Longhorn Publishers #ticker:LKL has sunk right into a Sh145.3 million loss within the six months to December 2020 as gross sales had been damage by disrupted studying attributable to Covid-19 pandemic.
The writer had made a internet revenue of Sh68.96 million within the half-year to December 2019.
“The Group income declined in comparison with the identical interval final yr primarily attributable to the closure of colleges for all the interval,” Longhorn stated in a press release on Friday.
Kenya shut faculties indefinitely in March final yr when the primary case of coronavirus was reported inside its borders in a transfer that damage companies that depend on faculties being open.
Longhorn notes that the pandemic and the associated mitigating measures in Kenya and different regional markets the place it operates have had an opposed impression on its enterprise.
“The group operated beneath a difficult setting that resulted in a drop within the degree of exercise throughout the first half of the yr,” it stated.
Nonetheless, in Uganda and Tanzania, the place studying was not closely disrupted within the interval beneath evaluation, gross sales income grew by 263 per cent and 19 per cent respectively in comparison with the same interval the earlier yr.
Uganda reopened faculties for its candidates in October.
The writer says it expects important gross sales within the second half following the reopening of colleges in January.
“The distribution of secondary college titles in Uganda and competency-based curriculum (CBC) Grade 5 titles in Kenya is scheduled earlier than year-end.
“Tanzania is anticipated to surpass prior yr income given the traction being made with numerous revised and new titles accredited for the market,” stated Longhorn.
The Nairobi Securities Trade-listed agency posted a Sh225.9 million loss, the primary in eight years, for its full-year to June 2020 internet earnings as its revenues had been hit by the virus management measures.
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