Quarto said subdued conditions continue
Islington-based publisher Quarto said subdued trading continued in the third quarter, with some improvement in September.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published