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Quarto slumps on HDA closure
INDEPENDENT book publisher Quarto yesterday announced that the first half of 2014 had been “challenging”, and profits had fallen by nearly two-thirds.
The publisher’s profit tumbled to $700,000 (£400,000), from $1.7m in 2013. Revenue also slipped three per cent to $65.6m.
The company blamed the poor performance on its US distributor, HDA, which closed down earlier in the year. Quarto shares closed down 7.26 per cent at 140.50p.