25th Mar 2020 12:10
(Alliance News) - Publisher Quarto Group Inc said it expects to a report an annual revenue fall but a swing to profit.
Revenue in 2019 is forecast to fall 9.0% to USD135.8 million from USD149.3 million, but Quarto expects a pretax profit of USD2.9 million, swinging from a GBP600,000 loss.
"The board is pleased with this expected result which reflects an improvement on its year-on-year performance," Quarto said.
The company said it has not yet seen a "material impact" from Covid-19, though it noted order volumes in the UK and US have fallen in recent days.
Quarto added: "The board notes the financial support commitment made by the UK government as part of a package to support businesses in recent days. Whilst there is still uncertainty around this package, the board believes, based on the initial details circulated as part of the announcements, that the group would qualify for some elements of this financial support."
Shares in Quarto were untraded at 48.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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