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Globe and Mail
4 days ago
- Business
- Globe and Mail
Birks Group Inc. Reports Fiscal 2025 Results
Birks Group Inc. (the 'Company' or 'Birks Group') (NYSE American: BGI), today reported its financial results for the fiscal year ended March 29, 2025. Highlights All figures presented herein are in Canadian dollars. For the fiscal year ended March 29, 2025 ('fiscal 2025'), the Company reported net sales of $177.8 million, a decrease of $7.5 million or 4.0%, from the comparable fiscal year ended March 30, 2024 ('fiscal 2024'). Comparable store sales for fiscal 2025 decreased by 3.4% compared to the corresponding period in fiscal 2024. The decrease in net sales and comparable store sales is mainly due to lower sales of branded jewelry due to the exit of a jewelry brand from two stores. When excluding the third-party jewelry brand movement, the comparable store sales increased by 6.9%, mainly driven by timepiece sales. The Company reported gross profit of $66.3 million, or 37.3% of net sales, compared to $73.6 million, or 39.7% of net sales in fiscal 2024, due to lower sales volume resulting from the exit of a jewelry brand from two stores. Gross profit as a percentage of sales for fiscal 2025 was 37.3%, a decrease of 240 basis points from the gross profit as a percentage of sales of 39.7% for fiscal 2024 as a result of the sales mix with decreased sales from third-party branded jewelry, as well as a foreign exchange loss. Mr. Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commented: 'Although our net sales and comparable store sales for fiscal 2025 are lower than fiscal 2024, when excluding the effect of third-party jewelry brand movement, comparable store sales are positive year-over-year, as a result of a strong retail performance and product offering particularly in our third-party branded timepieces. In fiscal 2025, we opened two new stores under the TimeVallée and Birks brands and continued to benefit from the fiscal 2024 renovations in our Chinook and Laval locations. These initiatives along with our recent announcement of the acquisition of the watch and jewelry business of European Boutique will continue to generate greater sales and contribute to improve our results.' Mr. Bédos further commented: 'I would like to thank our teams for their tireless efforts. The results achieved in fiscal 2025 are a testament to our commitment to our customers and I am grateful for the unwavering efforts of all our employees and the implementation of various initiatives during this past year to enhance our product offering and customer experience.' Financial overview for the fiscal year ended March 29, 2025: Total net sales for fiscal 2025 were $177.8 million compared to $185.3 million in fiscal 2024, a decrease of $7.5 million, or 4.0%. The decrease in net sales in fiscal 2025 was primarily driven by the results of the Company's retail channel. Net retail sales in fiscal 2025 were $7.3 million lower than fiscal 2024, primarily due to the decrease in third-party branded jewelry sales, following the exit of a jewelry brand from two stores, partially offset by an increase in branded timepiece sales throughout the retail network; Comparable store sales decreased by 3.4% in fiscal 2025 compared to fiscal 2024 mainly due to lower third-party branded jewelry sales following the exit of a jewelry brand from two stores, partially offset by an increase in third-party branded timepiece sales and an increase in average sales transaction value. When excluding the third-party jewelry brand movement, the comparable store sales increased by 6.9%, mainly driven by timepiece sales; Total gross profit for fiscal 2025 was $66.3 million, or 37.3% of net sales, compared to $73.6 million, or 39.7% of net sales, in fiscal 2024. This decrease in gross profit was primarily due to the decreased sales volume experienced during fiscal 2025, due to third-party branded jewelry sales following the exit of a jewelry brand from two stores, and a foreign exchange loss due to the strengthening of the U.S. dollar, partially offset by the increased sales of third-party branded timepieces. The decrease of 240 basis points in gross margin percentage resulted primarily from the sales mix with decreased sales from third-party branded jewelry, as well as a foreign exchange loss, partially offset by an increase in branded timepiece sales; SG&A expenses in fiscal 2025 were $59.5 million, or 33.5% of net sales, compared to $65.7 million, or 35.5% of net sales, in fiscal 2024, a decrease of $6.2 million. The main drivers of the decrease in SG&A expenses in fiscal 2025 include lower occupancy costs ($2.7 million) mainly due to store closures and store lease modifications, lower marketing costs ($2.3 million) mainly due to lower brand development initiatives, lower compensation costs ($0.5 million) mainly due to lower sales volume and head count reductions, lower general operating costs ($0.4 million) and lower non-cash based compensation expense ($0.3 million) mainly