Dear Fellow Shareholders, The 2013 Financial Year has been a mixed one for our business; it began strongly however general trading conditions started to deteriorate in the second quarter and have continued to do so, particular in the Australian market. The impact of this as reported has been a reduction year on year in our Media earnings before interest, taxes, depreciation and amortisation (“Media EBITDA”1) of $1.7m. There is a resulting positive improvement to our net profit with the Group seeing an improvement year on year of $3.8m. This is primarily the result of a change in the estimated Beacon put option liability and lower taxes for the Group. Click here for further information.