Quarto's Q3 trading update indicates that it is on track to meet market expectations for the full year. Two disposals of non-core businesses in the quarter show that the group's intent to adopt a more proactive approach on debt reduction is being translated into action and progress. The core book publishing imprints are performing as well as expected and we expect to see the group's financial performance improve from FY14. The shares remain at an overly-large discount to other publishers.

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