ACADEMY PRESS ENROUTE 2017 LOSS

Academy Press PLC is almost certain to end the year to March 2017 in the loss league.

According to interim figures for the nine months to December released this week, this was because of cost pressure amidst near double digit drop in total income.

Total income had declined by 9.87% to N1406.4m as core revenue went down by a slightly higher 9.98% to N1388.7m.

Pressure on bottom line was then heralded by 10% increase in cost of sale to N928.4m and reinforced by 43.4% rise in administration cost to N591.6m.

Even though distribution expenses decreased to N34.9m from N40.9m and finance charges dropped by 29.1% to N135.1m, the harm was already done and Academy Press ended the period with N283.6m loss thus more than doubling the N139.2m loss previously.

This meant that it lost N20.2 on each N100 income compared to only N8.92 at the same in year 2016.

However, it ended the period more liquid as working capital came to N22.7m as against negative N561.4m previously.
ACADEMY PRESS: Nm 9 mths.
                     2016.            2015
Total inc.   1406.4.         1560.5
Core rev.   1388.7          1542.7
Cost of sale 928.4.         1031.9
Admin.        591.6.           412.5
Distribution 34.9.             40.9
Other inc.     17.7.             17.8
Finance cost 135.1.         190.5
Profit.           (283.6).      (139.2)
Margin %.     (20.2).        (8.92)
Working cap  22.7.       (561.4)

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