TIDMQRT
RNS Number : 8090K
Quarto Group Inc
30 August 2023
The Quarto Group, Inc.
(the "Company", "Quarto", "Group")
Half-Year Results for the Six Months Ended 30 June 2023
The Quarto Group, Inc. (LSE: QRT), the leading global
illustrated book publisher, announces its unaudited half-year
results for the six months ended 30 June 2023.
Results ($m) H1 2023 H1 2022
------------------------------- -------- --------
Group Revenue 52.0 61.9
Adjusted(1) Group Operating
Profit 3.1 6.7
Group Operating Profit 3.1 7.2
Adjusted(1) Profit before Tax 3.1 6.1
Profit before Tax 2.6 6.6
Profit after Tax 1.8 4.7
Net Cash / (Debt) 9.1 (5.6)
1. Adjusted measures are stated exceptional items.
Headlines
-- Revenue down 16% at $52m against 2022, partly due to Quarto
Distribution Services & Smart Lab being discontinued, with core
revenue $51m, down 10% year on year.
-- Operating profit of $3.1m down from $7.2m in 2022, driven by the reduction in revenue.
-- Strong cash generation has continued to feature, with $14.7
million generated over the last 12 months to June 2023. Net cash
position was $9.1m against a net debt position of $5.6m (June
2022)
Chief Executive, Alison Goff commented on the half year
position:
"Following the economic challenges faced towards the end of 2022
and into 2023, this is a steady set of results following on from
the growth in 2022. Whilst revenue and profits were down year on
year, the results achieved are in line with our expectations for
the seasonally weaker first half of the year.
Quarto UK, whilst sales experienced a decline of 6% year on year
from $27.2m (2022) to $25.5m (2023), this is still 3% ahead of
2021. With the decline in revenue, operating profits reduced from
$3.1m in 2022 to $2. 4m in 2023 , although this is still a
significant improvement on 2021 at $1m. Softness across all areas
of the business contributed to this decline, as consumer demand
reduced and our business to business sales slowed as customers
managed their inventory.
Bestsellers within the period include The King, a new title for
2023 in our very successful Little People Big Dreams series and
London: A Guide for Curious Wanderers also a new title in 2023. We
were also shortlisted for numerous prestigious awards including
Flooded by Mariajo Ilustrajo (Klaus Flugge Prize) and Rescuing
Titanic (Yoto Carnegie award).
Quarto US has also seen a decline in revenue down 23% from
$34.7m to $26.5m. Excluding the discontinued Quarto Distribution
Services and Smart Lab core trading is down 12%, with trade sales
and custom down 7% and 44% respectively. The reduction in custom
sales is purely timing of orders and we expect this to recover
during the second half of 2023. Operating profit reduced by 69% to
$1.3m from $4.1m, with the decline in sales.
We continue to see Beautiful Boards perform strongly, with
Nascar 75 years published in 2023 also performing well.
We are now focused on the second half of the year, which will be
a significant period for Quarto as we expect the trading
environment to continue to be challenging. However, I am confident
with inflation past its recent peak and supply chain issues now
easing, we have the right plans in place to capture all potential
opportunities. We are confident that these plans will enable us to
navigate through these uncertain times.
The Board remains focused on ensuring we keep costs under
control, drive sales, and develop further growth strategies for the
remainder of 2023, 2024 and beyond."
-S -
The Legal Identifier of the Company is 549300BJ2WPX3QUATW58.
For further information, please contact:
The Quarto Group, Inc. +44 (0)20 7700 6700
Daniel Logan, Group Finance Director
Michael Clarke, Company Secretary
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.305 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.
CHIEF EXECUTIVE'S STATEMENT
SUMMARY
Following the growth in sales in the first half of 2022 compared
to 2021, the revenue in first half of 2023 declined by 16% year on
year at $52m, with core revenue, excluding Quarto Distribution
Services and Smart Lab, down 10% at $51m. Revenue increased year on
year in 2022 by 9% (H1 2021: $56.9m, Core revenue $51.5m).
Whilst sales declined due to the disposal of Smart Lab and the
scaling back of Quarto Distribution Services, gross profit margin
was impacted by only 1.2% to 35.2%, with prior year at 36.4%.
The decline in revenue resulted in an adjusted group operating
profit of $3.1m (H1 2022: $6.7m). The adjusted profit before tax
was $2.6m (H1 2022: $6.1m).
With both US and UK reporting segments showing revenue declines
year on year, this resulted in the Group's adjusted operating
results also showing a reduction, as shown in the table below.
