This archive report was first published on 10 June 2020.
On June 10, 2020, Longhorn Publishers, a Nairobi-based company listed on the Nairobi Securities Exchange, issued a profit warning for its financial year ending June 30, 2020.
The company's Board Chairperson, FT Nyammo, attributed the expected reduced earnings to the COVID-19 pandemic and the resulting school closures, which have disrupted the business.
"The COVID-19 crisis and the related mitigating measures implemented by government in the regions where Longhorn operates, including the suspension of learning in schools, have had an adverse impact on the business on the performance of the year," Nyammo stated.
As a result, the board of directors has revised its expectations for earnings generated by the end of the current financial year.
Longhorn Publishers is, however, focused on scaling and optimizing its digital learning solutions to support the recovery of the group's performance.
For its 2018 results, the company recorded a profit before tax of Sh92.2 million in the second half of 2019, driven by the significant rise in sales of products such as 'Kamusi ya Karne' and the Comprehensive Atlas.
With schools in Kenya set to re-open at the beginning of September after a five-month closure, President Uhuru Kenyatta has directed the Education Ministry to consult with health experts to come up with a new calendar by mid-August.
