London-based International publisher the Quarto Group reported overall revenues for the six months ended June 30 were $73.2 million, up 1% from the same period in 2011; and operating profit was $3.9 million, up 6% from the $3.7 million reported last year. Digital growth, including e-books, slowed in the second quarter but still grew 87% to $1.6 million, representing about 2.2% of total sales.
Quarto reported that book publishing revenues rose to $53.4 million from the $51.6 million reported for the same period in 2011, an increase credited to the acquisition of Frances Lincoln. Operating profit grew 13% to $4.9 million from the $4.3 million reported in the same period in 2011.
CEO Laurence Orbach, who is being challenged by two Quarto shareholders who want to remove him as CEO, said “performane exceeded expectations,” and said the results were “a good achievement given the challenging economic environment globally.”
