Publishing/Quarto's profits cut by a quarter

Quarto, the British publisher of how-to guides whose founder Laurence Orbach was ousted in a boardroom coup last year, saw pre-tax profits tumble by a quarter to $7.1m (£4.8m) last year, with sales down 2.8 per cent at $180.9m.

Quarto spent more than $3m on restructuring but did not say if any cash went to Mr Orbach.