Quercus anticipates 'significant' 2013 loss

Quercus anticipates 'significant' 2013 loss

Quercus expects to make a "significant trading loss" in 2013, according to its latest interim trading statement.

The independent publisher said that sales in the final quarter of the year were "lower than expected", attributing the result to "continuing issues within the book trade which led retailers to adopt very conservative ordering policies", and "a lower than expected upturn in digital sales over the Christmas period to the end of the year".

In the statement, the directors of the company said: "The company is in constructive discussions, which are on-going, with its bankers, Barclays, regarding the terms of its facility. A further announcement in this regard will be made in due course."

Looking ahead, the statement referred to the recent news that it has acquired world English language rights to a new novel in the Stieg Larsson Millennium series, written by David Lagercrantz, and scheduled for release in 2015. It said: "We regard this as a particularly positive development which should extend the life and revenues of the Larsson franchise for many years to come."

It added: "Our newly established US subsidiary delivered encouraging results in the final quarter by achieving its budgeted gross revenue, and our long term strategy of diversifying our income beyond the historic success of the Stieg Larsson franchise continues to bear fruit, with non-Larsson sales last year increasing by nearly a quarter over 2012."