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Q1 Interim Management Statement

26 Apr 2012 07:00

RNS Number : 0959C
Quarto Group Inc
26 April 2012
 



For Immediate Release

April 26, 2012

 

 

 

 

THE QUARTO GROUP, INC

 

Q1 INTERIM MANAGEMENT STATEMENT

 

Quarto (Full List: QRT.L), one of the largest international co-edition book publishers based in London, announces its Q1 Interim Management Statement which includes unaudited revenues and profits for the 3 months ended March 31, 2012. The Group is on track to meet expectations.

 

The first quarter of the year typically accounts for no more than about one sixth of annual revenues. The performance for the period continued to be solid. Overall, the operating profit was ahead by 35% at $666,000 (2011: $494,000). Bank debt was successfully refinanced, giving rise to a 5% increase in interest costs. EBITDA increased by 6% to $5.6 million.

 

The Book Publishing segment, based entirely in the English-language markets, helped by improved results in the US, and the UK, increased operating profit by 9%. Digital revenues increased threefold during the period, accounting for almost 3.5% of the segments revenue. The International Co-Edition segment continues to encounter some softness in major markets. Revenues grew by 1% and the normal seasonal operating loss was trimmed by 7%.

 

For the Trailing Twelve Months to March 31, 2012, revenues rose by 5% to $187.4 million and pretax profit was up by 4.6% at $12.2 million.

 

As part of its succession planning, the board welcomes Mr Marcus Leaver, 42, who joins the group in the second quarter as Chief Operating Officer. He is expected to take over as Chief Executive Officer next year, when Mr Laurence Orbach will relinquish the role. Mr Leaver, a British native, has extensive book publishing experience on both sides of the Atlantic, and was President of Sterling Publishing,in New York, the publishing arm of Barnes & Noble. He has relocated, with his family, to London.

 

A summarized trading statement to March 31, 2012 (before amortization of non-current intangibles and exceptional items) is set out below:

 

 

Three months

ended March 31

 

12 months

ended March 31

Year ended December 31

2012

2011

2012

2011

2011

$000

$000

$000

$000

$000

Revenue

33,932

32,618

187,440

178,015

186,126

Gross profit

12,047

11,128

64,184

59,077

63,265

Overheads

(11,381)

(10,634)

(47,277)

(42,655)

(46,530)

Operating Profit

666

494

16,907

16,422

16,735

Interest

(1,181)

(1,120)

(4,690)

(4,745)

(4,629)

Pre-tax result

(515)

(626)

12,217

11,677

12,106

EBITDA

5,588

5,284

37,620

36,259

37,316

 

There has been no material change in the financial position of the Group since December 31, 2011.

 

 

 

 

For further information please contact:

The Quarto Group Inc

0207 700 9004

Laurence Orbach, Chairman and CEO, Mick Mousley, CFO

 

Buchanan

0207 466 5000

Mark Edwards, Suzanne Brocks, Louise Hadcocks

 

About Quarto:

Quarto is one of the largest international co-edition book publishers with two principal strands of activity: its Publishing segment publishes books, under imprints owned by the Group; and its Co-Edition Publishing segment creates books that are licensed to third party publishers for publication under their own imprints in many languages around the world. 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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