Page 15 - Demo

The Media industry has continued to be in a state of change as new media continued its growth. However, it can be seen that the rate of change is beginning to slow down as the dust starts to settle and it becomes clearer to the Executive Team where we find a role for ourselves in this market and adjust the traditional business to fit the new realities.The importance of traditional media and qualified Journalists have never been more important given the current situation of the current COVID-19 Pandemic. In a day and age where persons can get audiences with false and inaccurate information, this can be dangerous and it is driving audiences back to established brands as a source of qualified information.The traditional media industry continued to decline in 2019 with figures being reported up to the third quarter from TATT for the radio industries of a 5% decline and in TV a 21.9% decline; however, there would be impact as a result of World Cup in 2018. Although declining, this indicates a slowing down of the decline in traditional media and a good platform to build on as we move forward.Consistent with the industry, we experienced revenue challenges over the last year. For the year ended December 31, 2019, Guardian Media reported a net loss of $5.6 million compared to a $2.3 million loss in the prior year. Anticipating challenges to our results, revenues reported for the year ending December 31, 2019 were $120.3 million ($128.3 million %u2013 2018) reflecting a decline of $8 million or 6% in advertising revenues. Whilst Guardian Media is trailing behind the prior year in revenue performance, we are encouraged by the solid improvement to our sales performance in quarters three and four. There were some significant successes during the course of 2019. There has been a stabilization of the executive team with experienced heads joining the operations and we have a clear sense of purpose. We successfully implemented a price increase to the daily newspaper while sustaining circulation. This was assisted by a revival of the Guardian Brand through investigative pieces throughout the year. As well, we reconfigured our commercial approach, re-energized our salesforce, drove efficiencies and continually reduced controllable expenses. These successes have led to incremental growth in revenue and profits as the year progressed. The transformation to be a multimedia operation is well under way with some benefits being seen in the newsroom operation in 2019 as the integration was successful. Consumers will be witnesses to a few other areas of transformation in its output in 2020. The opening of Guardian Media studios will play a vital role in harnessing creativity throughout Trinidad and Tobago as unique content becomes more powerful as globalization takes effect.2019 also saw a change of direction for Guardian Media as we focused on communities and building our relationship with many across Trinidad. We are hopeful our Guardian Communities initiative continues in 2020 as it was a success for all our brands as we got in touch with the pulse of our nation.Our workforce is also evolving. During the past year, we have invested in filling key talent gaps, facilitated organizational training, transformed our salesforce and elevated our customer service. I echo that Guardian Media is characterized by great people and leading brands. As I look over the past year, I am very proud of our employees and the progress made in improving employee engagement and people development. We are certain that this Executive Team can bring about the future success of Guardian Media as they have the experience and energy to lead the Company not only to a sustainable future but onto a path of growth.2020 will present challenges around the COVID-19 Pandemic and its resulting unprecedented economic and financial uncertainties here locally as well as globally. Our focus during this period is to serve our communities, keep people informed and protect the health of our employees whilst responding quickly to market changes and challenges brought about by COVID-19. I would like to thank our Board, Shareholders, Clients, Advertising Partners and Employees for their continued support in building this great Company.Alain Nicholas SabgaAlain Nicholas SabgaManaging DirectorGUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 15