WELCOME to The Moodie Report 7. The Week in Travel Retail Shaping the Future is the bold slogan that runs across Hermes Airports signage at Larnaka and Pafos airports in Cyprus, writes Dermot Davitt. At Pafos International, where the consortium opened its glittering new terminal last Saturday, the future has already arrived. The facility embodies modernity but also contains neat design touches that give it a strong Sense of Place, notably the use of native stone from the Pafos region. And crucially, it houses an impressive, well-integrated, commercial offer. The project is one strand of a 600 million-plus investment planned over the next 25 years in Cyprus by Hermes Airports. It underlines the value of long-term thinking, longterm planning and long-term investment. Larnaka and Pafos airports face uncertainty in the short term, due to their reliance on the UK passenger, whose willingness to travel and spend is being hit by the falling value of the Pound and the country s financial crisis. Yet at last Saturday s inauguration there was no sense of unease. With the security of a 25-year contract and the benefit of a long-term approach, Hermes Airports and its concessionaires are well placed to survive the troughs that a quarter century of trading will inevitably bring. Few industry executives believe that the next 12 months will be anything but testing outside a few hotspots but equally the emphasis seems to be shifting towards making the best out of those conditions rather than simply bemoaning them. As in Pafos, we see several encouraging examples of investment and imagination in the sector that suggest trading on Travel Retail Street may yet not be as bad as events on Wall Street have led us to imagine. In this issue we report on the notable +9.5% gain in nine-month commercial revenues by Aéroports de Paris (AdP), compared with a passenger gain of just +1.5%. Why? Simple more investment, better shops, greater partnership (AdP/Aelia) the joint venture s sales were ahead by an even more impressive +14.8%. Zürich Airport is another of our favourite airport companies partly for transparency and speed in declaring commercial results but mostly for their constant sense of innovation. The company this week announced the opening of an authentic Zermatt-style chalet landside restaurant through the winter months. What a great idea. No wonder it posted a +10.9% gain in commercial turnover for the first ten months, again way ahead of passenger growth. The sector needs more of that there s nothing like the warmth of new ideas to ward off the cold. Image of the Week Of the many photographs we took at the opening of Pafos International Airport's new terminal last Saturday, this one best captures the significance of the moment for aviation and tourism in Cyprus. Cypriot President Demetris Christofias (second right) is joined by EU Transport Commissioner Antonio Tajani (right), Minister of Communications & Works Nicos Nicolaides (second left) and Nicolas Shacolas (left), Chairman of Hermes Airports the driving force behind the project. FRIDAY SATURDAY SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY 13 NOVEMBER 2008 REACH, RELIABILITY, RESPECT QUOTES OF THE WEEK Recent events show that only the most efficient businesses will survive and prosper, and these investments put us in a strong position to weather the current crunch and future challenges. Emirates Airline and Group Chairman and CEO H.H. Sheikh Ahmed bin Saeed Al- Maktoum (page 5) underlines both the challenges facing aviation-related businesses in the current climate and the commitment needed for survival. It s a proud day for Cyprus, for Hermes Airports, and in particular for its Chairman Nicolas Shacolas, who has done so much to drive this development. At CTC-ARI Airports we are very proud of our new retail offer. The opening of the new Pafos Airport is welcomed by Gerry Crawford, General Manager of retail concessionaire CTC-ARI Airports. This excellent performance illustrates the Group's competitiveness, robust business model and growth potential in each of its business segments. Aéroports de Paris Chairman and CEO Pierre Graff reacts with understandable pleasure to the French airport company s outstanding nine-month performance (page 2). Page 1
