Impro Precision Industries Limited provided group earnings guidance for the year ended 31 December 2022. The Group expects to record a net profit attributable to shareholders of the Company between HKD 550 million and HKD 600 million for the Financial Year, which represents a significant year-on-year growth between 43.6% and 56.7% as compared to a net profit attributable to shareholders of the company of HKD 383 million for the year ended 31 December 2021. The significant increase in net profit was primarily attributable to the year on year growth in the Group's revenue of approximately 15% as a result of strong revenue growth in aerospace & medical end- markets and a good revenue growth in industrial & others end-markets, which is sufficient to offset the revenue drop in passenger car end-market.

Expansion of operating profit margin was mainly due to economies of scale, weakening in Renminbi against Hong Kong Dollars, and a one-off gain after tax on the disposal of a Germany plant's land, building and machinery of HKD 13 million, which was partially offset by a one-off impairment provision charge after tax of approximately HKD 73 million against net book value of building, machinery, equipment and inventories, etc. damaged in the fire incident of the Group's Nantong plant in June 2022.