June 2023, was a significant moment, as Quarto had net cash of
$9.1m, compared with net debt of $5.6m in H1 2022, with cash
generation of $14.7m over the twelve-month period and $8.5m in the
last 6 months (See note 7). This strong cash generation has been
driven by strong trading in 2022, dynamic inventory management,
tight cost controls and reduced finance costs.
The overall book market in the first six months of 2023 proved,
as expected, to be even more challenging than 2022.
OPERATING REVIEW
Revenue ($m) H1 2023 H1 2022 H1 2021
--------------------------- -------- -------- --------
United States 29.3 39.7 36.3
United Kingdom 7.5 6.6 7.9
Rest of the World 6.8 8.0 6.1
Europe 8.4 7.6 6.6
--------------------------- -------- -------- --------
Total Revenue 52.0 61.9 56.9
--------------------------- -------- -------- --------
Adjusted Operating Profit H1 2023 H1 2022 H1 2021
($m)
--------------------------- -------- -------- --------
US Publishing 1.3 4.1 3.8
UK Publishing 2.4 3.1 1.0
Group overhead (0.6) (0.5) (0.8)
--------------------------- -------- -------- --------
Total adjusted operating
profit 3.1 6.7 4.0
--------------------------- -------- -------- --------
Note: Revenue is shown by destination; adjusted operating profit
is shown by segment.
The Group's decrease in revenue this year to date, is a result
of soft trade sales and reduction of our custom sales, following a
very strong 2022.
UK-based Frances Lincoln Children's Books imprint continues to
drive forward, with the Little People, Big Dreams series continuing
to be a highlight, with over 7 million copies sold in the English
language to date. We continue to expand the list, with King Charles
publishing in 2023, generating $535k in revenue. This series
continues to grow and we add even more foreign language partners to
our sales.
In the US, our Beverly-based Adult imprints, especially
Motorbooks, Rockport and Walter Foster, continue to perform
strongly led by Nascars 75 years and Kawaii Tarot Coloring
Book.
Foreign language sales are ahead year on year, and we expect
this to continue as we move into H2.
The current shortfall in Custom sales is purely timing and we
expect this to recover in H2. English language co-edition sales,
currently down year on year, are expected to remain flat as
customers work through existing inventory and reprint orders are
reduced.
The reduction in our financing costs will continue as we improve
our cash position.
OUTLOOK
As we move into H2 we expect the challenges seen in H1 which
have been impacting trade sales to continue. With the expected fall
in inflation across both the US & UK, we should start to see a
softening of the cost-of-living crisis and more buoyancy in the
market.
Foreign language sales are expected to hold firm, with strong
orders in the pipeline and Custom sales whilst down year on year,
are expected to recover during the second half of the year.
The decision to close our Quarto Distribution Service and Smart
Lab, our toy imprint, has allowed us to focus on our core
publishing business, whilst reducing the overhead in those
areas.
After the recent period of volatility in freight in terms of
lead times and costs, we have seen significant improvement in both
areas. This will allow us a greater number of options when sourcing
our print, enabling us to be nimble whilst ensuring competitive
pricing.
I am confident we have the right plans in place to capture all
potential opportunities. The Board remains focused on keeping costs
under control, driving sales, and developing further growth
strategies for the remainder of 2023, 2024 and beyond.
On behalf of the Board, I would like to thank all our staff,
readers, customers, suppliers and shareholders around the world,
for their continued support and commitment.
Alison Goff
Chief Executive Officer
THE QUARTO GROUP, INC.
Condensed Consolidated Income Statement
For the six months ended 30 June 2023
Six months
Six months to Year ended
to 30 June 31 December
30 June 2023 2022 2022
Unaudited Unaudited Audited
Note $'000 $'000 $'000
Continuing operations
Revenue 3 52,041 61,908 141,017
Cost of sales (33,699) (39,391) (87,319)
------------------------------------ ---- ------------- ---------- ------------
Gross profit 18,342 22,517 53,698
Distribution costs (2,965) (3,699) (7,582)
Impairment of financial assets (264) (301) (69)
Administrative expenses (12,041) (11,836) (24,723)
------------------------------------ ----
Operating profit before exceptional
items 3,072 6,681 21,324
------------------------------------ ---- ------------- ---------- ------------
Exceptional items 4 - 491 774
------------------------------------ ---- ------------- ---------- ------------
Operating profit 3 3,072 7,172 22,098
Finance costs (493) (545) (1,213)
------------------------------------ ---- ------------- ---------- ------------
Profit before tax 2,579 6,627 20,885
Taxation 5 (797) (1,904) (4,279)
Profit for the period 1,782 4,723 16,606
==================================== ==== ============= ========== ============
Attributable to:
Owners of the parent 1,782 4,723 16,606
==================================== ==== ============= ========== ============
Earnings per share (cents)
From continuing operations
Basic 6 4.4 11.5 40.6
Diluted 6 4.4 11.5 40.6
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Six months Six months Year ended
to to 31 December
30 June 2023 30 June 2022 2022
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit for the period 1,782 4,723 16,606
Other comprehensive income which
may be reclassified to profit
or loss
Foreign exchange translation
differences 625 (2,833) (2,475)
Total comprehensive income for
the period 2,407 1,890 14,131
================================= ============= ============= ============
Attributable to:
Owners of the parent 2,407 1,890 14,131
================================= ============= ============= ============
THE QUARTO GROUP, INC.
