Quarto Group Stays on Track

In a brief update on third quarter results, the Quarto Group said sales were flat in the period and that the company remains on track to have an increase in earnings for the full year. 

The Quarto Group, Inc. (“Quarto” or “the Group”), the world’s leading illustrated book publisher and distribution group, today issues its Q3 Interim Management Statement for the quarter to 30 September 2015.
 
Trading update
Revenue for the quarter to 30 September 2015 was broadly flat at $54.4m (quarter to 30 September 2014: $54.5m). Underlying revenues* for the quarter were down 5.3%.
 
Revenues for the Group's core publishing businesses were up on the prior year by 7.9% at $44.9m (2014: $41.6m). Underlying publishing revenues* were up 1.3%.
 
The trading of our Books & Gifts Direct business faces challenges arising from the difficulties in the Australian and New Zealand economies and their weakening currencies.
 
Year to date revenue was $120.6m (2014: $120.1m). Underlying revenues* for the year to date were down 4.8%. 
 
Financial position
The Group's net debt on 30 September 2015 was $80.0m (30 September 2014: $82.3m).
                                                                                                         
Outlook
On the basis of current levels of trading and our order book, the Group is on track to meet management expectations for the full year and deliver both debt reduction and earnings growth.