Learn African Plc Turnover Increases

Nigeria’s leading learning resource company, Learn Africa Plc (formerly Longman Nigeria Plc), has reported a 58 percent growth in its business in the first quarter of 2012.

This was disclosed recently by the company chairman, Emeke Iwerebon, when the company played host to newsmen at its Pre-Annual General Meeting interaction.

The company used the opportunity to give the media an update on its achievements in the financial year ended December, 2011 and key developments in the company.

The interactive session held at the company’s corporate headquarters in Ikeja, Lagos, was a prelude to the company’s 39th Annual General Meeting.

In his speech at the event, the chairman stated that the audited results of the company’s operations for the year ended December 31, 2011 showed that the company posted a turnover of N2.923 billion, which represented an 18 percent decrease from the results recorded in the previous year.

“Our company nonetheless still achieved a moderate increase of 16% in its profit before tax of N382.79 million in 2011, from N328.78 million in 2010. Shareholders’ funds also increased marginally from the previous year by 1% to N3.435 billion in 2011, reflecting enhanced efficient management and better allocation of the company’s resources,” he said.

According to Iwerebon, “the future of Learn Africa is bright. We know how central and important customers are to us and to our business. We are developing new ways of managing our relationships with our customers, and ultimately, meeting their peculiar needs. We believe that with the successful transition and re-branding, coupled with the initial achievements attained by Millennium Education Limited, we shall become the reference point in Nigeria, not only for books, but also for digital solutions. The testimony of our effort is reflected in part, in our first quarter 2012 financial statement, reflecting an increased turnover of 58% above that which was recorded the previous year.”

Following the resolve of Pearson Education/Longman Holdings and Longman Nigeria Plc to operate as separate entities, it became imperative for the company to change its name and re-brand.

On 16 February, 2012, the new name and logo of the company was unveiled at a ceremony in Eko Hotel and Suites in Lagos.

Iwerebon pointed out that the company had achieved the feat of replacing most of its titles in record time with books that are of equal or superior pedagogical content, designs, creative drawings and enhanced four-colour production. The new titles include New Concept Mathematics for Junior and Senior Secondary Schools as well as New Concept English for JSS and SSS.

—Henry Ojelu