Monday, March 22, 2016 06:05 PM / NSE
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.
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.
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, rationalizing our product lines and focusing on more profitable opportunities.
Further details of the Company’s financial performance will be disclosed as soon as the audit of the Company for the 2015 financial year is concluded.
As reported at the Company’s Annual General Meeting held in June 2015, the Company 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.