The Limners And Bards Reporting 24% Jump In Revenues to JA$486M For The Nine Months Ended July 31, 2019
The Limners and Bards Limited trading as “The Lab” is reporting for the nine months ended July 31, 2019 revenues of JA$486.3 million, up 24% compared to JA$391.3 million for the corresponding period last year.
In her report to the Stockholders Chief Executive Officer Kimala Bennett noted that the revenue growth was attributable to increases in the company’s core business.
These increases were to some extent offset by reduction and non – recurrence of some non – core activities during the period.
The principal revenue activities of the company are television production up JA$69.6 million or 113%, and media buys up JA$30.2 million or 15%. Other activities include multimedia commercials, video productions, feature films and advertising agency.
There was no direct breakout of the revenue contributions for these areas in her report.
Gross profit increased by 32% or $42.187 million over the previous nine – month period, as gross profit margin of 36% increased marginally from 33% recorded in the previous period.
Net profits increased by $10.303 million, or 17% to $69.815 million for the nine – month period compared to the corresponding period ended July 31, 2018.
Administration expenses increased by $23.737 million, or 42%, which represent 16.63% of revenue for the nine – month period compared to 14.60% to the corresponding period ended July 31, 2018.
These increases she reported were primarily attributable to staff costs, due to increase work volume, subcontractors on retainer contracts, depreciation charges and security costs.
Current assets increased by $289.705 million primarily as a result of significant increases in accounts receivable of $126.783 million (233%) and cash balances of $172.847 million (271 %) resulting from the IPO.
Cash flows from operating activities was $52.213 million, a reduction of $37.413 million from the comparative prior year period. The reduction was mainly attributable to the increased accounts receivable as offset to some extent by an increase in accounts payable.