Academy Press Plc closed its 2017 financial year ended 31 March on sustained negative trend as loss position intensified, calling for increased action by the company or the regulators to cushion the trend which has denied shareholders growth opportunities.
The trend has further subdued prospects of growth in equity price or expectation of early reversal to profitability as liquidity position of the firm and its equities diminishes due to low transaction on the floor.
The company’s audited result for the year ended 31st March, 2017, recently released by the Nigerian Stock Exchange (NSE) showed that loss after taxation stood at N512, 725 for the 2017 financial year, against N67,323 IN 2016, reflecting about 770 per cent increase.
However, the company’s performance reflected th same trend as loss after tax buoyed to N487,091 in 2017, from N9,885 posted in 2016.
The Group 2017 revenue closed higher at N2, 117,452, from N2, 047,675 recorded in the 2016 financial year ended March 31.
For the company, its revenue in 2017 financial year grew to N1, 842,636, from N1, 779,794 posted in the corresponding 2016 financial year.
Loss before taxation for the period closed higher at N387, 459, this was against N93, 510 posted in 2016 financial year. While for the company loss before tax increased to N353, 426, from N34, 937 posted in 2016.
Taxation for the group closed at N125,266 in 2017, against N26,187 in 2016 financial year. However, the company paid higher tax of N133, 665 during the period under consideration, against N25,052 paid in 2016.
The directors have not recommended payment of any dividend in view of the loss sustained by the Company and the need to strengthen its working capital position (2016: Nil).
Academy Press PLC controls 63.57 per cent in Academy Press Specialized Print Services Limited (APSPSL) and 65.16 per cent in Lithotec Limited of their equities which are non-listed.
At 31 March, 2017, the investments in the two subsidiaries amounted to N49.5m and impairment provision have been made for this.