Profits up 12 per cent and earnings seven per cent ahead at 23.8p per share provide solid enough underpinning for the current 197p share price – which compares with a recommendation level here nine months ago of 160.5p. Since then Quarto has done three deals which stand to lift its sales by about a third in the coming year (hopefully with a not dissimilar impact on earnings – though Quarto’s borrowings have risen from £17.4 million in the past year to £28.2 million as a result of acquisitions). The deals look to have improved the overall reliability of earnings, too. That should be reflected in the rating in due course, which continues to focus on the old third-party publishing model. Continue to hold.

Quarto Group	LSE	£12.78m	62.50p	0.00p
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