June 15, 2026

The Limners and Bards Limited (LAB)
Unaudited financials for the six months ended April 30, 2026:

The Limners and Bards Limited (LAB) for the six months ended April 30, 2026, reported a 27% decrease in Operating Revenue totaling $337.78 million compared to $460.21 million in the corresponding period last year. Operating Revenue for the second quarter had a 4% decrease to close at $166.93 million compared to $174.08 million for the comparable quarter of 2025.

Cost of Operating Revenue amounted to $211.36 million (2025: $284.75 million), representing a decrease of 26% year over year. Consequently, Gross Profit decreased by 28% to $126.42 million compared to $175.46 million for the six months ended April 30, 2025. The company booked Gross Profit of $69.07 million for the second quarter versus $74.91 million reported for the similar quarter of 2025.

Profit on Disposal of Assets amounted to $129,594 compared to nil in 2025. Selling and Distribution Expenses decreased by 63% to close at $1.06 million (2025: $2.85 million), while Administrative Expenses decreased by 6% from $150.69 million in 2025 to $141.45 million in the period under review. As a result, Total Operating Expenses for the six months ended April 30, 2026, amounted to $142.51 million, a 7% decrease relative to $153.53 million reported in 2025.

Loss Before Net Finance Cost and Taxation for the six months ended April 30, 2026, amounted to $14.29 million, compared to Profit Before Net Finance Cost and Taxation of $21.38 million reported in 2025. For the second quarter, Profit Before Net Finance Cost and Taxation amounted to $524,317, compared to a loss of $1.86 million in the similar quarter of 2025.

Finance Income decreased by 21% to $6.45 million (2025: $8.19 million), while Finance Costs increased by 53% to $8.50 million (2025: $5.57 million). As a result, Net Finance Cost amounted to $2.04 million, compared to Net Finance Income of $2.62 million reported in 2025.

Loss Before Taxation for the six months ended April 30, 2026, amounted to $16.33 million, compared to Profit Before Taxation of $24.00 million reported in 2025. Profit Before Taxation for the second quarter amounted to $1.20 million, compared to a loss before taxation of $1.24 million in the similar quarter of 2025.

Taxation for the six months ended April 30, 2026, reflected a tax credit of $2.85 million, compared to a taxation charge of $3.40 million reported in 2025. Net Loss for the six months amounted to $13.48 million, compared to Net Profit of $20.60 million reported in 2025. For the second quarter, Net Profit amounted to $191,230, compared to a Net Loss of $998,768 in the corresponding quarter of 2025.

Consequently, Loss Per Share for the six months amounted to $0.01 (2025: EPS: $0.02), while Earnings Per Share for the quarter totaled $0.02 (2025: LPS: $0.11). The twelve-month trailing EPS was $0.01, and the number of shares used in these calculations was 945,690,252.

Notably, LAB’s stock price closed the trading period on June 12, 2026, at a price of $1.00 with a corresponding P/E ratio of 154.91x.

Balance Sheet Highlights

The company’s assets totalled $1.02 billion (2025: $1.04 billion). The decrease in total assets was mainly driven by lower Accounts Receivable, which fell to $266.31 million from $298.92 million, as well as a decline in Cash and Cash Equivalents to $311.97 million from $332.46 million. Property, Plant and Equipment also declined to $71.72 million from $91.13 million, while Right-of-Use Assets decreased to $72.30 million from $77.65 million.

Shareholders’ Equity was $648.51 million (2025: $659.15 million), representing a book value per share of $0.69 (2025: $0.70).

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.