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Longhorn Publishers has posted an impressive 96% jump in their profits before tax for the 6 months ended 31st December 2015. The announcement of the results on Friday morning however did not impress the investors as the prices remained relatively unchanged from previous day's.

The group's net profits grew by 70% recording Kes. 67.8 million compared to 39.9 million reported in a similar period previous year. The largest expense item seemed to stem from increased taxation which jumped from Kes. 9,837m to 29,579m in respective periods accounting a 200% increase.

The management attributed the excellent performance to broad product diversification programmes and strategic partnerships and investments in Pan-African markets. During the period, the company recorded net sales of Kes. 831 million against 531 million in the previous period.

Operating expenses increase by 45% from Kes. 180 million to 262 million recorded in December 2014.

However a look at the balance sheet of the group reveals a sluggish relation between assets and the financier of the assets.

During the period under review, the group reported an increase of 74% in liabilities from Kes. 671 million to 1,170 million in relation to previous year's records. The shareholder equity grew from Kes. 418m to 515m a 23% increase. The total assets however recorded only 54% increase to Kes. 1,686 million from Kes. 1,089 million in a corresponding period.

This indicates a higher leverage from previous year's financing sources.

The company did not recommend any interim dividend for the 6 months ended 31st Dec 2015.

The financial year of the group runs from 1st July to Jun 30th.

Last modified on Tuesday, 23 February 2016

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21 February 2016

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