Business

The Lab's nine-month profit up 17%

Sunday, September 15, 2019

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Advertising agency, The Limners and Bards Limited (The LAB) reported on Monday (September 10), an unaudited after-tax profit of $69.815 million for the nine-month period ended July 31, 2019, a 17 per cent increase compared with the corresponding period last year.

Chief executive officer Kimala Bennett in reporting to the stockholders, indicated that revenues for the period under review, amounted to $486.276 million, a 24 per cent increase compared to the $391.282 million recorded for the corresponding period last year.

“The revenue growth is attributable to increases in the company's core business; production (up $69.6 million or 113 per cent) and media (up $30.2 million or 15 per cent),” she stated.

“These increases were to some extent offset by reduction and non – recurrence of some non – core activities during the period”.

However, while The Lab's revenues grew, Bennett noted that the company's administration expenses for the nine-month period increased by $23.737 million, or 42 per cent, when compared with the corresponding period ended July 31, 2018.

She added that these increases are primarily attributable to staff costs —due to increase work volume, subcontractors, depreciation charges and security costs.

For the period under review, The Lab's total assets amounted to $284.199 million, while non- current assets decreased by $5.06 million, attributable to depreciation and disposal, however offset to some extent by acquisition of assets during the period.

Current assets increased by $289.705 million, primarily as a result of significant increases in accounts receivable of $126.783 million and cash balances of $172.847 million, resulting from the company's initial public offering in July of this year.

Earnings per share for the period under review ended at $0.09, an increase compared with the $0.08 recorded in the prior corresponding period.


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