Quarto Group Inc Q3 Interim Management Statement (1956O)
03 November 2016 - 6:00PM
UK Regulatory
TIDMQRT
RNS Number : 1956O
Quarto Group Inc
03 November 2016
The Quarto Group, Inc.
("Quarto" or "the Group")
Q3 Interim Management Statement
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 three months
ended 30 September 2016.
Trading update
Group revenue for the 9 months ended 30 September 2016 of
$130.4m was up 5.9% (2015: $123.1m*). Underlying revenue** for the
9 months ended 30 September 2016 was up 1.2%.
Revenue for the Group's core publishing businesses for the 9
months ended 30 September 2016 of $105.3m was up on the prior year
by 11.1% (2015: $94.8m). Underlying core publishing revenue** was
up by 4.9%. Both Harvard Common Press and becker&mayer,
acquired in February and August respectively, are integrating well
into the publishing portfolio.
Revenue for the quarter ended 30 September 2016 of $57.0m was up
3.0% (Q3 2015: $55.4m*). Underlying revenue** for the quarter was
down 6.9%.
Revenue for the quarter for the Group's core publishing
businesses was up on the prior year by 4.6% at $46.9m (Q3 2015:
$44.9m). Underlying core publishing revenue** was down by 7.6%,
reflecting the surge in sales of adult colouring books last
year.
Financial position
The Group's net debt on 30 September 2016 was $75.0m, down 6.7%
over the year (30 September 2015: $80.0m).
Outlook
On the basis of current levels of trading and order book
visibility, the Group remains confident that it will meet
management expectations for the full year and deliver both debt
reduction and earnings growth.
Marcus E. Leaver, Chief Executive of The Quarto Group,
commented:
"We have entered the last quarter confident that we will meet
management expectations for the full year, reducing debt and
delivering growth for a fourth successive year. We are pleased with
the integration of Harvard Common Press and becker&mayer into
our publishing portfolio, both of which are performing to
expectations and complement the organic growth we are seeing in the
core business. We have a solid model in place: the right people,
high-quality and long-lasting product, efficient processes, a
balanced portfolio of imprints and a scalable platform."
* Restated as set out in Note 1 of the 2015 Annual Report
** Underlying revenue and underlying core publishing revenue
exclude businesses acquired in the year.
- ENDS -
For further information please contact:
The Quarto Group
Michael Connole, CFO
Dorothée de Montgolfier, Group
Director of Communications 020 7700 9002
Bell Pottinger
Elly Williamson
Lucy Stewart 020 3772 2491
About The Quarto Group
The Quarto Group (LSE: QRT) is the leading global illustrated
non-fiction book publisher and distribution group. Its mission is
to make and sell great books that entertain, educate and enrich the
lives of adults and children around the world.
Quarto creates and owns proprietary content, publishing books
from a diverse portfolio of imprints that are creatively
independent and expert in developing long-lasting content across
specific niches of interest.
Quarto sells books across 45 countries and in 35 languages
through a variety of traditional and non-traditional channels,
while constantly looking for new ways to create and deliver content
that people need.
Quarto employs over 400 talented people in the US, UK, Hong
Kong, Australia and New Zealand. The group was founded in London in
1976. It is domiciled in the US and listed on the London Stock
Exchange.
For more information, visit quartoknows.com or follow us on
Twitter at @TheQuartoGroup.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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