This archive report was first published on 9 June 2020.
Published on June 9, 2020, Longhorn Publishers Plc has issued a profit warning due to the disruption of learning caused by the COVID-19 pandemic.
The Kenyan publisher, which operates in Kenya, Uganda, Tanzania, Rwanda, and Zambia, expects its full-year earnings for the year ending June 2020 to be at least 25% lower than last year’s.
According to a cautionary statement from the Board of Directors, measures to combat the pandemic have severely affected the business.
“The COVID-19 crisis and the related mitigating measures implemented by governments in the regions where Longhorn operates, including the suspension of learning in schools, have had adverse impacts on the business and the performance for the financial year,” reads the statement.
Despite the challenges, the company intends to leverage digital learning solutions to improve its performance for the period.
Longhorn recorded a 4% revenue growth to KSh 725m and a net profit of Ksh 69 million in H1 2019.
