25 January 2013
Quercus Publishing Plc
("Quercus" or the "Company")
Interim Trading Statement
Quercus Publishing Plc, the award-winning independent publisher, announces its interim trading statement
for the period ending 31 December 2012.
Overall trading in the lead-up to the end of the year was below budget, and as a result the Company's
profit before tax in the year to 31 December 2012 is expected to be significantly below market
Printed book sales started the period well, but were impacted by the non-delivery of a key Christmas title
and the level of reorders in the lead-up to the Christmas period which, in part, were forecast to
compensate for the delay of this book, was below expectations. The major title has now been scheduled for
Christmas 2013. E-book sales have been very encouraging, up 137% over 2011, but fell short of our high
expectations for the Christmas week. Nonetheless, E-books form a significant and growing proportion of the
Company's total revenues.
The Company continues to trade profitably and had a positive cash balance of £1.8m at year-end. The Board
remains confident of the current strategy of investing in new imprints, staff and high quality Intellectual
Property to generate future organic growth. We have an excellent publishing programme for 2013 as shown
already by the Richard and Judy pick, Dark Winter, and Peter May's The Chess Men which reached number 4 in
the Sunday Times Hardback Fiction Chart as well as Africa reaching number 2 in the Sunday Times Hardback
Non Fiction chart. 2013 will be the first year to include a full complement of books from two new imprints,
Jo Fletcher Books and Heron Books, as well as seeing the launch of our new US business in the Autumn.
The Directors of Quercus are responsible for the contents of this announcement.
QUERCUS PUBLISHING PLC
Colin Adams, Chief Financial Officer and Chief Operating Officer Tel: 020 7291 7200
PETERHOUSE CORPORATE FINANCE LIMITED
Mark Anwyl and Duncan Vasey Tel: 020 7220 9796
ATTILA CONSULTANTS Tel: 020 7776 8825
Charles Cook Mobile: 07710 910 563