Tag Archives: Press Releases
QUERCUS RESTRUCTURES BOARD AND APPOINTS NEW FINANCE DIRECTOR
Quercus Publishing Plc, the award-winning independent publisher in the digital, trade, contract, paperback and children’s sectors, is delighted to announce that Paul Lenton will be joining the Board as Finance Director on 30 August 2011.
Paul Lenton is a Chartered Accountant who qualified with Price Waterhouse before entering the media sector, where he has spent the last 15 years in a variety of senior finance positions.
Paul Lenton most recently was part of a small team of senior executives tasked with establishing a new London operation for Creature London – a medium sized US advertising agency. Prior to this, Paul was Finance Director for EMEA at Corbis Images, the international supplier of digital image licensing and rights. He was Divisional Finance Director at Chrysalis Book Group and Chrysalis TV Group, as well as holding senior finance positions at Planet 24 Productions and Warner Village Cinemas. Paul completed his MBA at the University of Warwick Business School in 2008 and became ACA accredited in 1987.
Mike McGrath, Paul Lenton’s predecessor, has assumed a wider role as Executive Director – Group Sales and will oversee all of Quercus’ sales, marketing, rights, co-edition and publicity efforts worldwide.
David North, previously Managing Director of Trade Publishing will now take leadership of all of Quercus’ publishing activities in his new role as Executive Director and Publisher. The role brings together all fiction, non-fiction and children’s publishing, including the Company’s four imprints; MacLehose Press, Jo Fletcher Books, Heron Books and Silver Oak the North American joint venture with Barnes & Noble/Sterling.
Wayne Davies, previously Managing Director of Contract Publishing moves to become the Company’s Executive Director – Digital and will further develop the Company’s e-book publishing, marketing, website, social media and online communities to take advantage of all the opportunities that are available in this fast growing segment of the publishing sector.
On the Directors’ new responsibilities, Mark Smith, Chief Executive Officer commented, “With Paul’s appointment and a refocusing of our efforts onto the three key opportunities for Quercus, namely: the discovery, nurturing and delivery of world class intellectual property; digital product innovation and the development of online reading communities; and a global sales and marketing strategy, we feel that we now have in place the most effective management structure to enable Quercus to continue to deliver on its ambitions.”
Commenting on Paul Lenton’s appointment, David Potter, Non-Executive Chairman of Quercus said “Paul’s appointment and the new roles for the Executive Board Directors represent an important step in strengthening Quercus’ top management team as we tackle the opportunities from broadening and deepening our range of titles and their increasingly digital delivery”
The Directors of the Company are responsible for the contents of this announcement.
Quercus Publishing Plc, the listed print and digital books publisher, has today (Tuesday) announced that its ebooks are now available in the UK, France and Germany on the iBookstore. iBookstore is included in the free iBooks app for iPad, iPhone and iPod touch or at www.itunes.co.uk
Quercus titles on the iBookstore include the preeminent publishing phenomenon of recent times that is Stieg Larsson’s Millennium Trilogy, The King’s Speech and recent non-fiction hits Dead Men Risen, An Epic Swindle and Born Liars.
Mark Smith, Quercus CEO, said: ‘We are delighted to be making our titles available to a whole new audience through iTunes, iPad, iPhone and iPod touch; and as our list includes some 200 spectacular illustrated books, we look forward to fully utilising the fantastic display capabilities and functionality of the iPad to bring exciting new visually led titles to the iBookstore.
“Quercus is a young and dynamic company and we are keen to embrace new opportunities. We are already the fastest growing publishers in the UK and we are sure that joining the iBookstore will lead to great things and a significant increase in sales.”
Quercus Publishing Plc, the listed print and digital books publisher, was named last night (Monday) as Publisher of the Year at the 2011 Bookseller Awards in London.
Quercus, which was co-founded in 2005 by CEO Mark Smith and Wayne Davies, who now heads the company’s Contract Publishing division, beat seven other nominated finalists, including industry giant Penguin, to win the prestigious award. Past winners have included Little Brown and Faber & Faber.
Accepting the award, Mark Smith said: ‘These are exciting times in publishing – the digital revolution is bringing great challenges and even greater opportunities. Quercus is still a young business, and we’re determined to make the most of these opportunities. This award is a tribute to everybody involved at 21 Bloomsbury Square.’