Condensed Consolidated Balance Sheet
31 December
30 June 2023 30 June 2022 2022
As at 30 June 2023 Note Unaudited Unaudited Audited
$'000 $'000 $'000
Non-current assets
Goodwill 18,860 18,622 18,622
Other intangible assets 1 2 1
Property, plant and equipment 7,264 4,419 7,677
Intangible assets: pre-publication
costs 26,147 27,040 25,473
Deferred tax assets 1,834 2,437 1,835
----------------------------------- ---- ------------ ------------ -----------
Total non-current assets 54,106 52,520 53,608
----------------------------------- ---- ------------ ------------ -----------
Current assets
Inventories 20,522 22,552 21,826
Trade and other receivables 32,323 38,293 40,122
Cash and cash equivalents 7 13,464 8,106 13,290
Assets held for sales 8 - 2,360 -
----------------------------------- ---- ------------ ------------ -----------
Total current assets 66,309 71,311 75,238
----------------------------------- ---- ------------ ------------ -----------
Total assets 120,415 123,831 128,846
----------------------------------- ---- ------------ ------------ -----------
Current liabilities
Short term borrowings 7 (4,362) (3,116) (4,636)
Trade and other payables (33,254) (42,083) (33,869)
Lease liabilities (1,231) (1,111) (944)
Tax payable (2,866) (5,420) (3,295)
------------ ------------ -----------
Total current liabilities (41,713) (51,730) (42,744)
----------------------------------- ---- ------------ ------------ -----------
Non-current liabilities
Medium and long-term borrowings 7 - (10,596) (9,301)
Deferred tax liabilities (2,928) (2,933) (2,798)
Tax payable (386) (386) (386)
Lease liabilities (5,641) (3,087) (6,277)
------------ ------------ -----------
Total non-current liabilities (8,955) (17,002) (18,762)
----------------------------------- ---- ------------ ------------ -----------
Total liabilities (50,668) (68,732) (61,506)
----------------------------------- ---- ------------ ------------ -----------
Net assets 69,747 55,099 67,340
=================================== ==== ============ ============ ===========
Equity
Share capital 4,089 4,089 4,089
Paid in surplus 48,701 48,701 48,701
Retained earnings and other
reserves 16,957 2,309 14,550
----------------------------------- ---- ------------ ------------ -----------
Total equity 69,747 55,099 67,340
=================================== ==== ============ ============ ===========
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Equity
attributable
to owners
Paid in Translation Retained of the
Share capital surplus reserve earnings parent
$000 $000 $000 $000 $000
Balance at 1 January
2022 4,089 48,701 (6,047) 6,466 53,209
Profit for the period - - - 4,723 4,723
Foreign exchange translation
differences - - (2,833) - (2,833)
Total comprehensive (expense)
/ income for the period - - (2,833) 4,723 1,890
------------------------------ ------------- -------- ----------------------- ---------- -------------
Balance at 30 June 2022 4,089 48,701 (8,880) 11,189 55,099
============================== ============= ======== ======================= ========== =============
Balance at 1 January
2023 4,089 48,701 (8,522) 23,072 67,340
Profit for the period - - - 1,782 1,782
Foreign exchange translation
differences - - 625 - 625
Total comprehensive (expense)
/ income for the period - - 625 1,782 2,407
------------------------------ ------------- -------- ----------------------- ---------- -------------
Balance at 30 June 2023 4,089 48,701 (7,897) 24,854 69,747
============================== ============= ======== ======================= ========== =============
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Equity
attributable
Paid in Translation Retained to owners
Share capital surplus reserve earnings of the parent
$000 $000 $000 $000 $000
Balance at 1 January
2022 4,089 48,701 (6,047) 6,466 53,209
Profit for the year - - - 16,606 16,606
Foreign exchange translation
differences - - (2,475) - (2,475)
Total comprehensive
(expense) / income
for the period - - (2,475) 16,606 14,131
----------------------------- ------------- -------- ----------------------- ---------- --------------
Balance at 31 December
2022 4,089 48,701 (8,522) 23,072 67,340
============================= ============= ======== ======================= ========== ==============
THE QUARTO GROUP, INC.
