University Press Plc has warned investors of weak performance in its third quarter results over increasing pirates of its products and low demand for the Company’s products as a result of the economic realities in the country.
The Company Secretary, University Press, Binitie Aboyade-Cole in a statement to The Nigerian Stock Exchange (NSE) on Thursday said the expected purchase of books from the company by governments (Federal and States) and their agencies did not materialize.
He was, however, optimistic of a brighter future for the company as the board management are putting up measures and strategies to ensure the long-term survival of the company.
According to his statement, “University Press wishes to issue a profit warning in respect of its third quarter results for the period ending 31st December 2019.
“This action has been taken following the preliminary review of the Company’s revenue which revealed a reduction to N1.8billion at the end of November 2019 showing a difference of N800million between that date and the Company’s forecast of N2.6billion for the third quarter ending 31st December, 2019.
“The drop in revenue will directly affect the Company’s profit which may lead to the non-realization of the Company’s revenue budget and by extension its projected profit.”
Nigerian NewsDirect gathered that the company’s share price has remained flat at N1.46 since November 27, 2019.