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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 11The media industry experienced sober growth with the gradual reopening of the economy in Trinidad and Tobago after approximately 2 years of lock down and Covid-19 restrictions. Despite the reopening businesses were hesitant and calculated in their advertising spend. This was compounded by the war between Russia and the Ukraine. Nonetheless we saw new opportunities emerging through securing enviable properties, events and partnerships.The Trinidad and Tobago Guardian Newspaper celebrated 105 years of existence. The celebration was an opportunity for us to remind Trinidad and Tobago of our intertwined history and our clients of our deep relationships. The newspaper remains competitive and profitable with significant focus on special publications and growing the digital subscription base. The digital focus will ensure that the brand will be bigger, better and more resilient in years to come. We know that the brand must evolve and innovate and as such, while we focus on irresistible content, we are also focused on our Digital First strategy in both delivery, mining analytics and securing partners to assist us in strengthening our digital presence. We also boasted impressive growth in the digital space in terms of followers and increased engagement.The digital platform benefited from the international Big-Ticket items like NBA, 2022 Caribbean Premier League (CPL), Qatar FIFA World Cup 2022 and English Premier League for CNC3. These properties allowed us to enjoy a captive audience for many months which was reflected in high ratings as per the cable box data and a research study which we commissioned. We also created and secured top local and original content such as The Machel Montano book launch in GM labs, the Sadghuru documentary of his visit to Trinidad and Tobago, and the Chapel Hart (from America%u2019s Got Talent) GML in studio performance.The radio division partnered with leading promoters for events, increased live broadcasts, hosted parties and reconnected with the listeners in a way that was not possible during the pandemic year. The team did a soft launch of a new station Freedom 106.5 FM dedicated to hard talk. The feedback was very encouraging and seem to fill a gap needed in the radio market for intellectual conversation.Sales trended above the prior year; some brands performed more buoyantly than others. We achieved significant growth in revenue over prior year, $117.8M compared to $104.7M in 2021, an increase of $13M or 12.5% in advertising revenues. We were able to report a profit of $3.9M before tax, despite the challenges and the hesitant posture of the business community concerning spending and advertising. The hard work of the team, combined with the guidance of the board and head office were instrumental.We made some significant changes to the executive leadership team and the organization chart to ensure the team is well positioned to execute the strategic imperatives. The Media industry continues to show signs of recovery as we enter the second post pandemic year of 2023. The expectation is that business will still err towards cautious and calculated spending as they continue to recover from the pandemic%u2019s financial challenges. However, the team and I remain committed and optimistic about the strategic plan. We have several new and exciting initiatives in the pipeline coupled with a strategy of maximizing efficiency. Our prospects also include some regional aspirations as we seek to at least double the revenue, reach and size of the business. Based on the strides made in 2022, the relationship forged and deepened, we look towards 2023 with enthusiasm and optimism.Dr. Karrian Hepburn MalcolmManaging Director