A dip in media activities for creative company Limners And Bards Limited, which trades as The Lab, saw the entity securing less revenues at the end of is nine-month period ended July 31, 2024.

At the end of the reporting period total revenue, which amounted to approximately $753 million, was $160.7 million or 17.6 per cent less than that for the prior year’s comparable period.

“This decline was primarily attributable to a reduction in media during the period. Notwithstanding this, the agency segment outperformed the comparable period,” a signed interim report by company directors to shareholders stated.

At the end of the nine-month period total revenue which flowed from the company’s core business lines saw media totalling $407.6 million, accompanied by $190.5 million from production and $154.6 million from agency.

Despite the dip in revenue the company’s net profit, which benefited from a 46.7 per cent increase for the period, grew above that for the corresponding period of last year to total $83.5 million — up from $56.9 million.

“This growth was driven by our strong emphasis on the agency segment of the business for this quarter as we continued to build brands. While revenues were down compared to the prior period, the company implemented cost containment measures resulting in an 18 per cent reduction in administrative expenses,” the director’s report further stated.

Shareholders’ equity over the nine months, which also grew to $681.4 million, was backed by a stronger asset base of $1.1 billion that was primarily driven by the building of [additional] film/studio facilities as well as the purchases of and improvement in new production equipment to facilitate future growth.

The company, which has in in recent times been putting a lot of weight behind its creative business through which it has been producing a number of films and short web series, has remained laser-focused on driving growth in this area. As traditional media comes under pressure, facing heavy competition from modern and more popular streaming websites such as Netflix and YouTube, the directors have also become more active in making greater investments in these areas.

Positioning to double down on the film industry with the roll-out of an upcoming investment vehicle, the company seeks to assist Government efforts to grow and develop the local film industry.

“We have successfully completed filming our first feature film, Love Offside, a sports romantic comedy that showcases the vibrant culture and dynamic talent of Jamaica. The film, which features an impressive cast, has now entered the editing phase and is slated for a February 2025 release date — perfectly timed to meet the growing appetite for diverse and engaging content,” an update on the progress of its film productions noted.

Fresh off a Jamaica Promotions Corporation (Jampro)-led tour to South Africa where the company’s Chief Operations Officer (COO) and Head of Production Tashara Lee Johnson was among delegates in attendance at the MIP Africa Content Market, the directors in their outlook said this will further help the entity to forge connections and partnerships in a critical market that can significantly help its business to enhance the reach and profitability of its productions.

Additionally the agency arm — which is currently on the hunt for fresh opportunities in the region — is also looking to engage various businesses as it explores strategic partnerships across the Caribbean with an aim to solidify the company’s presence in these markets.

“Our commitment remains steadfast in delivering value to our shareholders by expanding our content portfolio, exploring new markets, and forging strategic alliances that will drive growth and profitability. The steps we are currently taking are designed to position The Lab at the forefront of a rapidly evolving industry, ensuring we capitalise on the opportunities presented by the global demand for fresh, compelling content,” the directors said.