Citing “exceptionally challenging recent market conditions,” the UK’s Quercus warned thatsales and profits for 2008 will fall below expectations. Trade book sales will range between 6 million and 6.5 million pounds, with what had been slim profits to begin with evaporating to breakeven for the whole group (including steady contract publishing sales of 4 million to 4.3 million pounds). The company says “a significant program of cost-cutting has been implemented, including a reduction in current staff costs and a review of the company’s future staffing requirements. Quercus just completed raising 1.75 million pounds in a share offer after they were […]