WEEKLY ANALYSIS AdP airport services 9M 2008 vs 9M 2007 Service 9M 2008 9M 2007 2008 vs 2007 Aeronautical fees 590.0 549.8 +7.3% Ancillary fees 107.4 80.8 +32.9% Commercial activities 185.7 169.9 +9.5% Car parks and access 115.3 112.1 +2.8% Industrial services 53.6 47.6 +12.5% Airport security tax 295.7 279.1 +5.9% Rental revenues 68.0 59.5 +14.2% Others 67.2 65.1 +3.2% Airport services 1,482.8 1,363.7 +8.7% FRANCE. Commercial revenues at Aéroports de Paris (AdP) rose by +9.5% year-on-year in the first nine months, amid what the French airport operator today described as very strong consolidated revenue growth. Commercial revenues (shops, bars and restaurants, car rentals, advertising) increased to 185.7 million. Shops in restricted areas continued to report robust growth (+12.6%), lifted by greater international passenger traffic, the opening and renovation of numerous retail areas combined with an enriched product offer and better management of passenger flows, AdP said. AdP s revenue from duty free shops was 118.7 million in the nine months, up +12.6%. All amounts in millions Source: Aéroports de Paris AdP commercial activities 9M 2008 vs 9M 2007 Revenue stream 9M 2008 9M 2007 2008 vs 2007 Duty free shops 118.7 105.4 +12.6% Shops in public zones 7.4 6.9 +7.7% Bars & restaurants 18.7 18.1 +3.7% Advertising 14.9 13.6 +9.3% Foreign exchange 9.7 9.1 +6.8% Car rentals 9.4 8.8 +6.5% Others 6.9 7.8 11.3% Retail revenues 185.7 169.6 +9.5% Bar and restaurant revenues increased by +3.7% over the period to 18.7 million. Advertising revenues rose by +9.3% to 14.9 million. Car park and access revenues increased +2.8% to 115.3 million. Revenues from Other activities increased by +25.2% to 290.4 million in the first nine months. This was driven by Société de Distribution Aéroportuaire (SDA), which operates shops specialising in alcohol, tobacco, perfume and cosmetics in all of the AdP terminals, as well as the gourmet food shops in terminal 2F and (since 1 January 2008) in terminals 2B and 2C. It is owned in partnership with French travel retailer Aelia. All amounts in millions Source: Aéroports de Paris SDA revenue (to AdP, reflecting its 50% share) rose +14.8% to 134.8 million over the period. AdP said: This very strong performance reflects the dynamic sales momentum of shops located in new, renovated or recent retail areas, especially in La Galerie Parisienne. AdP Chairman and CEO Pierre Graff stated: Aéroports de Paris generated strong revenue growth of +11.2% [to 1,885 million] in the first nine months of 2008, strongly outpacing passenger traffic growth (+1.5%). This excellent performance illustrates the Group s competitiveness, robust business model and growth potential in each of its business segments. AdP revenues rose by a robust +9.3% in Q3, to 671.3 million. The passenger traffic growth of +1.5% was described as the strongest among the five biggest European airport groups. In the first nine months of 2008, ADP handled 67 million passengers. Passenger traffic rose +2.3% to 46.8 million at Paris Charles de Gaulle Airport and contracted -0.4% to 20.2 million passengers at Paris Orly. Favourably for travel retail, traffic growth was mainly driven by international traffic (excluding Europe) and European traffic, up +3.9% and +2% respectively. These segments make the biggest contribution to revenue growth, AdP said. International traffic (excluding Europe) accounted for 38.7% of total traffic in the first nine months. AdP is Europe s second-largest airport services group in terms of airport revenues and the European leader for cargo and mail. It builds, develops and manages airports including Paris Orly, Paris Charles de Gaulle and Paris Le Bourget. Page 2
MAIN NEWS CYPRUS. Pafos Airport s glittering new terminal was inaugurated on Saturday night at a special ceremony attended by Cyprus President Demetris Christofias, EU Commissioner for Transport Antonio Tajani and around 900 guests from Cyprus and overseas, including The Moodie Report. The terminal, which can handle around 2.7 million passengers a year, was developed by the Hermes Airports consortium, led by Cypriot businessman Nicolas Shacolas. It contains around 1,200sq m of new retail space operated by CTC-ARI Airports and a strong food & beverage offer from the Cyprus Airports Food & Beverage Company, with the operation managed by SSP. Aer Rianta International-Middle East is a shareholder in the Hermes Airports consortium, and is also a partner in CTC-ARI Airports and in the Cyprus Airports Food & Beverage Company. The airside retail zone is split into two, with one 575sq m main store featuring the core categories of beauty, liquor, tobacco and confectionery. A second store, of around 250sq m, offers fashion, electronics, jewellery & watches, books and other