Academy Press plc reports N139 million loss

Academy press plc has recorded a loss before tax of N 139,160,000 for the second consecutive year ending December 2015.

The company’s revenue also dropped year over year from N1, 589,292 to N1, 542,693,000 at the end of 2015.

An unaudited statement of profit or loss and other comprehensive income for the period ended 31^st December 2015 attributed 76.34 percent of the total loss, representing N106, 238,000 to owners of the parent company, while 23.66 percent, an equivalent of N32, and 922,000 is attributed to non-controlling interests.

The company’s total liabilities also stand at N3, 138,955,000 a 4.71 percent increase from N2, 990,862,000 in the previous year.

The report also showed the company had less income from its customers, which stood at N1, 298,874, a reduction of 16.35 percent year over year.

Despite the reduced earnings from customers, the company’s report shows it paid more to its suppliers than the previous year.

The company’s cash flow from investing activities was only recorded in one category, denoted as “Exceptional Item”.

Cash flow from financing activities had negative value attached to medium term loan repayment which cost the company N398, 781,000.

Academy PLC’s share capital at 31st December 2015 stands at N588, 992,000.

Academy Press Plc was established in 1965 to provide printing and binding services required for the production of educational books and periodicals, annual reports, brochures, posters etc.

The Initial desire of the founders was to float a printing company that would break the monopoly of European printers which hitherto was responsible for corporate and educational printing in Nigeria then.

The company aims to be the most acceptable Printing Brand/ Market Leader in its sector.

The company prides itself as a producer of over 300,000 copies of magazines from various publishers in Nigeria which are being produced monthly, over 100 million copies of confidential materials also produced monthly, and several thousand copies of Annual reports, Brochures, Posters, etc which are as well being produced monthly for corporate organisations.

The company’s websites states it is positioned to print in excess of 40 million books per month based on recent capacity.

CALEB OJEWALE