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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2021 7I am pleased to report that for the second successive %u2018pandemic%u2019 year, Guardian Media Limited is reporting profitability. The Board and management are grateful to all who contributed to this amazing achievement, including our loyal and fearless employees, our customers, listeners, readers and viewers throughout the world. To our audiences and shareholders, thank you for your trust and support, throughout these most challenging times.The disruptions brought about by the Covid-19 pandemic caused tremendous contractions in advertising spend across many industries, and the effect which this had on the operations of Media houses was particularly acute. Additionally, shifting consumer preference for digital and user generated media, has challenged traditional offerings and disrupted many of the assumptions and insights, which have served us for many years. By focusing on our strategic imperatives, Guardian Media Limited responded to these challenges with agility and resilience and has proven that industry revenues remain robust and sustainable and already are showing signs of rebound and growth.Now more than ever, Guardian Media Limited is committed to delivering credible and trusted media and entertainment, on demand, to our globally dispersed audiences and diaspora. We are keen to widen our regional footprint as we explore additional commercial opportunities in Guyana, where our expertise and experience will position us to create and deliver extraordinary value to our shareholders. For the year ending 31 December 2021, Guardian Media Limited reported a profit before taxation of $6.5 million compared to a $7 million profit before taxation in the prior year. Revenues reported for the year were $104.7 million ($110.6 million %u2013 2020) reflecting a decline of $5.9 million or 5% in advertising revenues. Intensified cost cutting reduced expenses by $6 million or 6% year over year. Our full year results were underpinned by efficiency improvements, robust credit management and a net positive change in the defined benefit pension plan. Balance sheet metrics remain very healthy and our robust capital levels provide us with the strength to endure challenging times as well as to invest in the future.Despite significant uncertainty in the current economic environment, we remain committed to enhancing shareholder value whilst exercising appropriate stewardship over the Company%u2019s resources and reinforce our view that the future continues to be promising. Based on this, the Board of Directors has approved a final ordinary dividend of 7 cents per share (2020 %u2013 5 cents). Preference shareholders will receive a final dividend of 3%. Dividends will be paid on 15 June, 2022. In accordance with section 110(1)(a)(i) of the Companies Act 1995, the Directors have fixed 23 May, 2022 as the Record Date for payment of this final dividend. The Register of Members will be closed on both 26 May and 27 May, 2022. I would like to thank my fellow directors for their contribution during the year. Mr. Brandon Khan retired as Managing Director on 28 February, 2022. On behalf of the Board of Directors we wish to express our sincere gratitude to Brandon for his leadership and unconditional commitment to the success of Guardian Media Limited over the last two unprecedented years. We warmly welcome our new Managing Director, Dr. Karrian Hepburn Malcolm who assumed the position on 1 March, 2022.Peter Clarke Chairman