30th Oct 2013 07:00
THE QUARTO GROUP, INC
Q3 INTERIM MANAGEMENT STATEMENT
Quarto (LSE:QRT), the world's leading international illustrated non-fiction book publisher and distribution group, announces its Q3 Interim Management Statement which includes unaudited revenues and profits for the 9 months ended September 30, 2013.
On the basis of current levels of trading visibility the Group is on track to meet expectations. We continue to focus on debt reduction, overhead reduction and the operational underpinnings of the business that will allow growth in revenue and profits in 2014 and beyond.
During Q3, we concluded deals to sell World of Fine Wine Magazine in August and The Image Factory, our non-core point-of-sale printing business, in September for a total consideration of $3.3m. Proceeds from both deals will go towards debt reduction and allows us to focus on our four core trading businesses.
A summarized trading statement to September 30, 2013 (before amortization of non-current intangibles and exceptional items) is set out below:
Nine months ended September 30 | Year ended December 31 | ||||
2013 | 2012 | 2012 | |||
$000 | $000 | $000 | |||
Revenue | 126,347 | 127,237 | 180,873 | ||
Gross profit | 43,817 | 44,267 | 63,021 | ||
Overheads | (34,351) | (34,841) | (46,440) | ||
Operating Profit | 9,466 | 9,426 | 16,581 | ||
Interest | (3,427) | (3,894) | (5,158) | ||
Profit before taxation | 6,039 | 5,532 | 11,423 | ||
EBITDA | 24,019 | 24,338 | 36,509 | ||
There has been no material change in the financial position of the Group since December 31, 2012.
For further information, please contact:
Quarto | 020 7700 9004 | Peel Hunt | 020 7418 8900 |
Marcus Leaver, CEO | Richard Kauffer | ||
Mick Mousley, CFO | Daniel Harris | ||
Bell Pottinger - Pelham | 020 7861 3232 | ||
Elly Williamson | |||
Emma Jane Edwards |
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