Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited financial statements for the three months ended January 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the subsidiary Scope Caribbean Limited (Scope) whose principal business is the scouting, placement and management of talent while expanding and maintaining a database of quality talent.

The LAB achieved higher net profits when compared to the corresponding period last year. This was based on the strong focus on the Agency Segment of the business for this quarter, as the company continued to build brands. The Agency Segment provides the highest profit margin and as such bolstered the results for the period. The company also implemented cost containment measures, which resulted in a 19.2% reduction in administrative expenses when compared to prior period. We continue to maintain a strong balance sheet and our cash position grew stronger over the period. Our asset base increased, as we reinvested in the business through further upgrading film studio facilities.

Revenue for the three months ended January 31, 2023, was $219.4 million, down 11.4% relative to the prior period. This decline was primarily attributable to a reduction in production during the period due to its cyclical nature. Notwithstanding this, the Agency segment outperformed the comparable period. The revenue achieved was derived from the company’s core business lines: Media totalling $118.3 million, followed by Production with $29.3 million and Agency with $71.6 million.

The company remains fully focused on executing its strategy of diversifying its income, through engaging new clients and the introduction of new service lines. These strategic endeavours are aligned with our company’s expansion strategy into emerging markets, all aimed at fostering sustainable growth, increased revenues, enhanced profitability; while proactively anticipating the evolving needs of our valued clients and enhancing shareholders’ value.

Gross Profit for the three months was $88.9 million, down 3.3% when compared to the corresponding period. Net Profit achieved was $26.2 million, up 295.7% relative to the comparable period. due to higher gross profits from the agency segment and lower administrative expenses. Administrative expenses decreased by $16.3 million or 19.2% in comparison to the corresponding period last year. These decreases are primarily due to reduction in contractor and staff cost.

The consolidated Balance Sheet saw total assets increasing by $119 million or 15.1% to $909.3 million compared to $790.2 million in the corresponding period. This increase in assets is driven by building and film studio facilities improvement and purchases of new production equipment to facilitate future growth.

Current Assets amounted to $731.7 million, increasing by $107.6 million over the prior year, primarily due to a 43.6% increase in cash and cash equivalent. Management continues to maintain tight monitoring and control over receivables. Cash and cash equivalent increased by $142.4 million over the corresponding period last year. Shareholders’ equity grew to $624 million, up from $548.1 million or 13.9% over the corresponding period last year.

The LAB is pleased to report significant progress in our strategic initiatives. We have successfully completed the pilots for two TV/web series, “SEEN” and “Jenna In Law,” as outlined at our last Annual General Meeting (AGM). Additionally, Pre-production for our first feature film, “Love Offside,” is currently underway, with production scheduled to commence in June 2024.

In line with our strategic objectives, we are actively engaging with international networks and digital streaming platforms to secure distribution opportunities for our content upon production completion. This proactive approach ensures that our creative endeavours have a suitable platform to reach global audiences.

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The Government continues to enhance the development and protection of the intellectual property (IP) rights of Jamaicans as a key contributor to national development, says Industry, Investment and Commerce Minister, Senator the Hon. Aubyn Hill.

“Brand Jamaica and the excellence of our products and services must be protected and not infringed if they are to contribute meaningfully to Jamaica’s growth and development,” he noted.

The Minister, who was addressing the recent CARIFORUM Intellectual Property Rights and Innovation Case law Conference at the Spanish Court Hotel in Kingston, said that through the Jamaica Intellectual Property Office (JIPO), works as diverse as music and computer programmes are protected by copyright; pharmaceuticals, by patents; and clothing and jewellery are protected as designs.

He informed that Jamaica jerk and rum have Geographical Indications protection, which provides safeguards against misuse or imitation of the registered names and guarantees the true origin of the products to customers.

The Minister noted, further, that Jamaica is a signatory to international treaties that have enabled businesspersons to more easily access the global IP system for the registration of their intellectual property.

“Examples are design rights through the Hague Agreement concerning the international registration of industrial designs, inventions and innovations through the Patent Corporation Treaty and, of course, the protection of business owners’ trademarks through the Madrid Protocol, which we most recently signed. We have ensured that this is a local provision through JIPO and have facilitated the international provisions through these international treaties,” he informed.

