TIDMQRT
RNS Number : 4450H
Quarto Group Inc
03 August 2021
The Quarto Group, Inc.
(the "Company", "Quarto", "Group")
Half-Year Results for the Six Months Ended 30 June 2021
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 2021.
Results ($m) H1 2021 H1 2020
-------------------------------- -------- --------
Group Revenue 56.9 46.9
Adjusted(1) Group Operating
Profit/Loss 4.0 (1.8)
Group Operating Profit/Loss 4.0 (2.5)
Adjusted(1) Profit/Loss before
Tax 3.1 (3.3)
Profit/Loss before Tax 3.0 (4.0)
Profit/Loss after Tax 2.1 (3.0)
Net Debt(2) 16.4 37.4
1. Adjusted measures are stated before amortization of acquired
intangibles and exceptional items.
2. The June 2020 figure has been restated to include Accrued Interest of $759k.
Headlines
-- Revenue up 21% at $56.9m against 2020.
-- Operating profit of $4m up from a loss of $1.8m, benefiting
from the cost reduction program in 2018 and continued through
2020.
-- Net debt reduced in last 12 months by $21m (56%) to $16.4m
driven by the cost reduction program, improved trading, dynamic
inventory management and reduced finance costs.
-- Commenting on the results, Chief Executive, C.K. Lau said:
"This is an encouraging set of results following a year of
challenge due to the Covid 19 pandemic. Revenue is 21% up year on
year against a weak comparative in 2020. This has delivered an
operating profit of $4m and net debt has reduced significantly
during the period in what is seasonally our weak half of the
year.
We are now focused on the critical second half as we expect the
trading environment to be particularly challenging, especially with
the volatility in freight, regarding capacity issues and freight
costs. That said, we have the right plans in place to capture all
possible opportunities and ensure a satisfactory year-end.
The Board remains focused on continuing its efforts to keep
costs under control, drive sales, whilst maintaining the debt
reduction and defining further growth strategies for 2022 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.300 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
Trading was encouraging for the first six months of 2021.
Revenue was up 21% year on year at $56.9m against a weak
comparative because of COVID 19 (H1 2020: $46.9m). Revenue was up
1% against 2019 ($56.4m).
Our Adult imprints performed strongly, with revenues up 24% year
on year, and 3% ahead of 2019. Revenues from Children imprints was
up 16% year on year, however against 2019, revenue was 4% down,
with the US in particular seeing revenue decline. Gross profit
margin was ahead of prior year at 31.8% (H1 2020: 22.7%) driven by
a reduction in pre-publication amortization, by comparison, gross
margin for H1 2019 was 21.5%.
The increased revenues and substantial benefits from the cost
reduction program implemented in 2018 and which continued through
2020, has resulted in an adjusted group operating profit of $4.0m
(H1 2020: loss of $1.8m). The adjusted profit before tax was $3.0m
(H1 2020: loss of $3.3m).
Both our US and UK reporting segments improved their trading
performance year on year, resulting in a significant improvement in
the Group's adjusted operating result, as shown in the table
below.
Net debt at 30 June 2021 was $16.4m (H1 2020: $37.4m*) a
decrease of $21m over the twelve-month period and a reduction of
$3.4m in the six month period. *See note 7.
This strong cash generation has been driven by the cost
reduction program, improved trading, dynamic inventory management
and reduced finance costs.
The book trade market in the first six months of 2021 proved to
be resilient, recovering from the setback of 2020 and trading ahead
of 2019, however the co-edition market is flat year on year, with
the impact of COVID being felt.
OPERATING REVIEW
Revenue ($m) H1 2021 H1 2020 H1 2019
--------------------------- -------- -------- --------
United States 36.3 29.2 36.7
United Kingdom 7.9 6.3 7.6
Rest of the World 6.6 5.1 5.0
Europe 6.1 6.3 7.1
--------------------------- -------- -------- --------
Total Revenue 56.9 46.9 56.4
--------------------------- -------- -------- --------
Adjusted Operating Profit H1 2021 H1 2020 H1 2019
/ (Loss) ($m)
--------------------------- -------- -------- --------
US Publishing 3.8 (0.4) 1.3
UK Publishing 1.0 (0.6) (1.5)
Group overhead (0.8) (0.8) (0.7)
--------------------------- -------- -------- --------
Total adjusted operating
profit / (loss) 4.0 (1.8) (0.9)
--------------------------- -------- -------- --------
Note: Revenue is shown by destination; adjusted operating profit
/ (loss) is shown by segment.
