Quarto sees 2020 revenue fall 7% but profits rose

Quarto sees 2020 revenue fall 7% but profits rose

The Quarto Group saw revenue fall 7% year on year in 2020 to $126.9m (£91.5m) although adjusted operating profit increased to $10.6m (£7.6m) in the same period.

Results for the year ending 31st December 2020 showed revenue down from $135.8m (£97.9m) in 2019, with adjusted operating profit rising from $10m (£7.2m), something Quarto attributed to improved margins and cost reductions. Operating profit was up 6% to $9.3m (£6.7m) while the strength of the balance sheet improved to $43.7m (£31.5m) from $21.1m (£15.2m).

The company's net debt plunged 61% from $50.5m (£36.4m) to $19.7m (£14.2m), ...

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