Q1 Interim Management Statement

RNS Number : 5331G

Quarto Group Inc

08 May 2014

 



THE QUARTO GROUP, INC.

Q1 INTERIM MANAGEMENT STATEMENT

The Quarto Group, Inc. (LSE: QRT), the world's leading global illustrated book publisher and distribution group is issuing its Q1 Interim Management Statement for the three months ended 31 March 2014.

Trading update

Historically the first quarter has been the Group's smallest quarter by revenue. Revenue for the quarter to 31 March 2014 was $29.4m (quarter to 31 March 2013: $32.0m). Revenue in 2013 included the contribution of The Image Factory printing business that was sold in September 2013. Underlying revenues were down 1%. Revenue for the Group's publishing businesses was level on the prior year at $22.0m. Revenue from Books & Gifts Direct revenue was down but trading overall was in line with its turnaround plan.

Financial position

The Group's net debt on 30 April 2014 was $82.5m (April 30 2013: $91.3m). Net debt, at constant currency was down $11.0m, at $80.3m. This reduction reflects the ongoing focus on debt reduction that includes the sale, completed in March, of a property in Switzerland for $1.8m resulting in an exceptional gain of $0.6m.

Outlook

On the basis of current levels of trading, the Group is on track to meet management expectations for the year and deliver both debt reduction and organic growth.

For further information, please contact:

Quarto                                    020 7700 9004

Marcus Leaver, CEO

Mick Mousley, CFO

Bell Pottinger                         020 7861 2840

Elly Williamson

Charlotte Offredi

About The Quarto Group

The Quarto Group (LSE: QRT) is the leading global illustrated book publisher and distribution group and is listed on the London Stock Exchange.  Quarto employs about 400 talented and creative people in four distinct but complementary businesses - Quarto International Co-Editions Group; Quarto Publishing Group USA; Quarto Publishing Group UK and Books & Gifts Direct, Australia & New Zealand.

The Group is well positioned in resilient segments of book publishing with rich reserves of Intellectual Property.  Quarto is uniquely positioned for growth as the industry adapts to new means of marketing, sales and routes to market.  The Group's headquarters are in London where the Company was founded in 1976.

 

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