March 18, 2026
The Limners and Bards Limited (LAB)
Unaudited financials for the first quarter ended January 31, 2026:
The Limners and Bards Limited (LAB), for the first quarter ended January 31, 2026, reported operating revenue of $170.85 million, representing a 40% decline compared to $286.13 million in the corresponding three months of the prior year.
Year to date, cost of operating revenue amounted to $113.50 million (2025: $185.58 million), reflecting a 39% year‑over‑year reduction. Consequently, gross profit declined by 43% to $57.36 million, compared to $100.55 million for the first quarter ended January 31, 2025. Gross profit margin for the period stood at 33.6%, compared to 35.1% in the prior year.
Selling and distribution expenses decreased significantly by 72% to $0.51 million (2025: $1.81 million), while administrative expenses declined by 2% to $73.68 million, down from $75.13 million in the prior year. As a result, total operating expenses for the first quarter amounted to $74.18 million, representing a 4% reduction relative to $76.94 million reported in 2025.
After accounting for an impairment recovery on financial assets of $1.87 million (2025: impairment loss of $0.38 million), loss before net finance cost and taxation amounted to $14.81 million, compared to a profit of $23.24 million in the corresponding period last year.
Net finance costs totaled $2.73 million, reversing from net finance income of $1.96 million reported in the prior year. Finance income declined to $3.23 million (2025: $4.91 million), while finance costs increased to $5.97 million (2025: $2.95 million).
Consequently, loss before taxation for the first quarter ended January 31, 2026 amounted to $17.53 million, compared to a profit before taxation of $25.25 million in the corresponding period of 2025.
The Company recorded a tax credit of $3.85 million during the quarter (2025: tax charge of $3.65 million). As a result, net loss for the three months amounted to $13.67 million, compared to net profit of $21.60 million reported in the first quarter of 2025.
Consequently, Loss Per Share for the three months amounted to $0.01 (2025: EPS: $0.02). 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 March 17, 2026 at a price of $0.97 with a corresponding P/E ratio of 186.65x.
Balance Sheet Highlights
The company’s assets totalled $970.01 million (2025: $1.09 billion). The movement in total assets was mainly attributable to a 50% decrease in ‘Accounts receivable’ amounting to $181.29 million (2025: $364.22 million).
Shareholder’s equity was $648.74 million (2025: $660.15 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.
