LONDON (Alliance News) - Illustrated book publisher Quarto Group Inc on Wednesday said its third quarter revenue was broadly flat year-on-year, as solid core publishing sales were offset by continued challenges in its books and gifts direct arm.
Quarto said group revenue for the three months to the end of September was USD54.4 million, compared to USD54.5 million a year earlier, helped by revenue in its core publishing business rising to USD44.9 million from USD41.6 million.
This was offset by the continued challenges in the books and gifts direct arm, which has been hit by tough conditions in the Australian and New Zealand economics and the weakening currencies in both countries.
Revenue for the nine months to the end of September was up to USD120.6 million from USD120.1 million, and the group said it anticipates meeting its expectations for the full year.
"A good performance in our traditionally strongest fourth quarter will help underpin our full year targets of bringing debt down further and increasing earnings once again," said Chief Executive Marcus Leaver.
Quarto shares were untraded on Wednesday, having last traded at 220.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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