The Board of Directors of Singapore-based Advancer Global Limited announced yesterday that based on preliminary assessment of the group’s unaudited consolidated financial results for the financial year ended 31 December 2022, the group is expected to report a net loss for FY 2022 mainly due to impairment loss of goodwill and rising manpower costs.

Advancer, an integrated services provider offering workforce solutions and services in Singapore, is in the process of finalising its unaudited financial results for FY 2022.

Further details of the group’s financial results will be disclosed when the company announces its unaudited financial results for FY2022 on or before 1 March 2023.

Last month, Advancer Global Advancer announced that it has appointed Kelvin Tong Wee Chiang as Chief Financial Officer with effect from 1 February 2023.

Following news of the profit warning, Advancer Global shares fell yesterday 24.75% to SGD 0.076 USD 0.057). The company has a market cap of SGD 19.18 million (USD 14.3 million).