State-owned enterprise and educational provider Learning Media Limited announced an after-tax profit of $1.5 million for the 2008 – 09 year, on total revenues of $24 million. This improved performance was the outcome of a successful programme by the company to turn around a disappointing result in 2007 –08, said new Board chair, Sandy Maier.
Restructuring of the company in 2008, which included adopting a more streamlined business model for the company’s core functions and the reduction of core staff numbers, had a positive effect on both productivity and indirect expenditure. Foreign exchange gains on US dollar payments for international contract publishing also boosted the financial result.
Learning Media’s strategy for sustainable profitability is to develop and extend its New Zealand contract relationships and to broaden its base of contract publishing clients offshore. A key focus has been on deepening its relationships with key local clients, the ministries of Education and Health, through a focus on continuous improvement in the quality of its work. Recognition of this quality and the company’s capability and expertise in learning design made it the first choice to work with the Ministry of Education on developing the Government’s National Standards for Literacy and Numeracy.
Learning Media continues to be the country’s largest educational publisher in Māori and Pasifika languages and maintains its high profile as an effective provider of teacher professional development services through its continuing leadership of the successful Literacy Professional Development Project (LPDP), as well as regional Assess to Learn (AToL) and Schooling Improvement programmes.
Internationally, the company worked on a significant contract with major US publisher McGraw-Hill to produce part of an extensive cross-grade literacy publications programme. Learning Media earned $5 million in overseas revenue in 2008 -09 from contract publishing and sales of its own materials.
“Learning Media has emerged from a particularly challenging period of change and restructuring with sound results, a sustainable business strategy, and a continued reputation for quality”, said Sandy Maier. “The company looks forward to reporting further positive progress next year”.
Read the Annual Report online at http://www.learningmedia.co.nz/annualreport/