Condensed Consolidated Cash Flow Statement
For the six months ended 30 June 2023
Six months
to Six months Year ended
30 June to 31 December
2023 30 June 2022 2022
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit for the period 1,782 4,723 16,606
Adjustments for:
Net finance costs 493 545 1,213
Depreciation of property, plant
and equipment 813 696 2,029
Software amortization - 50 50
Tax charge 797 1,904 4,279
Impairment of right-of-use assets - - 228
Amortization and amounts written
off pre-publication costs 8,558 10,176 19,935
Impairment of pre-publication costs (121) - (729)
Forgiveness of the Cares Act Loan - (2,272) (2,272)
(Gain) / loss on disposal of property,
plant & equipment (1) 58 3
Loss on disposal of SmartLab - - 1,498
Operating cash flows before movements
in working capital 12,321 15,880 42,840
Decrease/ (increase) in inventories 1,597 (5,253) (3,299)
Decrease / (increase) in receivables 8,523 10,664 8,594
(Decrease) / increase in payables (1,437) (10,279) (17,119)
--------------------------------------------- ---------- ------------- --------------------------
Cash generated by operations 21,004 11,012 31,016
Income taxes paid (1,315) (3,614) (7,561)
--------------------------------------------- ---------- ------------- --------------------------
Net cash from operating activities 19,689 7,398 23,455
Investing activities
Net proceeds from disposal of SmartLab
& property, plant & equipment - - 1,437
Net proceeds from disposal of property,
plant & equipment 1 - -
Investment in pre-publication costs (8,597) (8,997) (18,067)
Purchases of property, plant and
equipment (190) (35) (1,238)
Net cash used in investing activities (8,786) (9,032) (17,868)
Financing activities
Interest payments (281) (182) (397)
Lease payments (696) (837) (1,708)
External loans repaid (9,658) (17,629) (19,693)
External loans drawn - - 1,500
Net cash used in financing activities (10,635) (18,648) (20,298)
Net increase / (decrease) in cash
and cash equivalents 268 (20,282) (14,711)
Cash and cash equivalents at beginning
of period 13,290 28,432 28,432
Foreign currency exchange differences
on cash and cash equivalents (94) (44) (431)
--------------------------------------------- ---------- ------------- --------------------------
Cash and cash equivalents at end
of period 13,464 8,106 13,290
============================================= ========== ============= ==========================
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
1. Interim Statement
These interim consolidated financial statements are for the half
year to 30 June 2023. They were approved by the board on 30 August
2023. These results are unaudited and have not been reviewed by the
Group's auditor. The comparative figures for the six months to 30
June 2022 were unaudited and derived from the interim financial
statements for that period.
The information for the year ended 31 December 2022 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor's
report on those accounts was not qualified, did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying the report and did not contain
statements under section 498 (2) or (3) of the Companies Act
2006.
Basis of preparation
These interim financial statements have been prepared in
accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and with IAS 34, "Interim Financial
Reporting".
The Group's forecast and projections, taking account of
reasonably possible changes in trading performance, show that the
Group will be able to operate well within the level of its current
banking facilities. The Directors have therefore adopted a going
concern basis in preparing the Interim Information.
2. Accounting policies
The accounting policies, significant judgements and key sources
of estimation adopted in the preparation of this Interim Report are
consistent with those applied by the Group in its consolidated
financial statements for the year ended 31 December 2022.
THE QUARTO GROUP, INC.
