You are viewing your 1 free article this month. Login to read more articles.
The Quarto Group said it expects to meet targets for organic growth and reducing debt this year.
The illustrated book publisher has released its first quarter results statement covering the three months of the year to 31st March 2014, showing that group revenues were $29.4m (£17.3m), down 8% from $32m (£18.9m) in the same period in 2013. However, taking into account the revenue contribution of print business The Image Factory, which was sold in September 2013, revenues were down just 1%.
Revenue for the group's book publishing businesses was level at $22m (£13m).
The group's net debt on 30th April 2014 stood at $82.5m (£48.7m), down from $91.3m (£53.9m) a year previously. The statement said: "On the basis of current levels of trading, the group is on track to meet management expectations for the year and deliver both debt reduction and organic growth."
Quarto announced its 2013 year-end results for the business in February, with c.e.o. Marcus Leaver describing it as a "solid performance". The publisher also announced a rebranding of its divisions, with the Aurum Publishing Group becoming the Quarto Publishing Group, and the Quayside Publishing Group becoming the Quart Publishing Group USA.