The Bermuda Stock Exchange has launched its “Own Your Share of Bermuda” campaign to raise awareness of opportunities to invest in the island’s public companies. The Royal Gazette is supporting the effort by publishing weekly features on each of the 13 domestic companies listed on the BSX.

Devonshire Industries is best known for its subsidiary Bermuda Paint.

And paint and roofing materials remain the backbone of the company.

Jacob Hocking, an architect at cTx Design Group and Devonshire Industries president, said: “The company has always given a good rate of return to the investor with average yearly returns of eight to nine per cent.

“We normally pay a dividend of about 25 cents twice a year.”

He added: “We have great cash flow, the company doesn’t have any debt and it owns all of its buildings and equipment.”

The company’s latest figures show profits of more than $182,000 for the financial year ended in March 2016 — down from the $317,717 recorded the previous year.

Basic and diluted earnings per share amounted to 41 cents, down from the 72 cents notched up in 2014-15.

Net revenues amounted to $2.96 million, a slight drop on the $3.08 million for the previous year.

Administrative costs fell by $16,120, down from $594,749 to $578,629.

The company continued its marketing drive, spending $114,095, up 29,451 on 2014-15’s $84,664 spend.

Selling expenses fell slightly, down to $304,839 compared to $305,337 the previous year.

Mr Hocking said: “As a company we’re always looking for ways to be more efficient, reduce expenses and look for new creative marketing methods and new materials and products we can offer to consumers.”

He added that the firm had a strong connection with the building industry — and sales and profits varied depending on the stage of projects and time of year, with paint sales to the Bermuda Government peaking over the summer holidays when schools are painted and at hotels during the off-season.

Mr Hocking said: “We’ve been improving our efficiency in the company and we’ve worked hard to make our staff more efficient and we’ve incurred capital costs on new equipment and a renovation to our paint store. We are trying to position ourselves for the years coming.”

Bermuda Paint is this year celebrating its 60th anniversary and remains the only manufacturer of paint on the island.

But the company is still brushing up on its skills — and uses the latest technology to create new and improved paints specifically designed for Bermuda’s environment.

The company became part of Devonshire Industries in 2001, with all shareholders moved to the new company.

Bermuda Paint employs nine people and includes a retail store and the firm has benefited from a link-up with a major US company, in which it holds a stake, which helps with technological development.

The American firm also tests Bermuda Paint products against competitors, including mass market paints.

The company has also expanded into other products like the Bermuda TrueRoof system,

Bermuda Paint teamed up in 2003 with two local roofing companies to develop adhesives, fired cement and coating for the True Roof foam-type roofing system and is now a major player in the market.

Mr Hocking said: “We put a lot of engineering research into the roofing system — we have developed a product we can stand by and that came with a cost as well. But we have a system that works.”

The company also produces a range of paint primers designed for the island’s unique climate, while original paints like the ACT and DecraTone latex paints have been developed over the years and now have 100 per cent acrylic resins for durability.

In addition, unlike resins based on PVA, which is more of a vinyl paint, acrylic resins “breathe” in Bermuda’s climate.

Special primers are also needed in Bermuda because buildings are made of cement and cement and Bermuda sand are alkaline so need an alkaline-resistant primer.

The company also makes antifouling paint for marine applications.

Disclaimer: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Past performance is no guarantee of future results