items. There is strong interplay between the retail and the food & beverage areas, which feature SSP concepts such as Caffè Ritazza, Sbarro and Upper Crust, SSP s first Beer Garden concept plus a new Mosaic Café, which offers neat Sense of Place to the central F&B area. CTC-ARI General Manager Gerry Crawford said: We wanted to create a village square atmosphere through the commercial zone, with good adjacencies between the shops and bars and restaurants. The Departures area caters to tourists who are finishing their holiday [over 90% of Pafos traffic is charter, most of it to the UK-Ed] so we want to help them relax in a nice atmosphere. There is consistency in the shop fronts, and it s easy to get around the area. Within the stores there are great sightlines from one end to the other. There is excellent personalisation, and suppliers have really got behind this project in a big way and in a short timeframe. The new terminal measures 18,000sq m in total. It is the first project to be completed by Hermes Airport under its 25- year concession signed in May 2006. For the full story, plus pictures, go to www.themoodiereport.com US. Relay at Ind unveiled six stores at the long-awaited new Indianapolis International Airport terminal, which opened this week amid great fanfare. Relay at Ind is a partnership between HDS Retail and DRE Retail. The US$1.1 billion facility, named Col. H. Weir Cook Terminal, can handle up to 12 million passengers a year. It features 50 retailers and restaurants, plus free Wi-Fi. Several of HDS Retail s key banners are part of the airport s new concession programme, including Relay, the world s largest news and gift brand; the recently developed news and convenience concept USA Today Travel Zone; and Hub Convenience, a concept offering news, quick grab-and-go meals, snacks, coffee and confectionery items. Two other speciality concepts round out the programme: a line of body care, kitchen and ambience products, provided by Fruits & Passion; and jewellery and fashion accessories offered by Artizan. In related news, Areas USA has opened eight F&B establishments at the new airport. With an investment of over US$4 million, Areas USA will be showcasing well-known international and local brands at the new airport. GENERAL NEWS INTERNATIONAL. Travel retail, airport and luxury goods stocks continued to struggle during the past week, amid the continuing global financial crisis and economic slump. Autogrill, the parent company of World Duty Free, Aldeasa and HMSHost Corp, closed on Wednesday night down -15.3% on a week earlier at 5.91, not far off its 52-week low of 5.67. Page 3
The Moodie Reportfolio stock movement summary w/e 12 Nov 2008 Movement Movement Closing price 52-week 52-week Stock in month in week 12 Nov 2008 high low Autogrill 11.8% 15.3% 5.91 13.03 5.67 Bahrain Duty Free 0.0% 0.0% 0.92 1.06 0.83 Dufry 12.5% 8.8% 27.30 129.00 23.70 Dufry (S. America) 0.1% 5.2% 14.49 57.00 9.30 Hellenic DFS 26.1% +5.1% 6.16 12.41 5.84 JATCo +8.3% 8.6% 1155.00 2345.00 858.00 Jordanian DF Shops +9.5% +4.3% 9.89 10.50 6.99 Lagardère +5.8% 16.4% 28.44 56.16 23.56 Lotte Shopping Co 12.5% +3.0% 189,000 414,000 115,000 LVMH (DFS Group) 17.7% 19.5% 43.74 85.90 42.90 MISR DF Shops 5.8% +6.1% 4.88 338.90 3.90 Stefanel 4.4% 4.4% 0.43 1.55 0.30 Source: The Moodie Report Selected airport & luxury goods stock movements w/e 12 Nov 2008 Movement Movement Closing price 52-week 52-week Stock in month in week 12 Nov 2008 high low Fraport 18.8% 2.9% 26.28 60.03 22.6 Macquarie Airports 18.4% 11.2% 1.99 4.29 1.81 Ferrovial 16.8% 12.6% 22.39 63.45 21.84 Richemont +10.0% 19.8% 13.79 20.97 11.06 Bvlgari +0.6% 19.6% 5.13 10.62 4.32 Hermès International +25.8% +15.4% 117 19.5 11.9 Source: The Moodie Report Dufry shares slipped by -8.8% to 27.30 over the week, and have fallen by -12.5% in the past month. The company s 52-week high of 129.00 now appears a distant memory in the wake of the financial crisis that has gripped the world s stock markets. Hellenic Duty Free Shops closed on Wednesday night at 6.16, bucking the general trend by posting an increase of +5.1% in its share price, although its monthly performance is down by -26.1%. Lagardère parent of Lagardère Services and Aelia slipped back by -16.4% to 28.44 during the past week, but its monthly performance is still encouraging: its shares are up by +5.8% in the period. LVMH, owner of DFS Group, is close to its 52- week low, at 43.74. The company has seen its stock slide by -19.5% in the past week and by -17.7% over the past