due to fluctuations in the Company's stock price during the fiscal year. As a percentage of sales, SG&A expenses in fiscal 2025 decreased by 200 basis points as compared to fiscal 2024, reflecting the Company's focus on cost management and containment; The Company's adjusted EBITDA (1) for fiscal 2025 was $9.2 million, a decrease of $0.8 million, compared to adjusted EBITDA (1) of $10.0 million for fiscal 2024; The Company's reported operating loss for fiscal 2025 was $5.5 million, a decrease of $6.7 million, compared to a reported operating income of $1.2 million for fiscal 2024. The operating loss in fiscal 2025 includes an impairment of long-lived assets of $4.6 million related to the write-down of capitalized software costs associated with the delay in completing the implementation of the Company's ERP system; The Company's recognized interest and other financing costs were $9.7 million in fiscal 2025, an increase of $1.7 million, compared to recognized interest and other financing costs of $8.0 million in fiscal 2024. This increase is mainly due to an increase in the average amount outstanding on the amended credit facility, additional borrowings, and a foreign exchange loss of $1.0 million in fiscal 2025 versus a foreign exchange gain of $0.2 million in fiscal 2024 on our U.S. dollar denominated debt; The Company recognized a net loss for fiscal 2025 of $12.8 million, or $0.66 per share, compared to a net loss for fiscal 2024 of $4.6 million, or $0.24 per share. (1) This is a non-GAAP financial measure defined below under 'Non-GAAP Measures' and accompanied by a reconciliation to the most directly comparable GAAP financial measure. About Birks Group Inc. Birks Group is a leading designer of fine jewelry and an operator of luxury jewelry, timepieces and gifts retail stores in Canada. The Company operates 17 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Montreal under the Birks brand, one retail location in Montreal under the TimeVallée brand, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver under the Graff brand, one retail location in Vancouver under the Patek Philippe brand, four retail locations in Laval, Ottawa and Toronto under the Breitling brand, four retail locations in Toronto under the European Boutique brand, one retail location in Toronto under the Omega brand and one retail location in Toronto under the Montblanc brand. Birks was founded in 1879 and has become Canada's premier designer and retailer of fine jewelry, timepieces and gifts. Additional information can be found on Birks' web site, NON-GAAP MEASURES The Company reports financial information in accordance with U.S. Generally Accepted Accounting Principles ('U.S. GAAP'). The Company's performance is monitored and evaluated using various sales and earnings measures that are adjusted to include or exclude amounts from the most directly comparable GAAP measure ('non-GAAP measures'). The Company presents such non-GAAP measures in reporting its financial results to assist in business decision-making and to provide key performance information to senior management. The Company believes that this additional information provided to investors and other external stakeholders will allow them to evaluate the Company's operating results using the same financial measures and metrics used by the Company in evaluating performance. The Company does not, nor does it suggest that investors and other external stakeholders should, consider non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies. In addition to our results determined in accordance with U.S. GAAP, we use non-GAAP measures including 'EBITDA' and 'Adjusted EBITDA'. EBITDA 'EBITDA' is defined as net income (loss) before interest expense and other financing costs, income taxes expense (recovery) and depreciation and amortization. For the fiscal year ended March 29, 2025 March 30, 2024 Net income (loss) (GAAP measure) $ (12,819 ) $ (4,631 ) as a % of net sales -7.2 % -2.5 % Add the impact of: Interest expense and other financing costs 9,712 8,007 Depreciation and amortization 7,733 6,639 EBITDA (non-GAAP measure) $ 4,626 $ 10,015 as a % of net sales 2.6 % 5.4 % Add the impact of: Impairment of long-lived assets (a) 4,592 — Adjusted EBITDA (non-GAAP measure) $ 9,218 $ 10,015 as a % of net sales 5.2 % 5.4 % (a) Non-cash impairment of long-lived assets in fiscal 2025 related to certain software costs associated with the delay in completing the implementation of the Company's ERP system. Forward Looking Statements This press release contains forward- looking statements which can be identified, for example, by their use of words such as 'plans,' 'expects,' 'believes,' 'will,' 'anticipates,' 'intends,' 'projects,' 'estimates,' 'could,' 'would,' 'may,' 'planned,' 'goal,' and other words of similar meaning. All statements that address expectations, possibilities or projections about the future, including without limitation, statements about anticipated economic conditions, generation of shareholder value, and our strategies for growth, performance