Whilst the number of published titles is in line with prior
year, as a result of the actions taken during the pandemic, the
Group's revenue increased year on year, driven by backlist sales
and the re-opening of bricks and mortar bookstores.
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 4.6 million copies sold in the English
language to date. We have expanded the list to include
inspirational role models, such as RuPaul, David Attenborough and
Captain Tom. US-based SmartLab continues to perform, with sales of
Squishy Human Body selling over 112k units.
Revenues from Adult imprints were up across all imprints. In the
US, our Beverly-based Adult imprints, especially Fair Winds Press
and Cool Spring Press, continue to perform strongly led by our
Gardening and Cookery titles.
Co-edition sales are in line with prior year both in English and
foreign language, however this is a drop on 2019, as our publishing
partners eased back on H1 2021 acquisitions. We are starting to see
these sales pick up; however, we are expecting this to be a
challenging market.
We have seen new opportunities in custom publishing driving
revenue growth, and we expect this to become a larger part of our
business-to-business revenue in the coming years.
International English language sales are up year on year, driven
by Australia and Canada.
We continue to see a reduction in our financing costs, as we
drive down the Group's net debt.
OUTLOOK
As we move into H2 2021, and as the global economy continues to
unlock, we expect to see online sales return to more normal volumes
with sales from traditional books stores building, albeit from a
lower base. Business to business sales are starting to show signs
of green shoots, in particular through the custom channel.
One area of concern is the volatility in freight, with capacity
issues and freight costs increasing 3 to 4-fold since the turn of
the year. We are also seeing pressure on print prices. We continue
to look to mitigate these costs by using local printer suppliers
and reviewing our inventory policy to ensure we print in the most
efficient quantities. We expect this pressure on print and freight
to increase our costs significantly.
That said, the Group has the right plans in place to capture all
possible opportunities and deliver a satisfactory second half. The
Board remains focused on continuing its efforts to keep costs under
control, drive sales, whilst maintaining the debt reduction and
defining further growth strategies for 2022 and beyond.
On behalf of the Board, I would like to thank all our staff,
readers, customers, suppliers and shareholders, across the world,
for their continued commitment and support.
C.K. Lau
Chief Executive Officer
THE QUARTO GROUP, INC.
Condensed Consolidated Income Statement
For the six months ended 30 June 2021
Six months
Six months to Year ended
to 30 June 31 December
30 June 2021 2020 2020
Unaudited Unaudited Audited
Note $'000 $'000 $'000
Continuing operations
Revenue 3 56,864 46,865 126,883
Cost of sales (38,775) (36,232) (89,298)
-------------------------------------- ---- ------------- ---------- ------------
Gross profit 18,089 10,633 37,585
Distribution costs (3,562) (2,937) (7,132)
Impairment of financial assets (689) (696) (1,571)
Administrative expenses (9,858) (8,753) (18,264)
-------------------------------------- ----
Operating profit/(loss) before
amortisation of acquired intangibles
and exceptional items 3,980 (1,753) 10,618
-------------------------------------- ---- ------------- ---------- ------------
Amortisation of acquired intangibles (7) (323) (890)
Exceptional items 4 - (421) (446)
-------------------------------------- ---- ------------- ---------- ------------
Operating profit/(loss) 3 3,973 (2,497) 9,282
Finance costs (929) (1,506) (2,693)
-------------------------------------- ---- ------------- ---------- ------------
Profit/(loss) before tax 3,044 (4,003) 6,589
Taxation 5 (895) 1,000 (2,020)
Profit/(loss) for the period 2,149 (3,003) 4,569
====================================== ==== ============= ========== ============
Attributable to:
Owners of the parent 2,149 (3,003) 4,569
====================================== ==== ============= ========== ============
Earnings/(loss) per share (cents)
From continuing operations
Basic 6 5.3 (8.1) 11.7
Diluted 6 5.3 (8.1) 11.6
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
Six months Six months Year ended
to to 31 December
30 June 2021 30 June 2020 2020
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit/(loss) for the period 2,149 (3,003) 4,569
Other comprehensive income which
may be reclassified to profit
or (loss)
Foreign exchange translation
differences 255 (1,922) 1,087
Tax relating to items that may
be reclassified to profit or
loss - - 54
------------------------------------- ------------- ------------- ------------
Total comprehensive income/(expense)
for the period 2,404 (4,925) 5,710
===================================== ============= ============= ============
Attributable to:
Owners of the parent 2,404 (4,925) 5,710
===================================== ============= ============= ============
THE QUARTO GROUP, INC.
