Quarto sees revenue drop in first quarter

Quarto sees revenue drop in first quarter

Illustrated book publisher Quarto has announced its first quarter results, with group revenue down 6%.

The company’s unaudited revenues and profits statement for the three months to 31st March 2013 show the decline, despite revenue for the Quayside Publishing Group in the US rising by 6%, and the Aurum Publishing Group in the UK seeing a 1% rise.

However, other segments saw a drop in revenue. The company attributed the fall to “the phasing of our order books”, and said it was in line with internal budgeting.

The statement added: “On the basis of current levels of trading visibility the group is on track to meet expectations with continued 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.” Revenue for the first quarter stood at $31,998,000 (£21m) down from $33,932,000 (£22m) in the same period of 2012, a fall of 6%.

Quarto’s revenue for the year ending 31st December 2012 stood at $180.9m (£121.5m), down from $186.1m (£124.9m) the previous year, a fall of 2.8%. Pretax profit for the year was $7.1m (£4.8m), down from $9.4m (£6.3m) a decline of 24.5%.