Quarto 'pleased' to post 2019 profit, but pandemic forces cost-cutting measures

Quarto 'pleased' to post 2019 profit, but pandemic forces cost-cutting measures

Quarto has posted a trading update for its 2019 results, saying it expects revenues to slip 9% to $135.8m (2018: $149.3m) but will be returning a profit of $2.9m. However the company is putting in place immediate cost-saving measures as a result of the Covid-19 pandemic, including reducing its output of books and a voluntary four-day week for all staff.

The trading update revealed net debt has been reduced to $33m, following the open offer completed in January 2020 that succeeded in raising $16.5m net of expenses. Furthermore, previously tasked with repaying its debt facilities by 31st Aug...

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