Quarto Group Inc (LON:QRT), the leading global illustrated book publisher today announced its unaudited half-year results for the six months ended 30 June 2018.
|
Results ($m) |
H1 2018 |
H1 2017 |
|
Group Revenue |
56.2 |
50.2 |
|
Adjusted2 Group Operating Loss |
(4.7) |
(7.2) |
|
Group Operating Loss |
(7.0) |
(7.6) |
|
Adjusted2 Loss before Tax |
(6.6) |
(8.7) |
|
Loss before Tax |
(8.9) |
(9.2) |
|
Loss after Tax |
(6.7) |
(5.2) |
|
Net Debt |
73.2 |
75.8 |
1. All results relate to continuing operations.
2. Adjusted measures are stated before amortization of acquired intangibles and exceptional items.
Financial Highlights
· Encouraging trading performance, ahead of the prior year
· Revenue up 12%
· Improved gross profit margin of 50.1% (2017: 48.2%)
· Cost-out programme initiated post period end, and significant progress made with our banking syndicate to extend facilities until August 2020
Operational Highlights
· Solid trading performance in a challenging retail environment in both domestic markets
· US publishing lists revenue up 9%, compared to 2017
· UK publishing lists revenue up 17%, compared to 2017, driven by a strong contribution from children’s imprints
Commenting on the results, Chief Executive, CK Lau said:
“This is an encouraging set of results. We have achieved good year-on-year growth and we are well placed to deliver a solid performance for the full year.
The Group has had to adjust to various transitions in the management of the Company during the first half year. Our resilient and talented staff have stepped up to the challenges we have faced and are committed to delivering on a leaner and more focused publishing programme.
The newly constituted Board are concentrating on delivering stability to the business, and the extension of the banking facilities will enable us to lay down a key building block in returning the Group to full-health.”