Condensed Consolidated Balance Sheet
30 June 2020 31 December
30 June 2021 Unaudited 2020
At 30 June 2021 Note Unaudited *Restated Audited
$'000 $'000 $'000
Non-current assets
Goodwill 19,429 18,765 19,381
Other intangible assets 101 834 159
Property, plant and equipment 6,112 9,503 6,818
Intangible assets: Pre-publication
costs 39,958 44,335 40,913
Deferred tax assets 3,604 3,331 3,604
----------------------------------- ---- ------------ ------------ -----------
Total non-current assets 69,204 76,768 70,875
----------------------------------- ---- ------------ ------------ -----------
Current assets
Inventories 17,366 16,813 15,465
Trade and other receivables 34,473 35,506 44,519
Cash and cash equivalents 7 19,044 11,547 22,079
Total current assets 70,883 63,866 82,063
----------------------------------- ---- ------------ ------------ -----------
Total assets 140,087 140,634 152,938
----------------------------------- ---- ------------ ------------ -----------
Current liabilities
Short term borrowings 7 (3,905) (5,000) (41,819)
Trade and other payables (41,992) (40,723) (50,064)
Lease liabilities (1,426) (1,839) (1,968)
Tax payable (4,117) (1,718) (4,355)
Total current liabilities (51,440) (49,280) (98,206)
----------------------------------- ---- ------------ ------------ -----------
Non-current liabilities
Medium and long-term borrowings 7 (31,498) (43,940) -
Deferred tax liabilities (6,347) (6,808) (6,323)
Tax payable (386) (441) (386)
Lease liabilities (4,289) (6,995) (4,310)
Total non-current liabilities (42,520) (58,184) (11,019)
----------------------------------- ---- ------------ ------------ -----------
Total liabilities (93,960) (107,464) (109,225)
----------------------------------- ---- ------------ ------------ -----------
Net assets 46,127 33,170 43,713
=================================== ==== ============ ============ ===========
Equity
Share capital 4,089 4,089 4,089
Paid in surplus 48,701 48,701 48,701
Retained earnings and other
reserves (6,663) (19,620) (9,077)
----------------------------------- ---- ------------ ------------ -----------
Total equity 46,127 33,170 43,713
=================================== ==== ============ ============ ===========
*See note 7
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Changes in Equity for the
six months ended 30 June 2021
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
2020 2,045 33,764 (6,748) (8,007) 21,054
Loss for the period - - - (3,003) (3,003)
Foreign exchange translation
differences - - (1,922) - (1,922)
Total comprehensive (expense)/income
for the period - - (1,922) (3,003) (4,925)
------------------------------------- ------------- -------- ----------------------- ---------- -------------
Share based raised 2,044 16,307 - - 18,351
Costs of raising share (1,370
capital - (1,370) - - )
Share based payment charge - - - 60 60
------------------------------------- -------------
Transactions with owners 2,044 14,937 - 60 17,041
Balance at 30 June 2020 4,089 48,701 (8,670) (10,950) 33,170
===================================== ============= ======== ======================= ========== =============
Balance at 1 January
2021 4,089 48,701 (5,607) (3,470) 43,713
Profit for the period - - - 2,149 2,149
Foreign exchange translation
differences - - 255 - 255
Total comprehensive income
for the period - - 255 2,149 2,404
------------------------------------- ------------- -------- ----------------------- ---------- -------------
Share based payment charge - - - 10 10
Balance at 30 June 2021 4,089 48,701 (5,352) (1,311) 46,127
===================================== ============= ======== ======================= ========== =============
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Changes in Equity for the
year ended 31 December 2020
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
2020 2,045 33,764 (6,748) (8,007) 21,054
Profit for the year - - - 4,569 4,569
Foreign exchange translation
differences - - 1,087 - 1,087
Cash flow hedge: losses
arising during the
year - - - - -
Tax relating to items
that may be reclassified
to profit or loss - - 54 - 54
Total comprehensive
income for the year - - 1,141 4,569 5,710
----------------------------- ------------- -------- ----------------------- ---------- -------------------
Share based raised 2,044 16,307 - - 18,351
Costs of raising share
capital - (1,370) - - (1,370)
Share based payment
credit - - - (32) (32)
----------------------------- ------------- -------- ----------------------- ---------- -------------------
Transactions with owners 2,044 14,937 - (32) 16,949
Balance at 31 December
2020 4,089 48,701 (5,607) (3,470) 43,713
============================= ============= ======== ======================= ========== ===================
THE QUARTO GROUP, INC.
