured against full-year FY2025 revenue of HK$83.5 million. Collections do not look worse, but without the cash-flow statement this cannot be confirmed.
- A small asset grew alongside the acquisitions. A "contingent consideration asset" rose from HK$1.68 million to HK$5.71 million. Assets of this kind usually reflect value the buyer could recover if acquired businesses miss agreed targets. The interim package does not give the terms.
What came next, and what to watch
- A later quarter showed faster growth, but only a revenue figure was published. On June 4, 2026 the company said revenue for January–March 2026 (fiscal Q3) was HK$38 million, up 73% from HK$22 million. The press release gives no profit figure. That quarter is the first to include the full Bowser and Top Team acquisitions, so much of the jump is probably acquired revenue rather than organic growth. An August 25, 2026 update said logistics revenue grew more than 42% year on year in the April–June quarter, again without profit figures.
- Management's target. In April 2026 the company set a three-year goal of HK$500 million in annual revenue (about 100% compound annual growth) through Care U, expansion into the Greater Bay Area, and further acquisitions. In May 2026 it announced the purchase of a construction-industry HR software company. Q3 revenue alone, annualised, is about HK$150 million, so the target would need revenue to more than triple. The company's own wording ("potential acquisitions") indicates that much of that would be bought rather than built.
- Our view. This business rebuilds its revenue base through acquisitions every few months, so headline growth rates say little about how healthy it is. The useful questions are whether operating margin recovers once the acquired companies are integrated and listing-related legal costs settle down, and whether profit per share grows faster than the share count. In this half, neither happened.
- Next filing. The fiscal 2026 annual report (20-F for the year ended June 30, 2026) is due by the end of October 2026; last year's was filed on October 24. It will be the first audited set of figures including the Bowser and Top Team acquisitions. It should include a full cash-flow statement and a goodwill impairment test, the two things this half-year package could not show.