Friday, December 06, 2019 / 04:47 PM / NSE / Header Image Credit: University Press
University Press Plc (University Press or the Company) wishes to issue a profit warning in respect of its third quarter results for the period ending 31st December 2019.
This action has been taken following the preliminary review of the
Company's revenue which revealed a reduction to N1.8b at the end of November
2019 showing a difference of N800m between that date and the Company's forecast
of N2.6b for the third quarter ending 31st December, 2019.
The drop in revenue will directly affect the Company's profit which may lead to the non-realization of the Company's revenue budget and by extension its projected profit.
University Press Plc's inability to achieve the projected results is attributed to the following reasons:
i. Increased erosion of the Company's revenue by pirates as many of the Company's products were pirated.
ii. Low demand for the Company's products as a result of the economic realities in the country.
iii. Expected purchase of books from the Company by Governments (Federal and States) and their agencies did not materialize.
University Press Plc is however optimistic of a brighter future for the Company as the Board and Management are putting up measures and strategies to ensure the long-term survival of the Company.
Visit University Press Plc IR Page in Proshare MARKETS
Graph - One Year Share Price Movement
Table: Unaudited Q2 2019 Results