Meridian Marshalls Holdings Limited has reported a loss for the financial year ending July 31, 2024, marking yet another year of financial struggles for the company.
According to the audited financial statements, the company recorded a net loss of GH¢24,190, slightly higher than the GH¢23,533 loss reported in the previous year.
The financial statement reveals that the company’s total operating income for the year remained at zero, indicating that there were no reported earnings from tuition fees, registration forms, or other fees and charges. Despite the absence of revenue, general and administrative expenses amounted to GH¢24,190, contributing to the overall loss.
This latest setback deepens the company’s retained earnings deficit, which stood at GH¢322,229 at the end of July 2024, up from GH¢298,039 in the prior year. Despite these financial difficulties, the directors of the company have expressed confidence in its ability to continue operations, as noted in their report on the company’s going concern status.
The company’s investments in subsidiaries, including Meridian Pre-University and Marshalls College, remain unchanged at GH¢1,000, suggesting that the firm is maintaining its stake in the education sector. However, with no recorded revenue and rising expenses, Meridian Marshalls Holdings faces significant challenges in turning around its financial performance.
While the company has reiterated its commitment to improving its financial standing, investors and stakeholders will be closely monitoring whether the business can recover from its prolonged losses or if further measures will be needed to ensure sustainability.
