BOOK publisher Quarto Group announced a near $2m (£1.3m) loss in its half year results yesterday, sending shares crashing nearly 12 per cent.
The loss is a significant widening on figures from 2014, when first half losses were declared at $600,000.
The increased losses have been pinned on rising costs, as group revenue has increased slightly to $66.2m, compared with $65.6m over the same period in 2014.
Positive news included a six per cent rise in core publishing revenues, following a number of acquisitions the company undertook during the second half of 2014 and the opening months of this year.
Continued progress in children’s publishing and foreign book sales have also been credited as factors for the group’s revenue increase.
Chief executive Marcus Leaver said that the results were an indication that the group was making good progress in line with its overall forecast for the year.
“I am pleased that we have continued to make good progress in the first half of 2015”, Leaver said.
“This is a solid set of results that sees Quarto continuing to develop its business plan. While our half-year results highlight our increased second-half weighting, we have good visibility in all our businesses. This gives us confidence that, for the third year running, we will have a strong second half, deliver growth for the fullyear and further reduce our net debt.”
Quarto shares closed down 11.7 per cent last night.