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Island Press Holdings Issues Interim Six-Month Report
In a statement issued with the report, President and Chief Executive Officer Randolph French stated: "The period has been one of continued consolidation for the Group. The process of rebuilding the business of Caribbean Publishing Company Ltd., which publishes telephone directories in the Caribbean, continues. The Group's efforts in this area are beginning to pay off with a substantial increase in turnover of 30.6% over the period to March 31, 2003, most of which emanates from the Caribbean. This increase in business is also starting to flow through to net profit which has increased by 23.6% over the comparative period.
Losses incurred by the Group's subsidiary in Maine, U.S.A., have started to fall as the Company moves into its second year and it is anticipated that in the third year a break even position or small profit will be recorded.
The Group's Bermuda based businesses continue to remain steady. Subsequent to this period your Board implemented certain measures to rationalize these businesses and consolidate them under one roof at the Island Press Limited premises on Elliott Street, Hamilton. These measures will produce cost savings in the future.
A newly formed group subsidiary, Vanilla Limited (now Bermuda.Com Limited), purchased the assets of the businesses known as Bermuda.com and The Tourist Box, effective April 1, 2004. Your Board sees many synergies between these businesses and the Group's existing Bermuda based operations, and believes that the Group is in a good position to maximize the significant potential of these newly acquired businesses.
Your Board is encouraged by the results for the period, and believes they indicate that the significant changes within the Group over the last couple of years have been beneficial and will produce long term profitability and growth.
I would like to thank the members of the Board for their continued support and assistance and their wise counsel.
The Board would like to thank all our company members for their continued efforts on the Group's behalf during a period of continuous change and development."