drivers, expansion plans, sources or adequacy of capital, expenditures and financial results are forward-looking statements. Because such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward- looking statements and no assurance can be given that the Company will meet the results projected in the forward-looking statements. Accordingly, the reader should not place undue reliance on forward-looking statements. These risks and uncertainties include, but are not limited to the following: (i) a decline in consumer spending or deterioration in consumer financial position; (ii) economic, political and market conditions, including the economies of Canada and the U.S. and the influence of inflation on consumer spending, which could adversely affect the Company's business, operating results or financial condition, including its revenue and profitability, through the impact of changes in the real estate markets, changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales as well as the recently imposed tariffs (and retaliatory measures), possible changes therefrom and other trade restrictions; (iii) the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company's costs and expenses; (iv) the Company's ability to maintain and obtain sufficient sources of liquidity to fund its operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to source raw materials, to mitigate fluctuations in the availability and prices of the Company's merchandise, to compete with other jewelers, to succeed in its marketing initiatives (including with respect to Birks branded products), and to have a successful customer service program; (v) the Company's plan to evaluate the productivity of existing stores, close unproductive stores and open new stores in new prime retail locations, renovate existing stores and invest in its website and e-commerce platform; (vi) the Company's ability to execute its strategic vision; and (vii) the Company's ability to invest in and finance capital expenditures; (viii) the Company's ability to maintain its listing on the NYSE American exchange or to list its shares on another national securities exchange; and (ix) the Company's ability to continue as a going concern. Information concerning the above and other risk factors that could cause actual results to differ materially is set forth under the captions 'Risk Factors' and 'Operating and Financial Review and Prospects' and elsewhere in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on July 25, 2025 and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. Fiscal Year Ended March 29, 2025 March 30, 2024 Net sales $ 177,807 $ 185,275 Cost of sales 111,499 111,720 Gross profit 66,308 73,555 Selling, general and administrative expenses 59,518 65,705 Depreciation and amortization 7,733 6,639 Impairment of long-lived assets 4,592 — Total operating expenses 71,843 72,344 Operating income (loss) (5,535 ) 1,211 Interest and other financial costs 9,712 8,007 Income (loss) before taxes and equity in earnings of joint venture (15,247 ) (6,796 ) Income taxes (benefits) — — Equity in earnings of joint venture, net of taxes of $0.9 million ($0.8 million in fiscal 2024) 2,428 2,165 Net (loss) income, net of tax $ (12,819 ) $ (4,631 ) Weighted average common shares outstanding: Basic 19,357 19,058 Diluted 19,357 19,058 Net (loss) income per common share: Basic $ (0.66 ) $ (0.24 ) Diluted (0.66 ) (0.24 ) BIRKS GROUP INC. CONSOLIDATED BALANCE SHEETS (In thousands) As of March 29, 2025 March 30, 2024 Assets Current Assets Cash and cash equivalents $ 1,509 $ 1,783 Accounts receivable and other receivables 6,608 8,455 Inventories 116,277 99,067 Prepaids and other current assets 2,072 2,913 Total current assets 126,466 112,218 Long-term receivables 1,084 1,571 Equity investment in joint venture 5,169 4,122 Property and equipment 25,380 25,717 Operating lease right-of-use asset 34,964 51,753 Intangible assets and other assets 3,017 7,887 Total non-current assets 69,614 91,050 Total assets $ 196,080 $ 203,268 Liabilities and Stockholders' Equity (Deficiency) Current liabilities Bank indebtedness $ 73,630 $ 63,372 Accounts payable 58,114 43,011 Accrued liabilities 6,053 6,112 Current portion of long-term debt 4,860 4,352 Current portion of operating lease liabilities 6,929 6,430 Total current liabilities 149,586 123,277 Long-term debt 21,374 22,587 Long-term portion of operating lease liabilities 38,629 59,881 Other long-term liabilities 4,502 2,672 Total long-term liabilities 64,505 85,140 Stockholders' equity (deficiency): Class A common stock – no par value, unlimited shares authorized, issued and outstanding 11,876,717 (11,447,999 as of March 30, 2024) 42,854 40,725 Class B common stock – no par value, unlimited shares authorized, issued and outstanding 7,717,970 57,755 57,755 Preferred stock – no par value, unlimited shares authorized, none issued — — Additional paid-in capital 19,719 21,825 Accumulated deficit (138,295 ) (125,476 )
Khaleej Times
20-07-2025
- Business
- Khaleej Times
Widening financial literacy for women of colour in the UAE
