Quarto Group Inc Notice of Interim Results and Trading Update (9992J)
04 July 2017 - 4:00PM
UK Regulatory
TIDMQRT
RNS Number : 9992J
Quarto Group Inc
04 July 2017
The Quarto Group, Inc.
("Quarto" or "the Group")
Notice of Interim Results and Trading Update
The Quarto Group (LSE: QRT) will announce its Interim results
for the six months ended 30 June 2017 on Tuesday 8 August.
Prior to entering the closed period, the Group has been
reviewing guidance as given to the market. This process has
revealed that the guidance currently in the market uses a
publishing-only baseline for 2016 that does not reflect the benefit
of $2.1m relating to the reduction in the amortisation of
capitalised pre-publication costs - as explained in the FY2016
Results announcement on 31 March 2017 and in the Group's Annual
Report. As a result, the baseline guidance for 2017 and beyond has
been set too high.
The Interim results will reflect the ongoing soft retail
environment in the Group's domestic markets, resulting in a
lower-than expected trading performance in the year to date - as
well as a more pronounced second-half weighting, natural in a
pure-play publishing business. The Group expects its strong
publishing programme, combined with the continuing resilience of
its publishing portfolio and enduring backlist, to perform
significantly better in the second half.
Marcus Leaver, Chief Executive of The Quarto Group,
commented:
"This is a transitional year for Quarto as we refocus the Group
on our core publishing business. As expected, we have seen a soft
retail environment in the first half of the year in both our
domestic markets which, combined with the disposal of our trading
businesses earlier this year, means that our results will be even
more second-half weighted than in previous years. "
"We are making good progress towards our strategic objectives
and becoming more operationally agile to respond better to an
ever-evolving market environment. We look forward to announcing the
appointment of a new CFO in due course and to enjoying the full
benefits of our new organisational structure and systems upgrade by
year-end."
- ENDS -
For further information, please contact:
Marcus Leaver, CEO
Dorothée de Montgolfier, Group
Director of Communications 020 7700 9002
About The Quarto Group
The Quarto Group (LSE: QRT) is the leading global illustrated
book publishing group. Our 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 50 countries and in 39 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 and Hong
Kong. 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 quarto.com or follow us on Twitter
at @TheQuartoGroup.
This information is provided by RNS
The company news service from the London Stock Exchange
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