24th May 2016 08:28
LONDON (Alliance News) - Illustrated book publisher Quarto Group Inc on Tuesday said revenue grew in the first quarter, leaving it on track for all of 2016.
Quarto said revenue in the quarter to the end of March grew to EUR33.3 million from USD28.4 million a year earlier. The company said the first quarter is normally its quietest trading period, but it saw good momentum feed through from the fourth quarter.
Revenue will be more weighted to the second half of the year, Quarto said, but it said it anticipates it will hit expectations for the full year.
Quarto also noted recent press coverage of the value-added tax status of adult colouring books. The BBC reported HM Revenue & Customs intends to speak to publishers on the rules regarding VAT on these books. At present, both children's and adult colouring books are exempt from VAT.
Quarto said it has not been contacted by HMRC on the matter and said it sought guidance from the tax authority in 2015 and has been charging the standard 20% rate in the UK since then.
Quarto shares were up 1.5% to 233.5 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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