TIDMQRT
RNS Number : 5353H
Quarto Group Inc
25 March 2020
The following announcement replaces the announcement issued at
7.00 a.m. today, under RNS number 5163H.
The announcement is the same in all respects save for the
additional inclusion of the "m" designation to indicate that the
figures included in the table represent $m rather than $, and to
change the "Profit before tax" of $2.9m to "Profit after tax" of
$2.9m.
The updated announcement is set out below.
The Quarto Group Inc.
("Company", "Quarto" or "Group")
Update re 2019 Results
The Quarto Group Inc., (LSE: QRT), the illustrated book
publisher and distribution group, today issues the following
update.
2019 Results
The Group expects to report the following results for the year
ending 31 December 2019, and does not expect any deviation from
these published figures once the audited results are announced:
2019 2018
US$m US$m
Restated
Revenue 135.8 149.3
Profit after tax 2.9 (0.6)
Other comprehensive income 0.1 (2.2)
Total comprehensive income 3.0 (2.8)
Non-current assets 83.4 79.5
Current assets 81.4 92.3
Current liabilities (128.2) (74.1)
Non-current liabilities (15.5) (79.7)
Net assets 21.1 18.0
Highlights
-- Revenue of $135.8m down 9% on prior year of $149.3m.
-- Banking facilities extended in January 2020 to 31 July 2021.
-- Open Offer successfully completed in January 2020 raising
$16.5m net of expenses and reducing net bank debt to $33m.
The Board is pleased with this expected result which reflects an
improvement on its year on year performance.
Commenting on the expected results, Group Chief Executive
Officer, C.K. Lau said:
"We expect to report profit for the year ahead of the prior year
and this represents a pleasing result.
The successful Open Offer and the subsequent reduction in bank
debt, coupled with the extension of our banking facilities,
provides a stable financial platform for the Group.
The long-term impact on the global economy of the Covid-19
pandemic is expected to be significant. Whilst it not possible to
estimate the financial impact of the pandemic on the Group at this
stage, we are taking proactive measures to mitigate our operational
risk and manage our business and cash flows. With a more
sustainable balance sheet, we are now a more robust business that
can respond quickly to the challenges ahead ."
Update re 2019 Audit
The Group's results are as yet unaudited and the uncertainty as
to the future impact on the Group of the recent COVID-19 pandemic
is being considered as part of the Group's adoption of the going
concern basis. Thus far, we have not observed any material impact
in trading performance due to COVID-19, although order volumes in
the USA and UK have been dropping in recent days.
The Board notes the financial support commitment made by the UK
Government as part of a package to support businesses in recent
days. Whilst there is still uncertainty around this package, the
Board believes, based on the initial details circulated as part of
the announcements, that the Group would qualify for some elements
of this financial support.
Based on the above indications, the Board believes that it will
remain appropriate to continue to adopt the going concern basis in
preparing the financial statements. However, there are downside
scenarios which may indicate the existence of a material
uncertainty which could cast doubt on the Group's ability to
continue as a going concern.
As part of the year end audit process, which is ongoing and not
yet complete, it has been decided to amend the treatment of
attributable costs and overheads that should be capitalised under
IAS 38, as prepublication costs. In the past, an element of
overheads relating directly to indirect costs were capitalised
which represents an error. There was no impact on the results of
the Group for the year ended 31 December 2018 as a result of this
change.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (596/2014) ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
The Quarto Group Inc.
+44 (0)20 7700
Michael Clarke, Chief Administrative Officer 9006
About The Quarto Group
The Quarto Group (LSE: QRT) creates a wide variety of books and
intellectual property products, with a mission to inspire life's
experiences. Produced in many formats for adults, children and the
whole family, our products are visually appealing, information rich
and stimulating.
The Group encompasses a diverse portfolio of imprints and
businesses that are creatively independent and expert in developing
long-lasting content across specific niches of interest.
Quarto sells and distributes its products globally in over 50
countries and 40 languages, through a variety of sales channels,
partnerships and routes to market.
Quarto employs c.330 talented people in the US and the UK. The
group was founded in London in 1976. It is domiciled in the US and
listed on the London Stock Exchange.
For more information, visit quarto.com or follow us on Twitter
at @TheQuartoGroup .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTSEWSUIESSELD
(END) Dow Jones Newswires
March 25, 2020 05:57 ET (09:57 GMT)
Grafico Azioni Quarto (LSE:QRT)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Quarto (LSE:QRT)
Storico
Da Mar 2023 a Mar 2024