Condensed Consolidated Cash Flow Statement
For the six months ended 30 June 2021
Six months Six months
to to Year ended
30 June 30 June 2020 31 December
2021 Unaudited 2020
Unaudited *Restated Audited
$'000 $'000 $'000
Profit/(loss) for the period 2,149 (3,003) 4,569
Adjustments for:
Net finance costs 929 1,506 2,693
Depreciation of property, plant
and equipment 766 1,062 2,160
Software amortization 51 123 231
Tax charge/(credit) 895 (1,000) 2,020
Profit on disposal of right-of-use
assets - - (35)
Share based payments 10 60 (32)
Amortisation and amounts written
off acquired intangibles 7 323 890
Amortisation and amounts written
off pre-publication costs 12,026 13,084 28,646
Operating cash flows before movements
in working capital 16,833 12,155 41,142
(Increase)/decrease in inventories (1,867) 2,204 4,023
Decrease in receivables 10,239 9,672 2,721
(Decrease) in payables (7,371) (16,349) (9,205)
----------------------------------------- ---------- ------------- ------------
Cash generated by operations 17,834 7,682 38,681
Income taxes paid (1,156) (65) (1,760)
----------------------------------------- ---------- ------------- ------------
Net cash from operating activities 16,678 7,617 36,921
Investing activities
Investment in pre-publication
costs (10,911) (10,306) (20,324)
Purchases of property, plant and
equipment (56) (11) (34)
Net cash used in investing activities (10,967) (10,317) (20,358)
Financing activities
Interest payments (1,923) (819) (1,297)
New Share Capital - 18,351 18,351
Cost of raising share capital - (1,370) (1,370)
Lease payments (712) (954) (1,995)
External loans repaid (31,567) (21,626) (28,413)
External loans drawn 25,118 5,259 4,520
Net cash used in financing activities (9,084) (1,159) (10,204)
Net (decrease)/increase in cash
and cash equivalents (3,373) (3,859) 6,359
Cash and cash equivalents at beginning
of period 22,079 15,621 15,621
Foreign currency exchange differences
on cash and cash equivalents 338 (215) 99
----------------------------------------- ---------- ------------- ------------
Cash and cash equivalents at end
of period 19,044 11,547 22,079
========================================= ========== ============= ============
*See note 7
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 2021. They were approved by the board on 3 August
2021. These results are unaudited and have not been reviewed by the
Group's auditor. The comparative figures for the six months to 30
June 2020 were unaudited and derived from the interim financial
statements for that period.
The information for the year ended 31 December 2020 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 2020.
THE QUARTO GROUP, INC.
