Polaris Release Six Month Financial Results

November 14, 2019

In a filing with the Bermuda Stock Exchange [BSX], Polaris Holding Company reported its financial results for the six months ended September 30, 2019.

The filing stated: “On November 13, 2019, Polaris Holding Company Ltd. parent company to Stevedoring Services Limited and East End Asphalt Company Limited reported its financial results for the six months ended September 30, 2019.

“Polaris reported profits of $493K or $0.40 per share [September 30, 2018 - $1.01 million or $0.82 per share].

“On March 14, 2019 Polaris acquired a faltering East End Asphalt Company Limited and over the past six months has rehabilitated the asphalt manufacturing and paving company, returning the business to its former glory as the island’s leading paving operator.

“For East End Asphalt the past two quarters have seen major capital investment and staffing realignment, driven by Polaris’ CEO Warren Jones, in a repeat of the skillful turnaround of Stevedoring Services’ fortunes when he was hired by the Group in October 2013.

“In October 2019, East End Asphalt on-boarded Travis Gilbert as General Manager, with the asphalt company persuasively marketing to businesses and residential customers through a strategic pricing campaign and improved level of quality and care.

“Polaris’ core business, Stevedoring Services, continues to benefit from million- dollar heavy equipment purchases, telecommunication changes, training, and technological innovations introduced over the past few years, shifts which have transformed the business, as lauded by importers, the freight lines, customers, and its union and staff.

“With 53 years of service under its belt, Stevedoring Services has never been in a better place. At the end of quarter two, Stevedoring Services was invited by the Corporation of Hamilton, through a request for proposal process, to tender for the continued facilitation of the Port of Hamilton’s Cargo Dock Area.

“A positive, progressive, Bermuda company, Polaris looks forward to March 2020 when the concessionaire will be announced. Stevedoring Services seeks to continue its planned evolution as it services the Bermuda public.”

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