Injeel Moti is a woman on mission. Hailing from a typical South Asian household, she has seen that how money was a taboo topic. 'Most financial education platforms didn't speak to us, our cultural nuances, or our unique challenges,' Moti, founder and community lead at Brown Girls Invest, said. Excerpts from an interview: 1. What inspired the creation of Brown Girls Invest, and what gap did you see in the financial education space? I started Brown Girls Invest because I realized how few conversations women especially women of colour in our region are having about money. Growing up in a South Asian household in GCC, money felt like a taboo topic, and most financial education platforms didn't speak to us, our cultural nuances, or our unique challenges. BGI was born to change that, to create a safe, relatable space where women can learn, ask questions freely, and build financial confidence without judgment. 2. How do you define success for BGI over the next three years? For me, success isn't just about numbers—it's about impact. If, in three years, we can look back and see hundreds of women who've started investing, negotiated better financial terms for themselves, or simply feel more confident managing their money, that's success. We also want to grow BGI into a recognized, trusted community for women across the Middle East. Our debut event in late June was a huge step in that direction, it brought together an incredible group of women, from their early 20s to their 60s. The energy in the room was electric: the curiosity to learn, the willingness to share, and the collective ambition to grow financial knowledge was exactly the kind of encouragement I needed. It's moments like that which motivate me even more to keep building this community. 3. How is BGI's model different from other financial literacy platforms? What sets us apart is our community-first approach. BGI is not just a course or a workshop—it's a space where women can talk openly about money, share experiences, and learn in a way that feels approachable and culturally relevant. Our sessions are designed to be jargon-free, beginner-friendly, and tailored to women in this region, which you don't often see in global financial platforms. 4. Are you open to collaborations with corporates or financial institutions? If so, what would an ideal partnership look like? Absolutely. Partnerships are key to making financial education more accessible. The ideal collaboration would be with brands or financial institutions that genuinely care about empowering women—whether that's through sponsoring our workshops, providing expert speakers, or even developing tailored financial products designed for women. It has to feel authentic, not just a tick-box CSR exercise. We're also actively exploring partnerships with co-working spaces and incubators, as many young and first-time founders operate out of these hubs. They are very much part of our target audience and could benefit immensely from the knowledge and support the BGI community provides. Additionally, we aim to work closely with women-centric community groups & universities across the region to reach and engage even more women who can benefit from financial education and collective learning. 5. How do you fund your programmes, and are you looking for sponsorship or investment? Right now, we're primarily self-funded, and some of our programmes are supported through paid workshops. But yes, we're actively looking at sponsorships and impact-driven investment partners who share our vision. Funding will help us scale faster, create better resources, and make our programs more accessible, especially for women who can't afford expensive financial courses. 6. What are the biggest opportunities you see for growth and scale across the Middle East? The appetite for financial literacy is growing, especially among young women. There's a huge opportunity to expand into other emirates within UAE and GCC where resources are scarce, partner with fintech platforms to make investing simpler, and even create Arabic-language content for wider reach. The Middle East is at a tipping point for women-led financial conversations, and BGI wants to be at the heart of it. 7. What are your plans for the next five years? In five years, I want BGI to be the go-to financial education community for women in the region, with chapters across the GCC, a robust online learning platform, and mentorship programmes connecting women to financial experts. We're also exploring certifications and partnerships with schools and universities to start financial education earlier. 8. How can one get involved with BGI? There are so many ways! You can attend our workshops, join our WhatsApp community, sign up for our courses that are set to launch in September this year, or even volunteer as a mentor or speaker if you have expertise to share. As we are still in the building phase, we're always open to collaborations with like-minded brands and individuals who believe in financial empowerment for women.
