Academy Press posts N151.9 million loss for FY 2016

Academy Press Plc has announced a loss after tax of N151.9 million for the financial year ended march 2016 as a result of low revenue and increased operating expenses.

The printing press company which recorded a loss of N25.5 million in the previous year, proposed no dividend to shareholders he current year ended, compared to N40.3 million paid as dividend in 2015.

Academy Press also recorded a loss before tax of N184 million, from loss before tax of N9.68 million in prior year financials.

The group revenue dropped by 11.4 percent to N2 billion in 2016 from N2.3 billion in 2015 while total operating expenses rose by   4.5 percent to N447 million  from N428 million  the  prior year.

Breakdown of Academy Press revenue shows that Books sold in 2016 stood at N1.8billion, 11 per cent below N2 billion in 2015. Revenue generated from annual reports dropped by 27 per cent to N101 million    from N138.9 million    while revenue from diaries moved by 11 per cent from N21.97 million     to N19.7 million.

Other breakdowns include 35 percent drop in revenue generated from Calendars that stood at N14.9 million      while Labels revenue stood at N62 million from N58 million  in 2015.

The 51-year old company’s total assets dip by 1.8 per cent from N3.58 billion in 2015 to N3.5 billion recorded in 2016 as total liabilities up by 3.2 per cent to N2.9 billion as against N2.8 billion recorded in 2015.

Meanwhile, Academy Press Plc has appointed Mr. Femi T. Akingbe as an additional Director, following the company’s last Board meeting held on Thursday 23rd June, 2016.

This was conveyed in a regulatory report filed by the company with the Nigerian Stock Exchange (NSE) which also noted that the Board of Academy Press discussed and approved the appointment of Messrs. Ernst & Young as its external auditors.

“The current ones (Messrs. HLB.Ososanya & Co having served for more than the stipulated period in line with the Code of Corporate Governance Issued by SEC.” the report read.

Mr. Femi T. Akingbe serves as Financial Adviser of Emerald Energy Resources Limited. Mr. Akingbe has been Managing Director and Chief Executive Officer of Ventures & Trusts Limited (V&T) since 1988. He served as Assistant General Manager, Head of Credit Policy Department of Chase Manhattan Bank Nigeria Ltd from 1986 to 1988. He served as Manager of Lagos Branch of Chase Manhattan Bank Nigeria Ltd from 1984 to 1986. He served as Team manager of Chase Manhattan Bank Nigeria Ltd from 1983 to 1984. He served as Credit Analyst/Assistant Manager of Chase Manhattan Bank Nigeria Ltd from 1980 to 1983.

He served as Audit Senior of Price Water House from 1977 to 1980. He served at D O DAFINONE & COMPANY from 1976 to 1978. He also serves as the Vice Chairman of Global Haulage Resources Limited and a Director of Augusto & Co Limited and Academy Press Business Forms Limited. He serves as a Director of Emerald Energy Resources Limited. He served as Director of Law Union & Rock Insurance Plc. He received Diploma in Accounting from College of Technology, Lagos in 1978 and CA from International Institute for Banking, Chase, New York in 1982 and also completed Executive Program for Smaller Companies, Stanford Graduate School of Business in 1992. He is a Associate member of the Institute of Chartered Accountants of Nigeria.