17th Mar 2016 10:17
LONDON (Alliance News) - Illustrated book publisher Quarto Group Inc on Thursday posted higher pretax profit and revenue for 2015, held back somewhat by the strong dollar.
Quarto said its pretax profit for the year to the end of December rose 8.0% year-on-year to USD12.9 million from USD12.0 million, while revenue increased to USD182.2 million from USD171.3 million.
Quarto will pay a final dividend of 9.4 cents per share, up from 8.2 cents, taking its total dividend to 14.5 cents from 13.7 cents.
Revenue grew across the business in the year, with core publishing performing well, helped by strong trading in children's publishing and foreign rights revenue, while the Ivy Press business it acquired performed ahead of expectations.
"Quarto made continued progress in 2015, delivering on our strategic objectives of revenue growth, debt reduction and dividend growth, while improving operational efficiency. This level of performance was enabled by the resilience of our business model and the professionalism, ambition and hard work of our people around the world," said Marcus Leaver, Quarto's chief executive.
Quarto shares were down 5.8% to 251.89 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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