The board of directors of Kingmaker Footwear Holdings Limited informed the shareholders and potential investors of the Company that, as projected in the Company's annual report for the year ended 31 March 2023, the Group entered the current financial year ending 31 March 2024 with an order pipeline that lacked visibility. Inventory destocking by the Group 's footwear brand customers continued into the first half of FY2024, resulting in more conservative order placements. The Board preliminarily estimates that, according to the unaudited figures from the Company's management accounts, the revenue of the Group decreased by approximately 25% period on period for the April-June quarter of FY2024, mainly due to the weakened order volume.

There was a moderate increase in the average selling price during the period, but pricing pressure is expected to continue.