LONDON (Alliance News) - The Quarto Group Inc said Monday it is well placed to meet expectations for 2014, and to post a reduction in net debt and organic growth, despite a "tough" first half.
The book publisher and distributor rebranded its publishing divisions and consolidated its Lifetime Distributors and Premier Books businesses in Australia and New Zealand last February.
It launched a gift and stationary programme, put greater emphasis on children's books, and expanded its global reach by launching a joint venture in Brazil, and after the year end, opened a new print buying office in Hong Kong.
The company ended 2014 with net debt of USD66.0 million, down from USD71.0 million at the end of 2013.
Quarto Group posted a pretax profit of USD1.1 million for the first half of 2014, up from USD715,000 on lower finance costs, despite revenue falling to USD65.6 million from USD72.2 million a year before. It attributed the fall in revenue at that time to weakness in the UK and US.
"I look forward to the business developing further in 2015, capitalising on our strengths, expanding our reach, and taking advantage of opportunities while continuing to bring down debt," said Chief Executive Officer Marcus Leaver in a statement.
Shares in Quarto are untraded Monday. They last closed at 153.50 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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