Q3 Interim Management Statement

RNS Number : 6898R

Quarto Group Inc

30 October 2013

 



THE QUARTO GROUP, INC

Q3 INTERIM MANAGEMENT STATEMENT

Quarto (LSE:QRT), the world's leading international illustrated non-fiction book publisher and distribution group, announces its Q3 Interim Management Statement which includes unaudited revenues and profits for the 9 months ended September 30, 2013.  

On the basis of current levels of trading visibility the Group is on track to meet expectations.  We continue to focus on debt reduction, overhead reduction and the operational underpinnings of the business that will allow growth in revenue and profits in 2014 and beyond.

During Q3, we concluded deals to sell World of Fine Wine Magazine in August and The Image Factory, our non-core point-of-sale printing business, in September for a total consideration of $3.3m.  Proceeds from both deals will go towards debt reduction and allows us to focus on our four core trading businesses.

A summarized trading statement to September 30, 2013 (before amortization of non-current intangibles and exceptional items) is set out below:

	Nine months ended September 30				Year ended December 31
	2013		2012		2012
	$000		$000		$000
Revenue	126,347		127,237		180,873
Gross profit	43,817		44,267		63,021
Overheads	(34,351)		(34,841)		(46,440)
Operating Profit	9,466		9,426		16,581
Interest	(3,427)		(3,894)		(5,158)
Profit before taxation	6,039		5,532		11,423
EBITDA	24,019		24,338		36,509

There has been no material change in the financial position of the Group since December 31, 2012.

For further information, please contact:

Quarto	020 7700 9004	Peel Hunt	020 7418 8900
Marcus Leaver, CEO		Richard Kauffer
Mick Mousley, CFO		Daniel Harris
Bell Pottinger - Pelham	020 7861 3232
Elly Williamson
Emma Jane Edwards

 

END

 

 

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