Guardian Media Ltd has reported a profit after tax of $5.6 million for the fourth quarter of fiscal year 2023.
However, in the company’s audited financial results for the year ended December 31, 2023, chairman Peter Clarke pointed out that without the World Cup boost to the company’s sales performance which was experienced in the year prior, profits before tax for the period were short of the $10.3 million in profit recorded in the fourth quarter of 2022.
He also noted that the 2023 fourth quarter revenues of $27.4 million were $14.4 million lower when compared to the $41.8 million generated in the same period of the previous year.
Clarke confirmed the company recorded a full-year loss of $10.6 million in 2023 compared to a profit of $3.8 million in 2022.
In his statement, which was posted on the T&T Stock Exchange yesterday, Clarke said, “Against the backdrop of shrinking advertising budgets and digital market disruptions, management has worked diligently during the year to navigate the changing local market environment through improved sales and service capabilities, redoubled editorial relevance and appeal, increased audience engagement, development of content and productions and delivery of efficiency improvements within the organisation.”
He added that the company’s multi-media revenues and profitability were negatively impacted by the lower-than-expected commercial interest in the English Premier League campaign and the costs of these rights.
However, Clarke said, “There was an increase in fixed operating costs over the prior year while all other controllable expenses were tightly managed.
“Notwithstanding these results, our statement of financial position metrics remains robust. We recognise the importance of maintaining a responsible and ethical approach to our operations and to ensure that our activities positively impact society and the environment.”
The statement also noted that Dr Karrian Hepburn Malcolm stepped down as managing director effective November 30, 2023, to return to her homeland of Jamaica.
The board of directors also expressed their sincere gratitude to Hepburn Malcolm for her leadership of Guardian Media Ltd over the last year and nine months.
Acting managing director Gerhard Pettier assumed the position on December 1, 2023.