Quercus Publishing plc

May 06, 2011 06:00 ET

Annual General Meeting Trading Update

                                                                                                 6 May 2011
                                          Quercus Publishing Plc
                                       ("Quercus" or the "Company")
                                   Annual General Meeting Trading Update
At  the  Annual  General Meeting of Quercus Publishing Plc held today in London, the Chief Executive,  Mark
Smith,  gave the following update on the Company's trading performance during the first four months of  its
current financial year.
'I  am  pleased to report that the Company has traded very satisfactorily in the first four months of 2011,
with overall performance more than meeting our budgets and earlier trading statements.
'We  have  recorded  strong  double-digit growth across both our Trade and Contract  divisions,  and  -  as
predicted  at  the start of the year - the digital book market has continued to grow rapidly,  with  e-book
sales now accounting for nearly a tenth of our revenue.
'Both  The King's Speech and Toby Harnden's Dead Men Risen appeared in the Sunday Times Top Ten Bestsellers
list.  Fiction  successes included Peter May's The Black House and Patrick Easter's The  Watermen  and  Cat
Clarke's young adult novel Entangled, which was the highlight of our Children's list.
'Digital  revenue  accelerated  strongly, helped by consumer adoption of e-reading  devices  and  a  marked
increase in the availability of the Company's titles in digital formats.
'We  have  also  benefited from the first contribution from our North American joint venture,  Silver  Oak,
whose opening title Three Seconds has now sold over 100,000 copies in hardback and appeared in the New York
Times Bestsellers list for four weeks.
'While  our markets remain highly competitive and the landscape is changing rapidly as the full  impact  of
the  digital  publishing  revolution starts to make itself felt, we remain confident  about  the  Company's
future  prospects. Following the recent conversion of Loan Notes we now have a debt-free balance sheet  and
strongly  positive cashflow, and the Directors believe that the Company has the right strategy in place  to
continue our recent growth of both revenues and profits.'
At the Annual General Meeting, all resolutions were duly passed.
The Directors of Quercus Publishing Plc are responsible for the contents of this announcement.
Enquiries to:
 QUERCUS PUBLISHING PLC                                                                 Tel: 020 7291 7200
 Mark Smith, Chief Executive
 ST HELENS CAPITAL PARTNERS LLP                                                         Tel: 020 7368 6959
 Mark Anwyl or Duncan Vasey
 Media Enquiries:                                                                                         
 ATTILA CONSULTANTS                                                                     Tel: 020 7776 8825
 Charles Cook                                                                        Mobile:  07710 910563

Contact Information

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