Quarto Group (LON:QTR) – CORP*: FY15 Results, Director changes
Market Cap: £52.7m; Current Price: 267.5p
EPS +13%YoY, reduced net debt, dividend growth
Quarto Group, the global illustrated book publisher and distributor, published results for the year to December 2015. Revenue grew 6%YoY to US$182.2m, adjusted operating profit was US$17.2m, +8%YoY, PBT (adj.) grew 18%YoY to US$14.1m. Quarto reported EPS of US49.9c, +13%YoY and a proposed final dividend of 6.15p/share taking the full year dividend to 9.50p (+6%YoY). Net debt at year-end was US$59.5m, a 10%YoY reduction.
Quarto reported the following operational highlights: core publishing operations revenue grew 13%YoY with adjusted operating profit growth of 17%YoY; a publishing (adj.) operating margin of 12.8% (2014: 12.3%); performance of the Ivy Press operation, acquired March 2015, above management expectations; children's publishing revenues +41%YoY backed by both organic growth and acquisition; Foreign Rights revenues up 13%YoY despite some negative foreign currency impact; an operating contribution from non-core trading businesses of over $3.1m.
CEO Marcus Leaver said: "Quarto made continued progress in 2015, delivering on our strategic objectives of revenue growth, debt reduction and dividend growth, while improving operational efficiency. This level of performance was enabled by the resilience of our business model and the professionalism, ambition and hard work of our people around the world. Our goal in our 40th anniversary year remains for Quarto to grow in a sustainable and profitable manner, organically and through judicious acquisitions, and steadily reduce net debt further."
Directorate changes. Quarto announced changes to its Board to take effect at the AGM on 24 May 2016. Chairman Tim Chadwick will leave the Board along with Christopher Mills. The proposed new Chairman is Peter Read, currently a non-executive director of Armstrong Ventures plc, Concha PLC, Quayle Munro Holdings, the Professional Cricketer's Association, and the Royal Automobile Club. He was formerly chairman of KPMG's Telecoms, Media and Technology practice. Also joining the Board is Marie Louise Windeler, who will become Chair of the Remuneration Committee. She is currently a non-executive director at Freshwater UK plc and was CEO of Hill &Knowlton UK and a non-executive director at Prime Focus London plc.
Keras Resources (LON:KRS) – CORP: First Blast at Grants Patch
Market Cap: £9.8m; Current Price: 0.8p
Initial bulk sample extraction to commence
Keras Resources has completed the first blast at Anomaly 22 located at the Grants Patch Gold Project.
Mining of an initial bulk sample (10,000t) expected to commence during the week. This will confirm grade continuity, mining methods and ore delivery mechanisms to the Paddington Mill.
Revenues from gold mining remains on track for Q216.
NORTHLAND CAPITAL PARTNERS VIEW: Keras Resources continues to rapidly advance its gold tribute projects, and is about to begin mining at the Grants Patch Project - just four months after the signing the Tribute Agreement with Norton Gold Fields
Uranium Resources (LON:URA) – CORP: Extension of Loans
Market Cap: £4.3m; Current Price: 0.45p
Extended until end of June-16
Uranium Resources’ major shareholder Estes Limited has agreed to extend the term of two of its loans to the Company.
The US$1m and US$0.3m loan facility have been extended until 30/06/16.