By InvestAdvocate
Lagos (INVESTADVOCATE)-Book publishing firm Learn Africa Plc on Tuesday issued a profit warning for its full year ended December 31, 2015.
“Following the preliminary review of Learn Africa Plc’s Management Accounts for the year ended 31 December 2015, it is expected the earnings will be materially lower when compared to the prior year,” LEARNAFRICA said in an issuer’s announcement with the Nigerian Stock Exchange (NSE).
The company says the reduction of the earning is predominantly as a result of the reassessment of the provision for the impairment of debts reflecting in the books prior to the company’s divestment exercise from Pearson Education. This reassessment has become necessary due to the challenging business environment.
According to LEARNAFRICA, 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 Board, however, has in earnest put in place strategies and measures towards enhancing revenue generation, improving operating cost efficiency, rationalising our product lines and focusing on more profitable opportunities,” it added.
The company said following its Annual General Meeting (AGM) held in June 2015, it reiterates its commitment towards restoring shareholders’ value and maximising returns by its continuous revision and development of new titles and ensuring that they remain the preferred choice of customers nationwide.
