I am pleased to report another quarter of good growth.

For the nine month period ended 30th September 2018, revenues grew by 4% to 4.5billion ($4.4billion-2017) whilst profit before tax (PBT) improved by 7% to $642 million ($598 million-2017). Profit after tax improved by 9% to $454 million ($417 million-2017) with an earnings per share (EPS) growth of 11% to $2.25 per share ($2.02 per share -2017). This was due to a one-off deferred tax expense increase in 2017 combined with higher relative growth in the 100% controlled subsidiaries compared with those which are not fully controlled.

The Manufacturing, Packaging and Brewing Segment recorded 11% growth in revenues; Automotive, Trading & Distribution improved by 3% whilst Media, Retail Services and Parent Company were up by 7%. The Financial Services Segment declined by 5% due to lower yields in the investment portfolios.

Our Media business, Guardian Media Limited (GML), is mid-way through its transformation process and the losses incurred reflect the significant contraction in national advertising spend. We are confident that once this transformation process is completed, GML will return to profitability.

Our Strategy continues to work and we look forward to closing 2018 with strong results.

A. Norman Sabga
Chairman
By order of the board