Bermuda Press reports losses of $2.9m for fiscal year 2024
Bermuda Press (Holdings) Ltd, the owner of The Royal Gazette, is reporting a comprehensive net loss of $2.9 million in the 2024 fiscal year.
That compares with a net loss of $466,000 in 2023.
In a filing with the Bermuda Stock Exchange, the company said its exit from the commercial printing business and the reclassification of real estate as held for sale accounted for $1.8 million of this loss.
BPHL said its discontinued print operations incurred a net loss of $1,218,000 in 2024, compared with $617,000 in the prior year, largely owing to severance costs of printing employees, some of whom had decades of tenure with the company, as well as the disposal of equipment for which there was no cost-effective resale market.
Revenue in 2024 declined to $15,457,000 from $16,372,000 in the prior year, leading to an operating loss for 2024 of $1,098,000 compared with an operating profit of $146,000 in the prior year.
Advertising and retail revenues decreased by $720,000 (-5.4 per cent).
Publishing revenues represent $494,000 of the decrease as a result of the reduction in advertising.
Retail revenues represent $226,000 of the decrease resulting from declining sales at the company’s retail store and the sales and service of office equipment.
Revenue from rental and other income decreased by $195,000 (-6.6 per cent).
Operating expenses from continuing operations increased to $16,555,000 in 2024 from $16,226,000 in the prior year.
Writing in the company’s annual report, BPHL chairman and director Stephen R Davidson said the board “believes that the independent media is essential to Bermuda’s development as a community, swimming against the tide of micromanaged public relations and social-media blather”.
Referencing the Bermuda Government’s introduction of fees for certain requests for information under the Public Access to Information Act, Mr Davidson wrote: “The Royal Gazette has uncovered numerous important stories over the past year alone using Pati requests.
“In future, other key analyses may remain cloaked in secrecy under the new, punitive Pati billing arrangements. We ask: who owns Bermuda’s taxpayer-funded information, the public or the Government?”
The report is titled “Building for the Future”.
Mr Davidson wrote: “Significant investments have been made to improve The Royal Gazette’s online posture, with future moves to paid web subscriptions becoming inevitable. We expect in 2025 to further develop our online operations, as well as update our media business plan and improve our community links in order to position the Gazette for future success and service to the island.”
Mr Davidson said the board’s attention this year “shifts emphasis to diversifying operations and seeking growth”.
He added: “Some changes include significant repurposing of The Royal Gazette building, as well closing the Stationery Store Plus store and making upgrades to the Roger Davidson building, to increase our third-party tenant income.
“The board is reviewing additional business models, both within Bermuda and overseas serving the island. We also continue to embrace the use of technology and to leverage Al to improve productivity and seek efficiency in our existing businesses.”
Mr Davidson wrote: “The board notes that this year’s financial results were heavily impacted by restructuring costs that, albeit painful this year, will enable the company to move forward in an assured manner.
“The board is confident that the groundwork laid in this fiscal year will lead to positive change in 2025 and beyond.”
The board did not declare dividends in 2024.
• For the full report, see “Related Media”
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