ACADEMY PRESS PLC's GOOD PRESS UPs

Academy Press PLC looks set to develop good muscles this financial year like an athlete finally able to withstand press up pains.

According to half year figures to June, the times were indeed trying but mostly under good control.

By June core income had gone down by 2.3% to N585.1m but 68.9% growth in income from other sources to N6.4m helped reduce total income drop to 1.86% at N591.5m.

Then the cost of generating the core revenue decreased even faster by 9.3% to N341.5m leaving room for 9.63% increase in gross profit to N243.5m in spite of the revenue drop.

However, administration cost 3.83% increase to N178.1m threatened to rubbish this good foundation but 38.9% decrease in distribution cost to N7.52m and in finance charges by 4.38% to N50.2m helped to arrest the situation.

In the end. In spite of the income drop, Academy Press PLC reported N14.2m profit before tax within the period compared to N23.7m loss previously.

ACADEMY PRESS PLC: Nm
                     Half year
                      2016.      2015
Total income 591.5.  602.7
Core income 585.1.   598.9
Cost of sale  341.5.   376.5
Gross profit  243.6.   222.4
Other income 6.40      3.79
Distribution   7.52.     12.3
Administration 178.1 185.2
Finance cost      50.2   52.5
Profit before tax 14.2 (23.7)
Profit margin % 2.40  (3.93)
Working cap.(498.1)(558.2)

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