8th May 2014 09:40
LONDON (Alliance News) - The Quarto Group Inc said Thursday that it was on track to meeting management expectations and to deliver debt reduction and organic growth, as it saw revenue decline in the first quarter of 2014.
Quarto is an illustrated book publisher and distribution group.
Quarto saw revenue decline to USD29.4 million from USD32.0 million, as the previous year included revenue from its Image Factory printing business which it sold in September 2013.
Revenue in the company's publishing businesses were level with the previous year at USD22.0 million, Quarto said, and revenue from its Books & Gifts direct business was down but in line with its turnaround plan.
The company had net debt of USD82.5 million as at April 30, down from USD91.3 million in the previous year, benefiting from the sale of a property in Switzerland in March.
Shares in Quarto were trading down 2.8% at 165.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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