month. Leading airport shares are also feeling the pain. Fraport Group, which operates Frankfurt Airport, saw its shares dip by -2.9% to 26.28 in the past week, while Macquarie Airports is down by -11.2% to 1.99. Luxury goods stocks have also taken a pounding: Richemont shares are down by -19.8% to 13.79 over the past week, while Bvlgari has fallen by -19.6% to 5.13. Encouragingly though, over the past the month both have seen their stocks rise, by +10% at Richemont and by +0.6% at Bvlgari. TENDER & CONTRACT NEWS SINGAPORE. Lagardère Services Asia Pacific, bidding as Saresco Travellers, has won the latest speciality retail concept tender at Singapore Changi Airport Terminal 1. It will operate a Discover Singapore theme store when the two-year contract begins in January. Lagardère beat competition for the speciality/brand-name concession from one rival bidder, Mitch & Marc Lifestyle. In September the retailer was awarded the key souvenirs contract at Changi T2, boosting its already strong presence at the airport. In related news The Civil Aviation Authority of Singapore (CAAS) has called tenders for two major chocolate/candy/delicatessen concessions at Changi Airport T2. Bids close on 9 December. The contract for Concession A begins on 1 May 2009; Concession B begins on 12 May. Both run for three years, with an option to extend for a further two at CAAS s discretion. Page 4
Currently Dufry Singapore operates two stores in T2 Departures, including its signature Sweet Treats outlet, while King Power Group (Hong Kong) operates a further two stores under its Chocolate.Candy.Delicatessen fascia. The confectionery tenders are traditionally among the most hotly contested of all at Changi. The last time the T2 concessions were tendered, in 2004, the bidders were King Power Group (Hong Kong), Dufry, Nuance-Watson (HK), Focus Network Agencies and Swizzle. Normally one would expect intense interest from around the world of travel retail for these contracts, and from local companies with a strong Changi track record. However, recent bids at Changi notably those retendered at T3 after contract resignations have been notable for softening bid levels compared with the original tenders. That s partly due to the diluting impact of three terminals and partly due to the financial markets crisis. RETAIL & COMMERCIAL SALES RESULTS BAHRAIN. Bahrain Duty Free Shops has announced what it described as very buoyant third-quarter results. Sales increased by +29% year-on-year to BHD9.2 million (US$24.5 million) for the period while operating profit before royalty increased by +64% and net profit jumped +27%. Consolidated year-to-date sales rose by +22% year-onyear to BHD27 million (US$72 million). Operating profit before royalty increased by +37%, while net profit for airport trading grew by just over +37%. Those figures represent an outstanding performance, especially given the troubled economic climate that has started to kick in over the most recent quarter. Impressively, sales outstripped very strong passenger growth. Passenger numbers increased by +20% for the third quarter and by +20% for the first nine months. Bahrain Duty Free General Manager Steve O Connor commented: This has been an exceptional nine-month period with all elements of our business airport duty free shops, sea ports and inflight duty free performing exceptionally. The only [negative] was the loss of the Gulf Air inflight contract, but the winning of the Bahrain Air inflight contract earlier in the year helps balance the loss somewhat and I believe with their commitment to duty free, combined with their expansion and growth plans, it will be an exceptionally successful partnership. The retailer s new web site (www.bdutyfree.com) will be launched in December and later an Arabic version will follow. This web site will allow online sales, pre-order and collection at the airport Departures or Arrivals stores. The company is also exploring ways to offer this service at the new Hidd cruise terminal in Bahrain, where Bahrain Duty Free will be operating a duty free facility from early next year (complementing its existing port operations). SWITZERLAND. Zürich Airport continued to defy the widespread gloom in aviation by posting a +5.4% increase in commercial turnover (net sales to consumers) in October, compared to the same month last year, reaching CHF40.5 million (US$34 million). Turnover per departing passenger in October was CHF40.44 (US$33.98), which is +2.1% ahead of October last year. For the first ten