APPROACHING its one-year anniversary of becoming the first of its kind to list on the Junior Market of the Jamaica Stock Exchange, advertising agency and film production company The Limners and Bards Limited (The LAB) says the strategic goals outlined in it its prospectus are currently underway.

In its initial public offering prospectus, the company outlined its intention to tap into the regional market in 2019 and the US market by 2021.

“As for where regional expansion is concerned, in the fourth quarter of 2019 The Lab secured two major contracts in Trinidad. In addition to our direct efforts in regional expansion, the Lab also focused on leveraging relationships with existing clients that have a strong presence across the Caribbean and Latin America,” stated Chief Executive Officer (CEO) Kimala Bennett at the company’s annual general meeting held last week at Jamaica Pegasus hotel in Kingston. The company also live-streamed the meeting on its website.

“We do have a number of clients who are in the Caribbean but are international in the UK and the US. It is a part of our strategic plan to ensure that we are following their footprints, and that we are building that capacity to guide them through in any territory that they are. While we have their attention here, they are able to see that we are also growing and that we can manage that [international standard].”

Bennett further indicated that Scope Caribbean — a digital location and talent scouting platform which allows local and overseas film crews to prepare remotely for Caribbean shoots long before arrival – is set to be launched in November.

“This is going to be a game changer for The Lab because it reduces the time that ‘production’ will spend on casting and sourcing locations. Technology and disruption are something that we must embrace as an agency and a production company. Our intention is to disrupt our company before someone else comes to disrupt it,” she emphasised.

As for the identified target for acquisition outlined in the prospectus, Bennett indicated that the management and the board were unable to sign off on the terms of that transaction. She added that the company, however, continues to “aggressively look for opportunities because this remains a key pillar in our strategic drivers”.

“We did, however, purchase equipment because this is in alignment with our strong focus on quality. We continue to invest in technology and other capital equipment, which also allows us to provide best in class service globally.”

During the 2019 financial year the company generated a significant increase in revenues of $148.66 million to $631.8 million when compared to the prior year. This was attributable to significant growth in its key business lines: production (up $70.1 million or 45.13 per cent), media (up $61.2 million or 26.53 per cent) and agency (up $17.1 million or 17.8 per cent).

Net profit for the 2019 financial year amounted to $94.7 million, which was $32.432 million higher than the previous year, while profits for the six-month period ended April 30, 2020 amounted to $86.6 million for — a 52 per cent or $29.5 million increase when compared with the previous corresponding period.

Shareholders’ equity increased by 202.3 per cent to $423.8 million in the six-month period under review, up from the $139.9 million recorded in the previous correspondingperiod.

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