Notes to the condensed financial statement
3. Segmental analysis
Six months to 30 June 2023 US Publishing UK Publishing Total
$000 $000 $000
Revenue 26,545 25,496 52,041
================ ================ ========
Segment result 1,264 2,427 3,691
Unallocated corporate expenses (619)
Exceptional items -
--------
Operating profit 3,072
Finance costs (493)
--------
Profit before tax 2,579
Taxation (797)
--------
Profit after tax 1,782
========
Six months to 30 June 2022 US Publishing UK Publishing Total
$000 $000 $000
Revenue 34,650 27,258 61,908
============== ============== ========
Segment result 4,096 3,115 7,211
Unallocated corporate expenses (530)
Exceptional items 491
Operating profit 7,172
Finance costs (545)
--------
Profit before tax 6,627
Taxation (1,904)
--------
Profit after tax 4,723
========
Year ended 31 December 2022 US Publishing UK Publishing Total
$000 $000 $000
Revenue 75,329 65,688 141,017
============== ============== ========
Segment result 10,608 11,875 22,483
Unallocated corporate expenses (1,159)
Corporate exceptional items 774
--------
Operating profit 22,098
Finance costs (1,213)
--------
Profit before tax 20,885
Taxation (4,279)
--------
Profit after tax 16,606
========
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
3. Segmental analysis (continued)
Geographical revenue
The Group generates its revenue in the
following geographical areas:
Six months Six months Year ended
to to 31 December
30 June 2023 30 June 2022
Unaudited 2022 Audited
$'000 Unaudited $'000
$'000
United States 29,336 39,712 85,397
United Kingdom 7,512 6,556 17,052
Europe 8,352 7,616 23,099
Rest of the World 6,841 8,024 15,469
Total 52,041 61,908 141,017
========================= =============== =========== =============
4. Exceptional Items
Six months Six months
to to Year ended
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
$'000 $'000 $'000
Exceptional items comprised:
Impairment costs on remeasurement of
Disposal Group (see note 8) - (1,781) -
Smartlab Disposal - - (1,498)
Forgiveness of Cares Act Loan - 2,272 2,272
Total - 491 774
====================================== ============ =========== =============
5. Taxation
Taxation for the six months to 30 June 2023 is based on the
Group estimated underlying tax rate for the year.
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
6. Earnings per share
Six months
to Six months Year ended
30 June to 31 December
2023 30 June 2022 2022
Unaudited Unaudited Audited
$'000 $'000 $'000
From continuing operations
Profit for the purposes of basic and
diluted earnings per share, being net
profit attributable to owners of the
parent 1,782 4,723 16,606
Exceptional items (net of tax) - (369) (1,160)
-------------------------------------------- ---------- ------------- ------------
Earnings for the purposes of adjusted
earnings per share 1,782 4,354 15,446
============================================ ========== ============= ============
Number Number Number
Weighted average number of shares 40,889,000 40,889,000 40,889,100
Dilutive outstanding options awards - - -
-------------------------------------------- ---------- ------------- ------------
Diluted weighted average number of shares 40,889,000 40,889,000 40,899,100
============================================ ========== ============= ============
Earnings per share (cents) Cents Cents Cents
From continuing operations
Basic 4.4 11.5 40.6
Diluted 4.4 11.5 40.6
Adjusted basic 4.4 10.6 37.8
Adjusted diluted 4.4 10.6 37.8
7. Net cash
30 June 31 December
30 June 2023 2022 2022
Unaudited Unaudited Audited
$'000 $'000 $'000
Net cash / (debt) comprised:
Cash and cash equivalents 13,464 8,106 13,290
Short term borrowings (4,362) (3,116) (4,636)
Medium and long-term borrowings - (10,596) (9,301)
--------------------------------- -------------
Net cash / (debt) 9,102 (5,606) (647)
================================= ============= =========== ============
At 30 June 2023, the Group has a $12.7m club facility,
comprising a term loan, revolving credit facility and overdraft.
These facilities expire on 16 July 2024 and are subject to
covenants, which were all met in the current period.
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
8. Disposal group held for sale
Assets and liabilities of disposal group held for sale
30 June 31 December
30 June 2023 2022 2022
Unaudited Unaudited Audited
$'000 $'000 $'000
Non-current assets - 16 -
Current assets - 2,344 -
--------------------- -------------
Assets held for Sale - 2,360 -
===================== ============= =========== ============
Non-current assets held for sale are Pre-publication costs.
9. Principal risks and uncertainties facing the Group
There have been no changes to the principal risks and
uncertainties facing the Group since the year-end. These are
disclosed on pages 17 to 19 of the 2022 Annual Report.
10. Financial instruments
There are no material differences between the fair value of
financial instruments and their carrying value.
11. Management Statement
This Interim Management Report (IMR) has been prepared solely to
provide additional information to shareholders to assess the
Group's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by any other party or for
any other purpose.
The IMR contains certain forward-looking statements. These
statements are made by the directors in good faith based on the
information available to them up to the time of their approval of
this report but such statements should be treated with caution due
to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
12. Responsibility statement
We confirm that to the best of our knowledge:
a) the condensed set of financial statements, which has been
prepared in accordance with IAS 34 "Interim Financial Reporting",
gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the issuer, or the undertakings
included in the consolidation as a whole as required by DTR
4.2.4R;
b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein).
By the order of the board
Alison Goff Andrew Cumming
Chief Executive Officer Chairman
30 August 2023 30 August 2023
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