By NKIRUKA NNOROM

The Managing Director of Learn Africa Plc, Mr. Olusegun Oladipo, has said that the company is set to improve its sales, as well as its profitability in the current financial year given certain measures implemented by the management.

Speaking at the pre-AGM press briefing in Lagos, Oladipo said the Board and management are prepared to make judicious use of resources available to it to enhance shareholders’ value.

He said that the company has overcome the challenges that emanated from the divestment of its two major shareholders in February 2012 and is ready to pay shareholders 12kobo dividend for their investment in the company for the year ended December 31, 2013.

He explained that the company has restructured its entire marketing and sales team for optimum utilisation and efficiency to enable it meet the current challenges of contemporary book business.

He said, “You are aware that in the first quarter of 2012, the two majority shareholders of this company – Pearson Education Limited and Longman Group Plc – formally divested their combined 51 percent holding from our company.

“Longman UK took along with them all their titles and these books are key to Learn Africa as they constitute 34 percent of our total turnover in open and bulk markets. This automatically means that 34 percent of our sales were lost as a result of the divestment.”

He noted that the insurgence in the north was also a major set-back to the company’s business in 2013, adding that 75 percent of its bulk sales were lost as no government from the northern axis of the country patronised it within the year.

“Also, the insecurity in the north affected our open market. The increased rate of piracy also affected our profit,” he added.

He lamented the harsh economic environment characterised by high interest rate, erratic energy supply and poor road network, saying that they escalated the company’s operational cost in 2013 financial year.

“I am pleased to report that there is light at the end of the tunnel as evidenced in our performance for the first quarter of the current financial year. We have introduced new titles into the Nigerian market as replacement for some of the Pearson Education’s titles that were withdrawn from our list.

“It is interesting to note that we have carried out a thorough revision of some of our publication to align them with the new curriculum requirement and sustain market acceptance,” he stated.

“I feel confident that we will be able to achieve higher level of sales and profitability this year given our firm commitment to exploit all available opportunity and I want to assure our shareholders that the future of this company is bright and we will continue to raise the bar in book publishing and marketing while generating appreciable returns-on-investment,” he added.