Illustrated book publisher Quarto made “steady progress in 2014 despite a tough first half to the year”, c.e.o. Marcus Leaver has said in a trading update.
Reporting on the year ending 31st December 2014, the publisher said that it had reduced debt and had seen “organic growth”.
Quarto saw a fall in revenue and profits for the six months ending 30th June 2014, but in October said it was aiming for profits of more than $12m for 2014, putting it back on track after the first half fall.
In the trading update released today (2nd February), Quarto said the “continuation of the positive trading performance reported in November sees Quarto well placed to meet expectations for the year and report both debt reduction and organic growth”.
In February, Quarto’s publishing divisions were rebranded with new names and a new visual identity. Aurum Publishing Group was renamed Quarto Publishing Group UK, while the Quayside Publishing Group became Quarto Publishing Group USA. The company said this “better represents how the divisions work together”.
In Australia and New Zealand, Books & Gifts Direct was created by the consolidation of Lifetime Distributors and Premier Books.
The company sold a property in Switzerland for $1.8m last year, and net debt as of 31st December 2014 was $66m, down from $71m the year before.
Leaver said: “I am pleased to report that the business made steady progress in 2014 despite a tough first half to the year. The determination of our people to produce the highest quality publishing has helped ensure that Quarto has built upon its strong position as the leading global illustrated publisher. I look forward to the business developing further in 2015, capitalising on our strengths, expanding our reach, and taking advantage of opportunities while continuing to bring down debt.”