The Board of Directors of Nanofilm Technologies International Limited provided an update on the financial performance of the Group for the six-months ended 30 June 2023 and the outlook for the financial year ending 31 December 2023. Based on a preliminary assessment of the information currently available to the Board, including the Group's management accounts (which have not undergone review by the audit committee or external auditors of the Company), it is anticipated that the Group will report a revenue decline of approximately 34% to SGD 73 million and a net loss of approximately SGD 8 million for 1H2023, as compared to the six-months ended 30 June 2022. The Group will continue to recognise a positive Earnings before Interest, Taxes, Depreciation and Amortisation for 1H2023.

Looking ahead to the second half of the year, considering these initiatives and based on currently available information and barring any unforeseen circumstances, the Group expects: revenue for the second half of FY2023 to be higher than 1H2023; and the Group to be profitable for FY2023.