Essex Bio-Technology Limited provided preliminary unaudited consolidated group earnings guidance for the year ended 31 December 2022. For the year, the group expects a decrease in revenue and profit by approximately 20% and 35%, respectively, as compared to the revenue of the Group in the amount of approximately HKD 1,637.7 million and the profit of approximately HKD 346.0 million for the corresponding period in 2021. The decrease in revenue and profit is primarily attributable to the surge of novel coronavirus (COVID-19) infected cases particularly in the second half of 2022 in a number of provinces and municipalities in the People's Republic of China (the PRC), which significantly disrupted the clinical operations of hospitals in the PRC and have prevented non-emergency patients from visiting hospitals and outpatient clinics during 2022.

As at the date of this announcement, the clinical operations of hospitals and outpatient clinics remained disrupted as there was a widespread of COVID-19 infected cases following the dismantlement of zero-COVID control measures in December 2022 by the relevant PRC government authorities.