Quarto Group profits up 26% in 2014

Quarto Group profits up 26% in 2014

Profits at global publishing company The Quarto Group rose 26% in 2014, with profits in the UK growing 24%.
 
In a statement filed with Companies House, Quarto said adjusted profit before tax totalled $12.1m (£7.7m) last year. Revenues were up 2% compared to 2013 to $172.6m (£110m).
 
Chairman Timothy J M Chadwick said: “We have made good progress in 2014 continuing the changes made in 2013 and we have delivered further debt reduction and earnings growth. This was achieved against some challenging circumstances in certain markets and channels, particularly in the first half of the year.”
 
C.e.o. Marcus Leaver said the growth was in part due to the company’s strategic review, launched in 2013.
 
“Partly owing to [this], and also the new initiatives in the publishing programmes this year, debt has gone down by 7% or $5m (£3.2m),” he said. “The debut reduction is less than we would have liked but the board is confident that the investments in intellectual property and other initiatives undertaken during 2014 will benefit the group’s net debut position during 2015 and beyond.”
 
Quarto Publishing Group UK reported an increase in both sales and profits. Turnover rose 3% to $21.5m (£13.7m), while profits rose 24% to $3.1m (£2m).
 
Revenues were up in the Quarto International Co-Editions Group (+6%) and Books & Gifts Direct (+6%) but down in Quarto Publishing Group USA (-1%) and Quarto Hong Kong (-8%).
 
Looking forward, Leaver said: “Our investment in intellectual property will continue. We shall also develop the business by acquisition, taking advantage of opportunities that support the long-term growth of our business around the world.”