Quarto Group shrinks losses as it focuses on 'critical' second half
By Josh White
Date: Friday 16 Aug 2019
(Sharecast News) - Illustrated book publisher Quarto Group reported a marginal improvement in its half-year revenue on Friday, to $56.4m, compared to $56.2m a year earlier.
The London-listed firm said its adjusted operating loss had narrowed by 75% year-on-year for the six months ended 30 June, at $1.2m from $4.7m, while its loss before tax more-than-halved to $4.4m from $8.9m.
Its net debt shrank by 11% to $65m, with the board saying it saw a "strong" contribution from children's imprints, with revenues there up 14%.
"This is an encouraging set of results following a year of significant change for the group," said Quarto's chief executive officer Chuk Kin Lau.
"Revenue is slightly up year on year, while both operating loss and net debt have reduced significantly during the period in what is seasonally our weak half of the year."
Lau said the company was now focused on the "critical" second half, as it expected the trading environment to be "particularly challenging", especially on the adult co-edition side both in English and foreign languages.
"That said, we have the right plans in place to capture all possible opportunities and ensure a satisfactory year-end.
"The board remains focused on returning the group to full health, reducing debt and defining growth strategies for 2020 and beyond."
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