Quarto released full results for the year ended December 31, 2019, having already provided preliminary results in late March that showed a very modest profit amidst a steep sales decline in its second half. Adjusted operating profit remained flat, at $10 million. The new report is most notable for the company’s current “downside scenario analysis” trying to estimate “the impact of the Covid-19 outbreak on the Group’s trading and cash flow forecasts,” expecting “a material reduction in the group’s revenues and results for 2020.” So far, “the lockdown measures imposed across the globe have led to falling orders and revenues, […]