Reuters
16-07-2025
- Business
- Reuters
Abu Dhabi's ADNOC plans to transfer 24.9% stake in OMV to XRG unit
DUBAI, July 16 (Reuters) - Abu Dhabi National Oil Company said on Wednesday it plans to transfer its 24.9% shareholding in Austria's OMV AG ( opens new tab to its XRG investment unit ahead of the establishment of a chemicals company combining existing OMV and ADNOC firms. ADNOC last year bought a 24.9% stake in OMV from Abu Dhabi sovereign wealth fund Mubadala, without disclosing the financial terms. Earlier this year, ADNOC and OMV agreed to merge their polyolefin businesses to create a chemicals company with a $60 billion enterprise value. The merged entity, Borouge Group International (BGI), is set to be the world's fourth-largest polyolefins firm by production capacity, behind China's Sinopec and CNPC and U.S.-based ExxonMobil (XOM.N), opens new tab, ADNOC Downstream CEO Khaled Salmeen told Reuters in March. BGI will combine two joint ventures - Borealis, 75% owned by OMV and 25% by ADNOC, and Borouge ( opens new tab, 54% owned by ADNOC and 36% by Borealis, the company announced in March. In its statement on Wednesday, ADNOC said it is progressing with preparation for the proposed establishment of BGI. ADNOC's proposed 46.94% shareholding in BGI is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals, the statement said.
RNZ News
06-07-2025
- General
- RNZ News
Alternative education rule change would change lives
Former alternative education student Hayley-Jane with her former teachers Rose McIlhone and Nathaniel Hakeagaiki. Photo: RNZ / John Gerritsen Tutors and teachers at last-chance education programmes say allowing them to keep struggling secondary students beyond the age of 16 would have a life-changing impact. Alternative education programmes enrol about 2000 teenagers a year who are at risk of disengaging from school, or already have disengaged. At a recent seminar in Wellington, their staff told RNZ they had seen a big increase in enrolments by girls and young teens in recent years. They also warned warn that intermediate-age school children increasingly needed their services too. The programmes provided small-group tutoring, but staff said most students were not ready to learn until they had worked through social and mental issues, a process that could take months. Philo Heka is the manager of Koraunui in Stokes Valley, one of just two marae-based alt ed providers in the country. Photo: RNZ / John Gerritsen Former alternative education student Hayley-Jane said it had a huge impact on her life and on many of the other students she was with. But she had to leave when she turned 16. One of her former teachers Rose McIlhone - now an English teacher at Te Whare Taiohi, the alt ed programme run by the BGI boys and girls institute in Wellington - said the schemes would make an even bigger difference if they could keep students beyond the age of 16. "I think it would be huge. I think we need a year to build those relationships and then following that a year to do some real learning and help them connect to what comes next," she said. She said students arrived with complex needs and they increasingly seemed to have disengaged with learning earlier in their schooling. "Sometimes they come with mental health concerns, lots of trauma, but perhaps now there's bigger gaps in their learning and they may be disengaged from school at a younger age, so it starts happening at intermediate," she said. Jo Maunder is the head teacher at RLC alternative education in Wainuiomata. Photo: RNZ / John Gerritsen RLC alternative education in Wainuiomata head teacher Jo Maunder said when she started in the field 25 years ago, 90 percent of the students were boys. "But now we have almost half-and-half boys and girls, so there's been a lot more girls coming in to alternative ed in the last, I would say, 10 years. Big change in the mental health needs of our students, huge change in that, and also quite a big change in the amount of letters after their names. We've got ADH, ADD, ODD," she said. Maunder said she was also seeing more students in the younger age groups. "The students are getting younger and younger. We're actually only funded for three years from when the turn 13 to when they turn 16 but obviously when you end up in high school you're 12 so yeah, we are getting 12-year-olds," she said. Maunder said every alternative education provider should be funded to employ a registered teacher. "We are the last stop for students for formal education in New Zealand and our funding is so low that we can't even afford to hire teachers," she said. Philo Heka - the manager of Koraunui in Stokes Valley, one