Longhorn’s full year earnings up 28.6pc on cost savings

Longhorn’s full year earnings up 28.6pc on cost savings

Turnover dropped 3 per cent to Sh1.4 billion in the period as reduced sales in Kenya took a toll

A 9 per cent drop in production and operating expenses boosted the company’s performance.

Going forward the firm says it will boost new revenue streams in line with its plan to shift its content to digital

Centum-owned #ticker:ICDC Longhorn Publishers #ticker:LKL has announced a 28.6 per cent rise in profit after tax for the year ended June 30, powered by cost-savings and strong regional sales.

The NSE-listed #ticker:NSE firm’s net profit increased to Sh133.87 million in the period compared with Sh104 million a year earlier, even as its turnover went down marginally.

Its turnover dropped 3 per cent to Sh1.4 billion in the period as reduced sales in Kenya took a toll on the publisher’s bottom line.

However, regional diversification paid off for the publisher in the period as total regional sales in Uganda, Tanzania, Malawi, Zambia, Rwanda and Senegal contributed 30 per cent of the group’s turnover compared with 20 per cent in the previous year. Efficiency A 9 per cent drop in production and operating expenses boosted the company’s performance.Longhorn recently sent home workers to stem costs and increase efficiency.“Despite the reduction in turnover, the group improved its profitability due to an increased emphasis on cost management and production efficiencies,” the company said in a statement on Friday.Going forward the firm says it will boost new revenue streams in line with its plan to shift its content to digital platforms with […]

Full article at www.nation.co.ke

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