The award caps a remarkable few months for Quercus. During the winter Mark Smith was named Grant Thornton Entrepreneur of the Year, last week Quercus was named Plus Market Company of the Year, and at a second dinner yesterday Quercus also won the Plus Market category at the Growth Company Awards.
Quercus Publishing, the independent print and digital books publisher, was named as Plus Company of the Year at the junior stock market’s annual awards dinner.
The ceremony, which took place on the 12th May 2011 at the headquarters of the British Academy of Film and Television Arts (BAFTA), celebrates the achievements of companies listed on PLUS Stock Exchange.
Quercus, which listed on PLUS in 2006, recently reported sharp increases in revenue and profits for 2010 driven by rapid expansion in sales both in the UK and overseas. Its shares have nearly tripled in value over the past 12 months and its market capitalisation is now approaching GBP 30m.
Receiving the award, Quercus’ co-founder and CEO Mark Smith – who earlier this year was named Entrepreneur of the Year – said: ‘We’ve been a listed company for nearly five years now, and I feel that winning this award shows that we’re no longer a corporate toddler. For Quercus, the best is yet to come!’
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
Quercus Publishing Plc, the PLUS-quoted publishing company (symbol: QUPP on PLUS), today announces its audited results for the year ended 31 December 2010.
Financial Highlights
The highlights for the twelve months ended 31 December 2010 include:
- Revenue of £31.8m (2009 £19.1m)
- Gross profit margin of 50.1% (2009 36.1%)
- Pre-tax profit of £7.5m (2009 £0.9m)
- Basic earnings per share 30.81p (2009 3.50p). Diluted earnings per share 26.74p (2009 3.50p)
- Net cash of £5.5m (2009 overdraft of £1.2m). Strong cash inflow from operating activities of £7.1m (2009 £0.4m)
- Maiden ordinary dividend of 5.0p per share proposed
- Special dividend of 7.0p per share also proposed
- Dividends payable on 13May 2011 to shareholders on the register on 15 April 2011
Operating Highlights
- Fastest growing trade publisher in the UK with sales (as measured by Nielsen Bookscan) rising 103% over 2009
- Year on year revenue growth excluding Stieg Larsson of 55% (Nielsen TCM Top 5000)
- 11th largest publisher in the UK (2009: 18th)
- Launch of US joint venture, Silver Oak, with Sterling Publishing (a subsidiary of Barnes and Noble). Launch title Three Seconds debuts on New York Times Bestseller List
- New distribution arrangement in Australia with Pan Macmillan
- Launch of latest imprint, Jo Fletcher Books, specialising in the horror and science fiction genres
- E-Book sales increase sixteen fold in 2010 and represented 3% of revenues
Commenting on the results and prospects for Quercus, David Potter, Chairman, said:
“2010 was an excellent year for Quercus, with Stieg Larsson’s Millennium Trilogy delivering on its earlier promise and the publishing programme across fiction, non-fiction and children’s books making great strides both commercially and critically.
The building blocks for growth that we put in place during the year are already bearing fruit. In particular, the Silver Oak joint venture and the new distribution arrangement with Pan Macmillan (in Australia) have both exceeded our expectations. Jo Fletcher has already acquired significant new and established writers for her new imprint and we look forward to launching the first titles in the second half of the year.
Our digital publishing and marketing initiatives are delivering meaningful results and digital revenues could realistically reach 10% of our total revenues over the course of the current year.
There are further growth initiatives being implemented in 2011 that centre on IP development and digital deployment that will enhance our offering to consumers and should add significantly to the growth of the group.
The directors are proposing to pay a maiden dividend totalling 12.0p per share in respect of the year ended 31 December 2010. Subject to shareholders’ approval, an ordinary dividend of 5.0p per share and in recognition of the exceptional performance of The Millennium Trilogy, a special dividend of 7.0p per share will be payable on 13 May 2011 to shareholders on the register at the close of business on 15 April 2011.
It is the directors’ intention that, having commenced dividend payments, the Company will adopt a progressive dividend policy.”
Click here to read the full (pdf): Quercus Publishing Plc Results
