The board of directors of IWS Group Holdings Limited informed the shareholders of the Company and potential investors that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the three months ended 30 June 2020 and the information currently available to the Board, net profit of the Group and profit attributable to owners of the Company for the three months ended 30 June 2020 are expected to record an increase of not less than HKD 9.0 million or 1,500.0% as compared with the respective figures for the three months ended 30 June 2019. Based on the information currently available, the Board considers the aforesaid expected increase in the net profit of the Group and profit attributable to owners of the Company for the three months ended 30 June 2020 is principally due to the net effect of (i) decrease in revenue derived from the security services segment for the three months ended 30 June 2020, representing a decrease of not more than HKD 7.0 million or 10.0% as compared with the respective figures for the three months ended 30 June 2019 primarily as a result of the decrease in revenue derived from the ongoing Guangshengang XRL Contract (``XRL Contract'') with a Hong Kong railway corporation due to the temporary suspension of Hong Kong West Kowloon Station in view of the measures to contain the COVID-19 outbreak; (ii) the decrease in non-recurring listing expenses of approximately HKD 4.8 million; and (iii) the decrease in employee benefit expenses by not more than HKD 12.0 million mainly due to the combined effect of the decrease in total headcount for the XRL Contract and government grants from the Employment Support Scheme of approximately HKD 6.1 million relating to compensation of employee benefit expenses being deducted from the employee benefit expenses for the three months ended 30 June 2020.