Island Press yesterday reported a leap in profit last year and future plans to move in to global markets in anticipation of long-term decline in the publishing sector.

The company - which is the parent company of the Bermuda Sun newspaper - said it had recorded, for the year ended September 30, 2001, a profit of $749,706. This is reported to be a 34 percent increase over the previous year or $1.43 per common share.

A letter to shareholders, from Island Press chairman Randy French, said: "The performance for the year is encouraging, and a significant improvement over the previous year.

Notwithstanding this, we are aware that the commercial printing industry together with print related publishing activities in Bermuda are in a long-term decline."

Mr. French added that the Board had approved the company's "development of opportunities outside Bermuda".

He added that details of this were noted in the Notes to Consolidated Financial Statements: "You will see that US and Caribbean subsidiaries have been created in anticipation of expanding internationally in 2002.

" These companies are Global Directories (Caribbean) Ltd and Global Directories (USA) Inc. The third company is Global Directories (Bermuda) Ltd," Mr. French said.

Looking at the year's results, Mr. French said: "Sales were relatively flat for the year with the cost of sales increasing by $452,178, leaving a gross profit reduction of $391,231.

"However this was countered by a reduction in general and administrative expenses of $544,856 resulting in an improvement in profit from operations of $178,897, - up 44 percent."