N387.5m Full-Year loss Reported By Academy Press

For the year ended March 31, 2017, Academy Press Plc has recorded a group loss of N387.5m before tax.

 

The previous year also witnessed  a loss of N93.5 for the corresponding period the firm reported.

 

Its group revenue for the period stood at N2.12bn compared to N2.05bn of the corresponding period of last year.

 

In 2016, the Lagos-based printer showed great confidence in the country’s economy through the investment of N2bn in acquiring modern equipment within one year.

 

The Minister of Information and Culture, Alhaji Lai Mohammed, had unveiled some of the equipment, saying  the company had continued to grow since it commenced production over 50 years ago.

 

The Chairman of Academy Press Plc, High Chief Simeon Oguntimehin, said the company had the capacity to produce 100 million standard books, 24 million magazines and annual reports and several million copies of sensitive and confidential print annually.

 

The printing equipment unveiled were the Muller Martini Concepta, a six colour press with output of 40,000 impressions per hour, and the Dimuken Hologramme Applicator Machine for applying hologram seal and hot foil stamping for security print and other sensitive documents.