Business
Learn Africa slips into loss as earnings dwindle
Learn Africa Plc is expected to record loss for the 2015 business year, foreclosing any possibility of dividend payment to shareholders.
A regulatory filing by the management of Learn Africa Plc on Tuesday at the Nigerian Stock Exchange (NSE) indicated that the publishing company would record loss and lower turnover for the immediate past business year ended December 31, 2015.
The management of Learn Africa forewarned that its review of the management accounts for the year had indicated that earnings will be materially lower than the previous year.
“As a result of this, the financials of the company are indicative of a loss and a reduction in the performance of the company for the year 2015,” the company stated.
Read also: Wema Bank records mixed performance in 2015
The company blamed the negative performance on the reassessment of its books due to the challenging business environment as it had to make provisions for impairment of debts in the books prior to the divestment by its former majority shareholder, Pearson Education.
The board of directors of the company however said they have put in place strategies and measures to enhance revenue generation and improve operating cost efficiency by rationalizing the company’s product lines and focusing on more profitable opportunities.
The board reiterated its commitment towards restoring shareholders’ value and maximizing returns.
The company said it would continue to review and develop new book titles while ensuring that its titles remain the preferred choice of customers nationwide.
Learn Africa’s share price remained flat at 88 kobo on Tuesday.
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