Quarto’s Q315 trading update indicates that full year results are on track to meet management expectations for the full year, with profits strongly weighted to the final quarter. Group revenues were flat at $54.4m (Q314: $54.5m), with the benefits of acquisitions and positive performance from the underlying publishing businesses being offset by the twin impacts of currency and difficult trading in Australia and New Zealand. With earnings clearly on a rising trend and the debt level continuing to recede, the rating remains at an unjustifiably sizeable discount to the market and sector.