Senator Hill, in welcoming the staging of the Case Law Conference said the work of the judiciary in interpreting and giving effect to clarifying issues that arise in IP legislation is one of the key pillars of governance.

The hybrid conference was attended by members of the judiciary and academia from Caribbean and Latin American countries.

It aimed to increase capacity and knowledge among the judiciary, the legal profession and relevant educational institutions about intellectual property issues.

By: ROCHELLE WILLIAMS, March 18, 2024

The Betting, Gaming and Lotteries Commission (BGLC) is seeking the input of citizens on the advertising and marketing guidelines being proposed for gambling and gambling related products in Jamaica.

A public consultation is being undertaken via electronic survey and an in-person session is scheduled for Monday (Nov. 20) at the Terra Nova All Suite Hotel in Kingston, where various stakeholder groups have been invited to participate and share their views on the proposals.

Persons have until December 1, 2023, to access the survey online at www.bglcconsultation.com.

“I would advise persons to go to the consultation summary and then click the form that takes them directly to the e-survey,” Manager, Corporate Affairs and Communication, BGLC, Wendy Robertson, told JIS News.

She noted that the entire public consultation document is available on the website and provides a lot of information, however, “the summary gives a good synopsis of what the consultation is about”.

Persons may choose to respond to any or all the questions in the survey.

All responses will be considered. Names of individuals or the organisations they are responding on behalf of will be published on the BGLC’s website, as part of the published responses to the consultation.

Ms. Robertson told JIS News that there has been a noticeable increase in gambling advertising, especially since the onset of the COVID-19 pandemic and as such, the Commission has to put the necessary safeguards in place.

“Part of the BGLC’s mandate is to protect consumers from gambling harm and financial exploitation, particularly among the vulnerable population, and we have to ensure that guidelines are put in place or stipulated to help prevent the forms of communication that may drive gambling harm,” she said.

The Corporate Affairs and Communication Manager said the BGLC is aware that research conducted by gambling regulators in other parts of the world has shown a clear link between marketing and advertising and the risk to customers.

“The Commission also recognises that the type and level of risk will vary from jurisdiction to jurisdiction so rules and controls applied need to be proportionate and relevant to the gambling market in Jamaica,” she noted.

Djuvane Browne, Co-founder and CEO One Great Studio

Businessuite’s Top 50 Caribbean Marketers to watch

Djuvane Browne Chief Executive Officer is a man of many talents – Djuvane is an ultimate frisbee player, father of four, honorary husband of the year, and of course, our Team Leader. With over 20 years of experience, his passion for innovation and creation is only rivaled by his love for family and fresh prestige jelly donuts. Djuvane combines a wealth of experience with his established educational background in Psychology, Computer Science and Business Management, to match people-focused technology solutions to business objectives.

At One Great Studio, our digital agency is fully staffed by some of Jamaica’s most talented designers, developers & digital marketers who take pride in consistently delivering GREAT results for our clients.

We’re digital natives with deep knowledge of design, technology & business. We help you generate more leads & make more sales with digital marketing, websites, web applications & mobile applications.

Nominate Businessuite’s Top 50 Caribbean Marketers to watch for 2024

Arnold J. Foote C.E.O. AdMark

Businessuite’s Top 50 Caribbean Marketers to watch

I have been fortunate throughout my career to be surrounded by amazing talent that positively influenced by life. Starting with my Dad who understandably worked hard to keep me in line and mentor me, to all the other people I wave worked with in various capacities. I lead an amazing company filled with a blend of crazy and skill. Strategic thinkers, designers, creatives and managers. We are a first world agency residing in a developing world scenario and we wouldn’t have it any other way. AdMark is a lean, mean communications machine that many competitors are still trying to figure out. We love the clients that have us as their communications partners, hate their competitors and appreciate our media and production partnerships. Anyway, back to work. One day I will read this over and proof read. This is not that day. Cheers.

Since 1964, AdMark has been revolutionising the industry with its innovative approach to crafting effective and creative communications campaigns for some of the region’s biggest brands. Our relentless pursuit of excellence and out-of-the-box thinking has earned us a reputation as one of the most dynamic and cutting-edge agencies in the region.

We are proud to be powered by our powerful FCB International Alliance. This partnership enables us to leverage the latest thinking, technologies and strategies to deliver results that exceed our clients’ expectations and KPI’s.