months, commercial turnover hit CHF400 million (US$336.2 million), up +10.9%, with airside (+9.7%) and landside sales (+12.6%) contributing strongly to the increase. Turnover per departing passenger from January to October was CHF42.42 (US$35.65), up +3.2%. The strong commercial performance came against an encouraging +3.2% rise in passenger numbers in October, to 2 million. Year-to-date passenger numbers are 18.8 million, up by +7.5% on the same period last year. For the full story go to www.themoodiereport.com UAE. Emirates Airline produced a net profit of AED284 million (US $77.32 million) for the first six months of its current financial year ending 30 September a fall of -88% year-on-year. The dramatic fall underlines the impact of the record jet fuel prices earlier this year, driven by the surging price of oil in the first half. Page 5
Emirates Airline and Group Chairman and CEO H.H. Sheikh Ahmed bin Saeed Al-Maktoum said: The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut up shop or consolidate. Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business and provide our customers with a quality product and service. We ve made massive investments in our eco-efficient aircraft fleet; in our newly-opened world class airport terminal [Dubai International Airport Terminal 3 Ed] dedicated to Emirates operations; in strengthening our global route network; and also in the supporting infrastructure for our growing business. Recent events show that only the most efficient businesses will survive and prosper, and these investments put us in a strong position to weather the current crunch and future challenges. The drop in profits was driven by fuel spend more than doubling from last year s AED4.1 billion (US$1.1 billion) to AED9.2 billion (US$2.5 billion). However in the first half of its financial year 2008/09 Emirates continued to post strong business growth, with operating revenues increasing by +31% to AED 22.1 billion (US$6 billion). Passenger traffic (in RPKs) was up +11%. Duty free sales onboard rose by around +20% year-on-year in the first six months, according to Emirates Airline Vice President Duty Free Sales John Sime. TRAFFIC NEWS DENMARK. Copenhagen Airport passenger numbers fell by -3.9% in October, compared to the same month a year ago, hitting 1.86 million. Within this, international passenger numbers dipped by -4.1% to 1.68 million. For the year to date, passenger numbers are 18.7 million, up +2.4% on the first ten months of 2007. In related news, Copenhagen Airports said this week that it expects the collapse of Sterling Airlines to hit its annual departing passenger numbers by between -0.5% and -1%. It also expects full-year pre-tax profits to fall by DKK50 60 million (US$8.5-10 million). EUROPE. Passenger traffic at European airports registered a drop of -3.3% in September 2008 compared with September 2007, Airports Council International (ACI) Europe has reported. ACI Europe Director General Olivier Jankovec said: The economic turmoil is now clearly taking its toll on airports across Europe. While they are still notable variations, with some markets, especially in Central and Eastern Europe OAG ranking of world airports by international commercial passenger flight departures, week commencing 3 Nov. 2008 Rank Rank Airport Country Flights Change 2008 2007 in week on year* 1 1 Paris Charles de Gaulle France 4,268 1% 2 2 London Heathrow UK 3,843 3% 3 3 Amsterdam Schiphol Netherlands 3,613 1% 4 4 Frankfurt International Germany 3,576 0% 5 5 Munich International Germany 2,638 3% 6 6 Hong Kong International China SAR 2,446 +1% 7 8 Vienna Austria 2,195 5% 8 7 Madrid Barajas Spain 2,193 8% 9 10 Singapore Changi Singapore 2,069 +4% 10 15 Dubai UAE 2,068 +12% 11 11 Zürich Switzerland 2,022 +2% 12 9 Copenhagen Denmark 1,937 6% 13 13 Toronto Lester B Pearson Int. Canada 1,912 +2% 14 12 Brussels Belgium 1,898 5% 15 16 Bangkok Suvarnabhumi Int. Thailand 1,787 1% 16 21 Rome Fiumicino Italy 1,641 +6% * w/c 3/11/2008 vs w/c 5/11/2007 Source: OAG Page 6
