30th Oct 2013 09:33
LONDON (Alliance News) - Quarto Group Inc. Wednesday said it was on track to meet expectations as it posted an increase in pretax profit and a slight decline in revenue for the nine months ended September 30.
The non-fiction book publisher and distributor posted a pretax profit of USD6.0 million, up from USD5.5 million in the previous year. Quarto posted revenues were USD126.3 million, down from USD127.4 million.
During the third quarter, Quarto sold its World of Fine Wine Magazine in August and The Image Factory, a point-of-sale printing business, in September for a total consideration of USD3.3 million. The proceeds of these deals will go towards debt reduction, Quarto said, and will allow it to focus on its four core trading businesses.
"We continue to focus on debt reduction, overhead reduction, and the operating underpinnings of the business that will allow growth in revenue and profits in 2014 and beyond," Quarto said in a statement.
Shares in Quarto were trading down 1.0% at 158.88 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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