Notes to the condensed financial statement
3. Segmental analysis
Six months to 30 June 2021 US Publishing UK Publishing Total
$000 $000 $000
Revenue 32,085 24,779 56,864
================ ================ ========
Operating profit before amortisation
of acquired intangibles and
exceptional items 3,792 1,029 4,821
Amortisation of acquired intangibles (7) - (7)
---------------- ---------------- --------
Segment result 3,785 1,029 4,814
Unallocated corporate expenses (841)
Exceptional items -
--------
Operating profit 3,973
Finance costs (929)
--------
Profit before tax 3,044
Tax charge (895)
--------
Profit after tax 2,149
========
Six months to 30 June 2020 US Publishing UK Publishing Total
$000 $000 $000
Revenue 24,989 21,876 46,865
============== ============== ========
Operating loss before amortisation
of acquired intangibles and
exceptional items (439) (551) (990)
Amortisation of acquired intangibles (285) (38) (323)
-------------- -------------- --------
Segment result (724) (589) (1,313)
Unallocated corporate expenses (763)
Exceptional items (421)
Operating loss (2,497)
Finance costs (1,506)
--------
Loss before tax (4,003)
Tax credit 1,000
--------
Loss after tax (3,003)
========
Year ended 31 December 2020 US Publishing UK Publishing Total
$000 $000 $000
Revenue 63,137 63,746 126,883
============== ============== ========
Operating profit before amortisation
of acquired intangibles and
exceptional items 3,249 8,360 11,609
Amortisation of acquired intangibles (851) (39) (890)
-------------------------------------- -------------- -------------- --------
Segment result 2,398 8,321 10,719
Unallocated corporate expenses (991)
Corporate exceptional items (446)
--------
Operating profit 9,282
Finance costs (2,693)
--------
Profit before tax 6,589
Tax (2,020)
--------
Profit after tax 4,569
========
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 2021 30 June 2020
Unaudited 2020 Audited
$'000 Unaudited $'000
$'000
United States 36,315 28,713 76,061
United Kingdom 7,851 6,349 18,250
Europe 6,611 6,233 17,446
Rest of the World 6,087 5,570 15,126
Total 56,864 46,865 126,883
========================= =============== =========== =============
4. Exceptional items
Six months
to Year ended
Six months to 30 June 31 December
30 June 2021 2020 2020
Unaudited Unaudited Audited
$'000 $'000 $'000
Exceptional items comprised:
Restructuring costs - 228 251
Refinancing costs - 193 195
Total - 421 446
============================== =============== =========== =============
5. Taxation
Taxation for the six months to 30 June 2021 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
2021 30 June 2020 2020
Unaudited Unaudited Audited
$'000 $'000 $'000
From continuing operations
Profit/(loss) for the purposes of basic
and diluted earnings per share, being
net profit/(loss) attributable to owners
of the parent 2,149 (3,003) 4,569
Amortisation of acquired intangibles
(net of tax) 5 242 626
Exceptional items (net of tax) - 316 349
-------------------------------------------- ---------- ------------- ------------
Earnings/(loss) for the purposes of
adjusted earnings per share 2,154 (2,445) 5,544
============================================ ========== ============= ============
Number Number Number
Weighted average number of shares 40,889,000 37,069,606 39,185,388
Dilutive outstanding options awards 43,482 157,659 123,037
-------------------------------------------- ---------- ------------- ------------
Diluted weighted average number of shares 40,932,482 37,227,265 39,308,425
============================================ ========== ============= ============
Earnings/(loss) per share (cents) Cents Cents Cents
From continuing operations
Basic 5.3 (8.1) 11.7
Diluted 5.3 (8.1) 11.6
Adjusted basic 5.3 (6.6) 14.1
Adjusted diluted 5.3 (6.6) 14.1
7. Net debt
30 June 31 December
30 June 2021 2020 20
Unaudited Unaudited Audited
*Restated
$'000 $'000 $'000
Net debt comprised:
Cash and cash equivalents 19,044 11,547 22,079
Short term borrowings (3,905) (5,000) (41,819)
Medium and long-term borrowings (31,498) (43,940) -
Net debt (16,359) (37,393) (19,740)
============= =========== ============
* The June 2020 figure has been restated to include Accrued
Interest of $759k moved from other payables.
At 30 June 2021, the Group has a $18m syndicated 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. In addition,
the Group has $23.0m of sub-ordinated loans with related parties,
repayable on 31 August 2024 and a loan of $2.4m relating to
government support given under the Coronavirus Aid, Relief and
Economic Security Act of the USA.
8. 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 19 to 21 of the 2020 Annual Report.
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
9. Financial instruments
There are no material differences between the fair value of
financial instruments and their carrying value.
10. 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.
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 4.27R (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 4.28R (disclosure of related party
transactions and changes therein).
By the order of the board
Chuk Kin Lau Andrew Cumming
Chief Executive Officer Chairman
3 August 2021 3 August 2021
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