Quarto said subdued conditions continue

Islington-based publisher Quarto said subdued trading continued in the third quarter, with some improvement in September.

Revenue for the nine months to September 30 fell to $127.2m from $130.7m the year before. Pre-tax profit for the same period declined to $5.5m from £6m previously.

The group said its trading performance in the nine months and 12 months to September 30th continues to be in line with expectations.

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"Following the response to our products at the Frankfurt Book Fair in October, we noted that licensees and distributors around the world are largely adjusting to a world in which online retailing and digital books have challenged long-entrenched business models," Quarto said.

2012 digital sales rose to 1.7% of total revenues at $2.225m compared to $1.455m in 2011.

"In all English-language markets, traditional bookstore revenues are under pressure," it noted.

CJ