NOVA’s revenues down 51% in FY2022

Hong Kong, 23rd September: Last week, Hong Kong-based exhibition and event organiser, NOVA Group (formerly known as Mega Expo) announced its financial results for the year ended 30th June 2022. The company reported total revenues of US$14.3 million, a decrease of 51% compared with the previous year. The company’s loss widened substantially to US$16 million, compared with a loss of just US$700,000 last year.

NOVA Group’s revenues were entirely generated from its key two non-event business segments: cultural entertainment segment (US$7.2 million) and financing segment (US$7.1 million). The cultural entertainment segment dropped 68%, while the revenues from the financing segment were up slightly by 5.1%. The company did not generate revenues from its exhibitions & events business.