Gleaner managing director Oliver Clarke shows shareholders an edition of its recent acquisition, 'The Voice', at its AGM held last week. At left is Gleaner deputy chairman John Issa, and at right is honorary chairman Richard Ashenheim. - Ian Allen/Staff Photographer GLEANER COMPANY shareholders were formally introduced to copies of its newest acquisition, the United Kingdom-based Voice newspaper, at the company's annual general meeting last week.
"The U.K.'s local authorities tend to advertise job opportunities to the ethnic market of West Indians, Africans and mixed race persons in The Voice," Gleaner chairman Oliver Clarke said as he discussed the benefits of the purchase. He said, "We would be in a position to benefit from that revenue stream." Additionally, The Voice newspaper also has a magazine targeting the youth market, called Young Voices, which The Gleaner intends to further capitalise on in Britain and possibly market in Jamaica. Mr. Clarke put shareholders on notice of the effect of The Voice acquisition on cash flow, as the purchase price would largely be coming from The Gleaner's coffers. The result is that cash on hand at the end of the coming financial year would decrease. Shareholders were informed that in addition to the management of The Gleaner's existing United Kingdom subsidiary, The Gleaner Company (UK) Ltd.'s, new managing director is Colin Reid, who will also be in charge of The Voice.
For the year ended December 31, 2003, The Gleaner Company Group's revenue increased by 12 per cent to $2.5 billion. Also in the 12-month period of 2003, The Gleaner recorded cost of sales of $1.4 billion, an increase of 11.9 per cent. Advertising, the main earnings driver in the Group, recorded a 14 per cent year-over-year increase to reach $1.4 billion. Newspaper circulation increased by three per cent to $605 million, while sales of books and stationery grew by 15 per cent to $520 million.
Profit from operations increased by 8.25 per cent to $315 million. The Gleaner's after tax profit for the year was $231 million, a 14.6 per cent increase.
At the meeting, retiring directors Mr. John Issa, O.J.; Professor Hon. Gerald Lalor, O.J. and Dr. Carol Archer were re-elected. Mr. Winston Dear, who was appointed one of the directors in April, was also re-elected by the shareholders
The board of directors is headed by chairman Oliver Clarke, O.J. and vice-chairman John Issa, O.J. Other directors are Professor Gerald Lalor, O.J.; Christopher Roberts; Joseph Matalon; Morin Seymour; Winston Dear; Douglas Orane; Mrs. Lisa Johnston and Dr. Carol Archer. Mr. Richard Ashenheim is the honorary chairman of the board.
The annual general meeting was held at the company's North Street, downtown Kingston offices last Thursday. - Dennise Williams