reporting passenger growth, an increasing number of airports of all sizes are feeling the ill-effects of rapidly declining demand. The accumulated figure for passenger traffic from January to September 2008 increased by +1.9% compared with the corresponding period in 2007. Airports welcoming more than 25 million passengers per year (Group 1), airports welcoming between 10 and 25 million passengers (Group 2), airports welcoming between 5 and 10 million passengers (Group 3) and airports welcoming less than 5 million passengers per year (Group 4) reported an average decrease of -4.3%, -3.6%, -2.6% and -0.7% respectively when compared with September 2007. Examples of airports that experienced the highest increase in passenger traffic per group, when comparing September 2008 with September 2007, include: Group 1 airports Rome Fiumicino (+5.7%) and Munich (+0.6%); Group 2 airports Berlin International (Tegel) (+5.7%), Zürich (+3.6%), Prague (+2.2%) and Geneva (+1.6%); Group 3 airports Milan/Orio al Serio (+10.6%), Moscow Vnukovo (+10.1%) and St Petersburg (+8.1%); Group 4 airports Sofia (+19.4%), Riga (+18.8%), Vilnius (+18.3%) and Katowice (+13.5%). GERMANY. Frankfurt Airport handled 4,718,017 passengers in October, down -4.9% on the same month last year. Fraport Group blamed the downward business trend in the world economy. From January to October 2008, Frankfurt Airport recorded a -0.4% drop in passenger numbers to 45,801,555. For the full year 2008 Fraport expects passenger traffic at Germany s major hub to drop marginally, by around -1%. Despite this, Fraport expects traffic on vital intercontinental routes to grow by about +1%. In October there was particularly strong passenger growth at the Fraport Group s majority-owned airports of Antalya (+14.7%) in Turkey and Lima (+6.4%) in Peru. Passenger increases were also registered at the Bulgarian airports of Burgas, up +1.3%, and Varna, up +2.0%. Traffic at Frankfurt-Hahn was stagnant, slipping slightly by -0.2%. From January to October 2008, the Group s airports (including Frankfurt) served a total of 67,813,443 passengers and recorded a +1.6% rise in traffic. Group-wide, Fraport forecasts a +1% gain in passenger figures for the entire year. TRAVEL & TOURISM NEWS JAPAN. Travel confidence among Japanese consumers has been shaken significantly by the global financial crisis, according to an attitude survey conducted by consulting firm Japan Market Intelligence (JMI). The findings were published by Travel Journal International (TJI) Online. In an online survey (conducted for three days from 22 October) polling 200 men and women between 25 and 69 years of age residing throughout Japan, 22% of the respondents said they are very much affected by the financial crisis. Rémy Cointreau seeks country managers for new Travel Retail Division Rémy Cointreau is setting up its new Global Travel Retail entity and is looking to fill a number of key Country Manager posts. These include: Spain Turkey UK Italy Benelux CIS/Eastern Europe If you are interested, please send your application (CV and letter) by e-mail to carriere@remy-cointreau.com, quoting The Moodie Report. Page 7
Some 52% said that the crisis has affected their choice of where they want to travel. And 37% said they plan to reduce the frequency of their travel in efforts to deal with the insecurity over their finances. More positively, some consumers said that despite the financial upheaval, they are willing to travel abroad to take advantage of the recent appreciation of the Yen (currently at 97.84 to the US Dollar). Editor s note: The Moodie Report works closely with TJI Online, the largest English-language travel trade news source in Japan. Week in, week out, it provides timely and sharp analysis of the all-important Japanese travel market international and domestic. To subscribe please visit https://tji.tjnet.co.jp. It comes with our highest recommendation. PEOPLE NEWS, JOBS, EVENTS & NOTICES UAE. The Miles for Smiles fund-raising run/walk in Dubai on 22 November has now raised over US$132,000 from sponsorship generated by the field of more than 50 runners. At the weekend the sum was boosted by 5,000 (US$7,846) via a wonderfully generous donation from King Power International (Thailand). That was the third major donation from an organisation in recent days TFWA Care donated 10,000 during the recent TFWA World Exhibition in Cannes and Gebr Heinemann and Hugo Boss added a further 15,000 from entry fees (and a top-up donation) to their annual exhibition-opening golf tournament. Essential Communications owner Rowena Holland, the co-organiser of the event, said that Miles for Smiles is likely to be covered by Dubai newspaper and television media, lending crucial visibility to The Smile Train, the world s largest cleft charity. For more about Miles for Smiles, including names of runners and walkers and how to sponsor them, please go to www.themoodiereport.com Thank you for your readership and support of The Moodie Report. Martin Moodie, Editor and Publisher Page 8