Quarto Group issues profit warning; signals ‘disappointing’ first half results
In the UK, publisher the Quarto Group has issued a profit warning and admitted it had set its original guidance for 2017 and beyond too high, reports the Bookseller.
Quarto signaled its first-half results, which are due out next month, would be ‘disappointing’ due to a ‘soft retail environment’, but expected ‘significantly better’ results in the second half of the year.
Quarto Group CEO Marcus Leaver said it was a transitional year for the business as it refocussed on its core publishing business. ‘We are making good progress towards our strategic objectives and becoming more operationally agile to respond better to an ever-evolving market environment,’ said Leaver. ‘We look forward to announcing the appointment of a new CFO in due course and to enjoying the full benefits of our new organisational structure and systems upgrade by year-end.’
Category: International news