Our commercial printing operation faces continued pressure from overseas printers favoured by lower manufacturing costs. these pressures are faced by all printers in Bermuda resulting in over capacity in a diminishing marketplace. This outlook is unlikely to change in the future, making it imperative to focus on strategies to retain business in Bermuda. Quality service with acute focus on customer needs will be the most effective means of achieving this goal.
The end of march represents the first full year of publishing a second, Wednesday edition of the Bermuda Sun. the first year's results have been very encouraging despite technical problems with the company's advertising management system which has delayed the reporting of financial results.
Strategic planning, implemented last year, has been beneficial for the group especially in the area of cost containment. It is too early, in the period under review, to see the benefit of longer term strategies which are in place, but we are confident that they will manifest themselves with vigor.
No dividend has been declared for the period."
For a copy of the financial statements, please contact Island Press (Holdings) Limited,
(441) 295 1944, or write to P.O. Box HM 902, Hamilton, HM DX, Bermuda