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ANNUAL REPORT 2023 11Against the backdrop of shrinking advertising budgets and digital market disruptions, management has worked diligently during the year to navigate the changing media environment through improved sales and service capabilities, redoubled editorial relevance and appeal, increased audience engagement, development of content and productions and delivery of efficiency improvements within the organisation.For the year ended 31st December 2023, Guardian Media Limited reported a loss before tax of $10.6M compared to a profit before tax of $3.8M in the prior year. Revenues reported for the year ending 31st December 2023, were $99.3M compared to $117.7M in 2022, as 2022 included revenue from World Cup sales.The multi-media revenues and profitability were negatively impacted by the lower-thanexpected commercial interest in the English Premier League [EPL] campaign and the associated costs of these rights. There was an increase in fixed operating costs over the prior year while all other controllable expenses were tightly managed. Notwithstanding these results, our statement of financial position metrics remain robust.As we continue to pursue our strategic imperatives, the Company made significant strides during the year, and I remain confident about the Company%u2019s future. Significant work was done to reconfigure our commercial approach to capitalize on all opportunities in the market. We invested in the improvement of our sales and service capability and have a new and energized salesforce. Our Guardian newspaper celebrated its 106th anniversary this year. We took the opportunity to meet with and celebrate our loyal readers %u201con the road%u201d. Scores of our staff members including our Managing Editor, journalists and announcers took to the roads to participate in this celebration and community outreach. We successfully collaborated with businesses and residents of communities which positively impacted our brand and generated engagement with our readers.We maintained our leadership position in local news across all social media platforms and our flagship website. As the Guardian of the people, we also remained best in class for our investigative reporting and news delivery across print, broadcast, and digital platforms.Another positive contribution came from our local productions which showcased the rich talent, culture and diversity of Trinidad and Tobago, across all demographic groups. Our focus as we move forward continues to be our relationships with our clients and audiences.We recognize the importance of maintaining a responsible and ethical approach to our operations and to ensuring that our activities positively impact society and the environment. Based on the overall performance of the company, your directors have not recommended an ordinary dividend payment in respect of the twelve months ended 31st December 2023. 6% preference shareholders will receive a final dividend of 3%. The Board and the management team remain committed to creating value for shareholders and we are confident that by executing our strategies, delivering efficiencies, and investing carefully, dividend payments will resume once the Company returns to profitability.Dr. Karrian Hepburn Malcolm stepped down as Managing Director effective 30th November 2023 to return to her homeland of Jamaica. On behalf of the Board of Directors we wish to express our sincere gratitude to Dr. Karrian Hepburn Malcolm for her contributions to Guardian Media Limited over the last year and nine months. We warmly welcome our new Acting Managing Director, Gerhard Pettier, who assumed the position on 1st December 2023. I wish to acknowledge our shareholders, employees, partners, and customers for your loyal and unwavering support.Peter Clarke Chairman