The Bermuda Press Holdings Ltd, the parent to the The Royal Gazette, has declared a net loss of $621,000 for the year to September 30, 2025.

The company said the net loss, a major improvement over the 2024 loss of $2.9 million, stemmed mainly from non-recurring items associated with the exit from discontinued operations in both commercial printing and retail, and the legal costs associated with defending litigation.

A letter to shareholders from the board of directors reported on audited financial matters showed the company made a $28,000 operating profit (2024: $1,003,000 operating loss) from continuing operations and a net loss of $311,000 (2024: $1,589,000 net loss) from continuing operations.

The letter said: “In 2025, your company showed improved operating performance and financial results, reflecting the early benefits of a multiyear strategic transformation of exiting underperforming operations, strengthening cash generation and improving the company’s financial position for long-term sustainability and growth in Bermuda’s changed markets.”

Management is focused in fiscal 2026 on maximising returns from its real estate portfolio, strengthening digital publishing operations, improving operational efficiency and maintaining a strong balance sheet to support sustainable long-term value creation.

The board wrote: “Your company has reaffirmed its commitment to The Royal Gazette as Bermuda’s most trusted news source by continuing to invest in its digital publishing capabilities to grow audiences and diversify revenue.

“While no dividend was declared for fiscal 2025, the board emphasised its long-term intention to return capital to shareholders when conditions permit.”

Significant events for the company include moving The Royal Gazette, after 50 years in its old location, to the company’s Crown House building next door.

Upgrades are under way in the company’s commercial properties, and The Royal Gazette building is under renovation — opening soon as Bermuda’s first indoor pickleball club.

The company’s strong financial position at year’s end included total assets of $23,396,000 and shareholders’ equity of $18,956,000, representing an equity-to-assets ratio of 81 per cent.

The investment property portfolio continues to appreciate, independently appraised at $27,300,000.

The board said: “While carried at $10,300,000 on the balance sheet, this unrealised gain of the portfolio provides a significant cushion of value and positions the company well for future strategic options.

“During fiscal 2025, your company made strategic capital investments of $1,885,000, primarily focused on enhancing its real estate portfolio and maintaining operating infrastructure.

“A term loan facility of $2,000,000 was utilised in fiscal 2024 to support these investments. Your company’s net debt position at the end of 2025 was $729,000, representing just 3.8 per cent of our equity base.”