December 31, 2025

The Limners and Bards Limited(LAB)

Audited financials for the twelve months ended October 31, 2025:

The Limners and Bards Limited (LAB), for the twelve months ended October 31, 2025, reported a 4% decrease in operating revenue, totaling $920.18 million, compared to $958.13 million in the corresponding period last year. Operating revenue for the fourth quarter declined by 6% to $192.82 million, compared to $205.33 million for the comparable quarter of 2024.

Cost of operating revenue amounted to $570.54 million (2024: $602.83 million), representing a 5% year-over-year decrease. Consequently, gross profit fell by 2% to $349.64 million, compared to $355.30 million for the twelve months ended October 31, 2024. For the fourth quarter, the company recorded gross profit of $72.40 million, versus $70.76 million reported for the similar quarter of 2024.

Selling and distribution expenses decreased by 3% to $1.97 million (2024: $2.04 million), while administrative expenses increased by 9%, rising from $281.97 million in 2024 to $306.21 million in the period under review. As a result, total operating expenses for the twelve months ended October 31, 2025, amounted to $308.18 million, a 9% increase relative to $284.01 million reported in 2024.

Profit before net finance cost and taxation for the twelve months ended October 31, 2025, amounted to $43.02 million, a 42% decrease relative to $73.93 million reported in 2024. For the fourth quarter, the company recorded a loss before net finance cost and taxation of $0.68 million (2024: loss of $2.14 million). Net finance costs totaled $2.85 million, an 81% decrease from the corresponding period last year (2024: $15.23 million).

Profit before taxation for the twelve months ended October 31, 2025, amounted to $45.86 million, a 49% decrease relative to $89.21 million reported in 2024. For the fourth quarter, the company recorded a loss before taxation of $2.92 million (2024: profit of $5.77 million).

Taxation for the twelve months ended October 31, 2025, increased by 9% to $5.67 million (2024: $6.27 million). Net profit for the twelve months amounted to $40.19 million, a 52% decrease from $82.95 million reported in 2024. For the fourth quarter, the company recorded a net loss of $2.07 million (2024: loss of $0.64 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.04 (2024: EPS: $0.09), while Loss Per Share for the quarter totaled $0.002 (2024: LPS: $0.0007). The twelve month trailing EPS was $0.04 and the number of shares used in these calculations was 945,690,252.

Notably, LAB’s stock price closed the trading period on December 30, 2025 at a price of $1.10 with a corresponding P/E ratio of 25.88x.

Balance Sheet Highlights

The company’s assets totaled $1.02 billion (2024: $1.02 billion). The largest component of assets – “Cash and cash equivalents”, amounted to $327.92 million, representing a 16% decrease from the prior year (2024: $391.68 million).

Shareholder’s equity was $678.74 million (2024: $638.55 million), representing a book value per share of $0.72 (2024: $0.68).

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