Business Monday: WIBISCO revenues increase

THE West India Biscuit Company Limited (WIBISCO) continues to do well chalking up group revenues of $61.0 million for the financial year to August 31, 2018. WIBISCO’s Chairman, David Bynoe, has reported that the Gills Road, St. Michael manufacturing firm not only did well, but export revenues increased during the year.

In his review of the company’s performance, Bynoe said that performance was “commendable despite the current economic challenges and after the austerity measures introduced ... by the government in collaboration with the International Monetary Fund.”

He said that export sales remain an important element of WIBISCO’s success. According to him, “Export revenues have increased during the year under review while management continues to explore new markets opportunities.” One such market is Panama, where WIBISCO commenced exporting last January 2018 and re-entry into the Belize market in March last year.

Gross revenue was $61.0 million compared to $57.4 million the previous financial year, an increase of six per cent. Net income before tax rose by seven per cent. Other improvements show earnings per share of 296.7 cents, dividend per share 80 cents, dividend cover 3.7 cents and the share price of $20 a share on the Barbados Stock Exchange as at August 2018.

Bynoe said that during the year, WIBISCO successfully completed a United States Food and Drug Administration (USFDA) preventative control inspection of its operations. The company, the Chairman stated, embarked on the implementation of a new Enterprise Resource Planning System, Microsoft Dynamic Ax, also during the financial year.

“It is expected that this new accounting system will increase the efficiency of the business as this software solution will address the information needs of the company by integrating all relevant business functions throughout the organisation,” Bynoe added.

The system went live last October 2018.