of just two marae-based alt ed providers in the country - said students should be able to choose to enrol in alternative education instead "It should be open to all young people who need that time out from school. I think if kids have a bit of time out, re-set, re-focus, things might be a little bit easier for them," she said. Lloyd Martin says three-quarters of the students engaging in alternative education did not return to regular secondary school. Photo: RNZ / John Gerritsen Lloyd Martin had been involved with alternative education for many years and recently completed doctoral research on it. He said the biggest change the sector needed was agreement on its purpose. "To get there, you have to fail in the school system. Perhaps a better pathway would be to recognise who needs to be there," he said. "There's 1800 places funded I think from memory. There's a lot more than 1800 kids who are missing school and need a better environment and why should you have to fail to get there." Martin said alternative education was officially regarded as something that fixed kids so they could return to regular secondary school, but three-quarters of its students did not return to school. "There is a group of kids often because of adversity and the stuff that's happened in their lives who just need a different environment to learn in. If they were from wealthy families, their parents would put them in a Steiner school or something like that," he said. Martin said schools now recognised the effects of neurodiversity on students, but they had not yet recognised the effects of trauma and adversity. "If we asked what do these kids need we would end up with a different model of funding," he said. Martin said more spending on alternative education would be a good investment for society. "It's probably a lot cheaper doing something when they're 14 than when they're 21 and in the justice system or stuck in the welfare system," he said. "If we could break some of those trajectories, shift some of them, we could save money in the longer term and be more humane in the process." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
19-05-2025
- Business
- Scoop
Brian Gaynor Initiative Key In Investigative Journalism Award Win
Press Release – Brian Gaynor Business Journalism Initiative The award, established to honour long-time broker, analyst and business columnist Brian Gaynor, provided financial help allowing Jonathan to research, write and produce his podcast series Powder Keg about New Zealander Chris Ashenden and his billion-dollar … The Brian Gaynor Business Journalism Initiative congratulates Jonathan Milne, managing editor of Newsroom Pro, for his success at the 2025 Voyager Media Awards. Last year, Jonathan was the inaugural recipient of funding for investigative business journalism from BGI. The award, established to honour long-time broker, analyst and business columnist Brian Gaynor, provided financial help allowing Jonathan to research, write and produce his podcast series Powder Keg – about New Zealander Chris Ashenden and his billion-dollar supplements company AG1. On Friday night, Jonathan Milne and Powder Keg won Business Journalist of the Year and Best Original Podcast or Series, as well as being a finalist in the Best Investigation category at the News Publishers' Association-run awards. 'I'd been wanting to tell the story of Chris Ashenden and AG1 for months, but high-quality audio-visual storytelling isn't cheap and resources are tight across the media,' Jonathan says. 'I'd all but given up, then the Brian Gaynor Initiative announced its business journalism funding. 'This was like no journalism grant I'd seen before. A high-trust model gave Newsroom the freedom and flexibility to go where the story led us. As our investigations revealed a far bigger story than we'd imagined, we realised that to track down Ashenden, we'd need to go to Colombia, and then Mexico. BGI trusted us, and backed us, and dug still deeper. 'The story simply wouldn't have happened without that support.' Anna Gibbons, Brian Gaynor's wife and BGI chair, says he would have been delighted an investigative piece that without funding would not have been possible, had won at the Voyagers. 'This is tangible evidence of the success of our goal – to support important business stories being told.' BGI recently changed its funding process for investigative projects so they can now be submitted throughout the year. 'We believe this is more in keeping with the nature of journalism as it's practised. We want journalists who come across a potentially substantial investigation to be able to apply when the opportunity arises,' Anna says.
